1080 Neal St
Cookeville, TN 38501
Bureau Propriété À vendre

Jennifer Stein Real Estate, Inc., in conjunction with Zeustra Healthcare Real Estate Advisors – Out-of-State Cooperating Broker, is pleased to present the exclusive opportunity to acquire 1080 Neal Street, a 30,767-square-foot, 92.5% occupied, multi-tenant medical office building located in the heart of Cookeville, Tennessee. Offered at $8,100,000 at a 7.20% capitalization rate, the property provides investors with stable in-place cash flow supported by a diversified roster of healthcare tenants, triple-net (NNN) lease structures, 3% annual contractual rent escalations, and a 6.8-year weighted average lease term (WALT). With approximately 2,300 square feet of remaining vacancy, the asset also offers immediate leasing upside and the opportunity to further enhance cash flow.
The property's anchor tenant, MyTown Health Partners, occupies approximately 55% of the rentable area and serves as a leading physician services organization focused on primary care and outpatient healthcare. MyTown is backed by Webster Equity Partners, one of the nation's premier healthcare-focused private equity firms, which manages approximately $10.1 billion in assets under management and has completed more than 370 healthcare platform and add-on investments. Webster's deep healthcare expertise and long-term investment strategy have positioned MyTown for continued expansion across multiple states, reinforcing the strength and stability of the property's primary tenancy. Complementing the anchor tenant is a highly synergistic healthcare mix, including neurology, diagnostic laboratory services, hearing specialists, and an on-site pharmacy, creating a well-established outpatient medical destination serving the Upper Cumberland region.
Originally constructed in 2006, 1080 Neal Street has established itself as one of Cookeville's premier medical office buildings, benefiting from historically strong occupancy, long-term tenant retention, and a strategic location within the city's primary healthcare corridor. The property is situated directly across the street from the new U.S. Department of Veterans Affairs outpatient clinic, currently under development and scheduled to open in 2029. The nearly 36,000-square-foot facility will significantly expand healthcare access for more than 22,000 veterans throughout the region by offering primary care, mental health services, women's health, audiology, ophthalmology, radiology, prosthetics, physical medicine, and numerous specialty services. The addition of this major federal healthcare investment is expected to further strengthen the surrounding medical corridor, increase patient traffic, and reinforce long-term demand for adjacent outpatient medical facilities.
Strategically located along Neal Street with excellent visibility and accessibility, the property serves as a regional healthcare hub for Cookeville and the broader Upper Cumberland market. Cookeville is the commercial, educational, and medical center for a fourteen-county region, benefiting from a growing population, strong healthcare employment base, and its location along the Interstate 40 corridor between Nashville and Knoxville. The property's diversified tenant roster, institutional-quality anchor tenancy, contractual rental growth, and future leasing upside combine to create a compelling investment opportunity offering durable cash flow with meaningful long-term value creation potential.
This offering presents investors with the opportunity to acquire one of Cookeville's premier outpatient medical office assets, featuring a high-quality healthcare tenant mix, institutional private equity sponsorship, long-term NNN leases with embedded rental growth, and immediate value-add potential through lease-up of the remaining vacancy. Combined with its irreplaceable location directly across from the future VA outpatient clinic and within one of Middle Tennessee's most established healthcare corridors, 1080 Neal Street represents a compelling investment opportunity for both private and institutional investors seeking stable, healthcare-oriented real estate with long-term appreciation potential.