2145 E Baseline Rd

Investment Overview

2145 E Baseline Road is a single-tenant medical office building used for administrative offices and an approximately 3,000 SF urgent care clinic. Situated on 4.61 acres in Tempe, Arizona, the property is 100% leased to NextCare Arizona LLC. NextCare has invested approximately $4 million in tenant improvements and operates under a double-net lease through August 31, 2033. The lease structure requires the tenant to pay all operating expenses, while the landlord is responsible only for the roof (which is new and under warranty) and ordinary structural maintenance. The property offers long-term stable cash flow with a weighted average lease term of 7.58 years and a corporate guaranty from NextCare Inc and CellTower income from T-Mobile.

Investment Highlights

• 100% leased to NextCare through August 31, 2033.
• Updated to 46,928 SF including ±3,000 SF urgent care and administrative offices.
• Double net lease: tenant pays operating expenses (utilities, HVAC, repairs); landlord responsible only for roof (new and under warranty).
• Five-year step-up: $21.50/PSF ($1,008,952 annual) through August 31, 2026; $23.50/PSF ($1,102,808 annual) thereafter.
• Two five-year renewal options with 2% annual increases.
• Tenant improvements ±$4M; includes $2M improvement allowance.
• 4.61-acre site
• Corporate guaranty by NextCare Inc.
• Annual cell tower income: $11,595.72 with T-Mobile West LLC.