How old is the dentist?
Hi @Jack Reed Durand ,
So, first of all, I just want to say that those numbers don't add up unless the dentist is on a triple-net lease that includes the HOA fee. A $370k property at 8.3% Cap should net $2,559 per month.
$2810(rent) - 300(HOA) = 2510(somethingfishy)
I also think it will be difficult to secure commercial financing for this. I've never heard of 90%LTV in non-owner-occupied properties.
@Aaron Hunt asks a great question--how long can you reasonably expect to keep this tenant, and is there a replacement plan?
I believe that this deal looks good/not great once you figure in insurance, taxes, improvements needed. The fact that it has a long term lease is exceptional. If you are looking for a commercial loan I would say that the market is moving to 6-9 % some with lower depending if you want to pay points.
Hope this helps.