7.5 Cap Rate MOB - Investment Grade Tenant Just Renewed

Office for Sale
Catylist Listing ID: 30427853
Property Subtypes: Medical
Building Size (RSF): 19,583 SF
Gross Building Area: See Agent
Gross Land Area: 65,973 SF
Sale Price: $2,600,000
Unit Price: $132.77 PSF
Property Use Type: Investment
Class of Space: Class B
Sale Terms: Cash to Seller
Cap Rate: 7.54%
Last Updated: 4/9/2021

Overview / Comments

Freestanding medical office building located in the heart of Covenant Medical main campus. Opportunity to purchase MOB with recently renewed Covenant Hospital lease, who occupies 70% of the building, beginning January, 2020. Existing vacant space of 5,174 square feet offers upside to lease at market rents. Vacancy easily divided into 2 spaces, see floor plan. Extra parking lot conveys with sale. This opportunity is perfect for owner/user and have tenant off-set the cost of ownership.

Property Size: 19,583 SF (Includes 1,438 SF basement)
Multi Tenant Building Adjacent to Covenant Hospital
Corner of Louisville and 22nd Street
Main Tenant - Covenant Health Pulmonary

Additional Details

Nearest MSA: Lubbock
County: Lubbock
Tax ID/APN: R117287
Property Located Between: Louisville and 22nd St.
Highway Access: Marsha Sharp Freeway
Total Number of Buildings: 1
Number of Stories: 1
Year Built: 1986
Construction/Siding: Brick
Parking Type: Surface
Parking Description: 98 spaces plus extra covered parking.

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 8,554 131,237 210,336
Median Age: 31.28 29.89 31.84
Households: 2,913 50,349 81,531


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