Pricing Summary
- Price: $1,327,000
- NOI: $86,250
- Cap Rate: 6.50%
Investment Summary
CBRE is pleased to present the opportunity to acquire 10701 North Rockwell Avenue, a 3,428 SF single tenant, build-to-suit medical office building located in Oklahoma City’s northwest submarket. Built in 2005 and situated on 0.90 acres, the property is just south of the signalized intersection of N. Rockwell Avenue and Hefner Road (combined 36,900 VPD). NextCare Oklahoma, LLC occupies the property with a 10-year absolute net lease through February 2026. The dense residential area boasts a population of 147,319 within a five-mile radius and an average household income of $87,207 within a one-mile radius.
Investment Highlights
- Long-Term Absolute Net Lease
- 10-Year Absolute net lease with no Landlord responsibilities and two (2) scheduled rent increases prior to the expiration of the current term.
- Long-Term Commitment to this Location
- The subject property was built to suit for this tenant in 2005. Tenant has maintained continuous occupancy at this location for ten (10) years and just recently extended its lease term another ten (10) years.
- Leading National Healthcare Tenant
- Headquartered in Mesa, Arizona, NextCare Holdings is one of the nation’s largest privately-owned providers of urgent care and occupational medicine services. NextCare Holdings operates over 100 clinics nationwide, and they represent 10 brands across 10 states.
- Local Affiliation with Dominant Provider
- Access Medical Centers are part of the INTEGRIS Health network, Oklahoma’s largest health care provider with 30 primary care and specialty clinics within INTEGRIS Medical Group and approximately 886 primary care physicians and specialists.
- Intrinsic Value in the Location & Improvements
- Very low price point for this high of quality design and construction. Other locations in the area have higher rent structures and the buildings are constructed of less expensive materials. The subject property is masonry construction with concrete parking lot and lends itself to a wide variety of uses – the opposite of most special-purpose net lease investments.
Contact Information
Jason Little, CCIM
First Vice President
+1 405 607 6253
jason.little@cbre.com
www.cbre.com
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