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Single-Tenant Office Medical

Peoples Health

3010 Holiday Dr, New Orleans, LA 70131

Listing Price: $1,932,832

Cap Rate
6.25%
Tenant Name
Peoples Health
Years Remaining On Lease
4.2
Gross SF
7,106
Guarantor
No Guarantee
Rentable SF
7,106
Price/Gross SF
$272.00
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$17.00

Investment Overview

Premises Substantially Renovated in 2021 for People’s Health, a subsidiary of United Healthcare. The subject is operated as a People’s Health Primary Care Plus+ Clinic, offering primary care as well as internal medicine and diagnostic services. The subject is the only Primary Care Plus+ clinic in the Algiers section of New Orleans and an outparcel to Winn-Dixie anchored Algiers Plaza, the dominant shopping destination in Algiers. Algiers Plaza is home to a Walgreens along with several popular national restaurants and retailers including Chick-Fil-A, Buffalo Wild Wings, Ross, TJ Maxx, Petco and Five Below, Algier’s Plaza is bounded by General DeGaulle Drive, the primary commercial thoroughfare in Algiers, Holiday Drive and MacArthur Boulevard. Combined traffic counts exceed 60,000 Vehicles Per Day.
The subject property is offered with a NNN Lease in place with 5-Years remaining on the primary term. The lease features a 7.5% base rent increases after the 5th year of the primary term (effective 9/1/2026); Tenant has two (2) 3-Year renewal options. Base rent during the options periods shall be the greater of 3% more than the prior rental rate OR fair market value. The Tenant is responsible for all repairs and maintenance of the subject premises except for repairs to the roof & exterior structural walls of the premises. The roof was replaced in 2021 as part of Tenant’s buildout.
Algiers is the second oldest neighborhood in New Orleans and the only Orleans Parish community on the West Bank of the Mississippi River. The Algiers Economic Development Foundation projects population growth of 4% and a 12% increase in average household income by 2024. Algiers is connected directly to Downtown New Orleans via the Greater New Orleans Bridge; The Algiers Ferry connects historic Algiers Point to the world famous French Quarter directly across the Mississippi River. High barrier to entry CRE market - a lack of usable infill development opportunities in Algiers specifically and greater New Orleans generally ensure the long term success of high quality existing retail sites like Algiers Plaza.
Founded in 1994 People’s Health is a Medicare Advantage Organization that serves over 96,000 patients in Louisiana. People’s Health is the only Medicare Advantage organization in Louisiana to receive the highest star rating in the state for 6-years consecutively, including perfect 5-star ratings in 2022 and 2023. People’s Health is a subsidiary of UnitedHealth Group, the largest healthcare company and the largest insurance company (by net premiums) in the world.

Investment Highlights

  • PRIMARY CARE CLINIC OPERATED BY UNITED HEALTHCARE
  • OUTPARCEL TO A SUBMARKET DOMINANT GROCERY ANCHORED SHOPPING CENTER
  • NNN LEASE WITH SCHEDULED RENT ESCALATIONS
  • ALGIERS | NEW ORLEANS MSA
  • LARGEST HEALTHCARE COMPANY IN THE WORLD

Exclusively Listed By

Financing By

Single-Tenant Office Medical

Peoples Health

Listing Price: $1,932,832

Cap Rate
6.25%
Tenant Name
Peoples Health
Years Remaining On Lease
4.2
Gross SF
7,106
Guarantor
No Guarantee
Rentable SF
7,106
Price/Gross SF
$272.00
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$17.00

Investment Highlights

  • PRIMARY CARE CLINIC OPERATED BY UNITED HEALTHCARE
  • OUTPARCEL TO A SUBMARKET DOMINANT GROCERY ANCHORED SHOPPING CENTER
  • NNN LEASE WITH SCHEDULED RENT ESCALATIONS
  • ALGIERS | NEW ORLEANS MSA
  • LARGEST HEALTHCARE COMPANY IN THE WORLD

Investment Overview

Premises Substantially Renovated in 2021 for People’s Health, a subsidiary of United Healthcare. The subject is operated as a People’s Health Primary Care Plus+ Clinic, offering primary care as well as internal medicine and diagnostic services. The subject is the only Primary Care Plus+ clinic in the Algiers section of New Orleans and an outparcel to Winn-Dixie anchored Algiers Plaza, the dominant shopping destination in Algiers. Algiers Plaza is home to a Walgreens along with several popular national restaurants and retailers including Chick-Fil-A, Buffalo Wild Wings, Ross, TJ Maxx, Petco and Five Below, Algier’s Plaza is bounded by General DeGaulle Drive, the primary commercial thoroughfare in Algiers, Holiday Drive and MacArthur Boulevard. Combined traffic counts exceed 60,000 Vehicles Per Day. The subject property is offered with a NNN Lease in place with 5-Years remaining on the primary term. The lease features a 7.5% base rent increases after the 5th year of the primary term (effective 9/1/2026); Tenant has two (2) 3-Year renewal options. Base rent during the options periods shall be the greater of 3% more than the prior rental rate OR fair market value. The Tenant is responsible for all repairs and maintenance of the subject premises except for repairs to the roof & exterior structural walls of the premises. The roof was replaced in 2021 as part of Tenant’s buildout. Algiers is the second oldest neighborhood in New Orleans and the only Orleans Parish community on the West Bank of the Mississippi River. The Algiers Economic Development Foundation projects population growth of 4% and a 12% increase in average household income by 2024. Algiers is connected directly to Downtown New Orleans via the Greater New Orleans Bridge; The Algiers Ferry connects historic Algiers Point to the world famous French Quarter directly across the Mississippi River. High barrier to entry CRE market - a lack of usable infill development opportunities in Algiers specifically and greater New Orleans generally ensure the long term success of high quality existing retail sites like Algiers Plaza. Founded in 1994 People’s Health is a Medicare Advantage Organization that serves over 96,000 patients in Louisiana. People’s Health is the only Medicare Advantage organization in Louisiana to receive the highest star rating in the state for 6-years consecutively, including perfect 5-star ratings in 2022 and 2023. People’s Health is a subsidiary of UnitedHealth Group, the largest healthcare company and the largest insurance company (by net premiums) in the world.

Exclusively Listed By

Financing By

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