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Office Medical

Oak Bend Medical Building

1601 Main St, Richmond, TX 77469

Listing Price: $8,695,000

Cap Rate
2.46%
Rentable SF
91,138
Occupancy
46.0%
Year Built
1975
Lot Size
0.53 acres

Investment Overview

Oak Bend Medical Building, a 91,138 rentable square foot medical office building, is located in the center of Richmond, Texas (Southwest Houston MSA). Oak Bend provides an investor a true value-add medical office building investment opportunity. The rectangular shaped medical office building is located along Highway 90, aka Main Street, the main traffic artery bisecting the City of Richmond. The property has multiple access points to enter with visitor parking in the front and with ample surface parking for staff and reserved doctor surface parking both at the rear of the building. Currently at almost 46 percent occupancy, Oak Bend Medical Building offers a true value-add play for any astute investor. The seller has invested substantial capital in upgrading the interior and building systems within the medical office building. The property is connected via a skywalk to the adjacent Oak Bend Medical Center (Hospital), a 184-bed thriving hospital serving the Richmond area since 1950. The property is truly a rare gem and an exceptional opportunity for an investor to purchase a significantly renovated medical office building at a substantial discount to replacement cost. The Property is located on a long-term ground lease totaling approximately .53 acres. The lease term runs another 33+ years with the lessee having the option to extend the lease another 50 years to February 29, 2105. The lease rate calls for a nominal charge to lessee totaling Ten Dollars and No/100 ($10.00) per year.

Investment Highlights

  • 6 Story Medical Office Building | Basement
  • $1.94 MM in Capital Improvements to Building Systems and Entire Building Interior Renovations since August 2018
  • All 12 Common Areas and Restrooms Upgraded on Floors 1-6
  • On-Site Professional Management, Building Engineer, and Day Porter
  • Attached via Skywalk to 184 Bed Oak Bend Medical Center (Hospital)
  • Located in the Heart of Richmond, Texas (Houston MSA)
  • Minutes to Dining and Shopping Options

Exclusively Listed By

Office Medical

Oak Bend Medical Building

Listing Price: $8,695,000

Cap Rate
2.46%
Rentable SF
91,138
Occupancy
46.0%
Year Built
1975
Lot Size
0.53 acres

Investment Highlights

  • 6 Story Medical Office Building | Basement
  • $1.94 MM in Capital Improvements to Building Systems and Entire Building Interior Renovations since August 2018
  • All 12 Common Areas and Restrooms Upgraded on Floors 1-6
  • On-Site Professional Management, Building Engineer, and Day Porter
  • Attached via Skywalk to 184 Bed Oak Bend Medical Center (Hospital)
  • Located in the Heart of Richmond, Texas (Houston MSA)
  • Minutes to Dining and Shopping Options

Investment Overview

Oak Bend Medical Building, a 91,138 rentable square foot medical office building, is located in the center of Richmond, Texas (Southwest Houston MSA). Oak Bend provides an investor a true value-add medical office building investment opportunity. The rectangular shaped medical office building is located along Highway 90, aka Main Street, the main traffic artery bisecting the City of Richmond. The property has multiple access points to enter with visitor parking in the front and with ample surface parking for staff and reserved doctor surface parking both at the rear of the building. Currently at almost 46 percent occupancy, Oak Bend Medical Building offers a true value-add play for any astute investor. The seller has invested substantial capital in upgrading the interior and building systems within the medical office building. The property is connected via a skywalk to the adjacent Oak Bend Medical Center (Hospital), a 184-bed thriving hospital serving the Richmond area since 1950. The property is truly a rare gem and an exceptional opportunity for an investor to purchase a significantly renovated medical office building at a substantial discount to replacement cost. The Property is located on a long-term ground lease totaling approximately .53 acres. The lease term runs another 33+ years with the lessee having the option to extend the lease another 50 years to February 29, 2105. The lease rate calls for a nominal charge to lessee totaling Ten Dollars and No/100 ($10.00) per year.

Exclusively Listed By

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