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Ascension Medical / AMSURG Surgery & LiveWell 16663 Midland Dr 6,920 SF 100% Leased Office Building Shawnee, KS 66217 $1,938,813 ($280.18/SF) 8% Cap Rate
Investment Highlights
- 100% Occupancy: Fully leased with two strong tenants in high-growth medical sectors, ensuring stable income
- Stable Tenancy: Amsurg, a tenant since 1998, occupies 70% of the GLA | LiveWell, with a fresh lease from January 2025
- LiveWell's Market: The U.S. home healthcare market and expected to grow at a 7.48% CAGR to 2030
- Affluent Demographics: Average household income of $123,586 within a 1-mile radius
- Amsurg Market Position: Now backed by Ascension Health’s $3.9B acquisition, operates 300+ ASCs nationwide projected to grow 6.02% CAGR through 2030.
- Situated in affluent Johnson County, only 1,000 feet from the I-435 exit in Shawnee, Kansas, enhancing accessibility and visibility.
Executive Summary
Marcus & Millichap proudly presents the Ascension Medical / AMSURG Surgery & LiveWell Homecare Medical Office Building, strategically located in affluent Johnson County, Kansas. This investment features a 100% occupied, two-tenant, majority NNN medical office building with strong tenants in rapidly growing medical sectors. The property is nestled within the WestGlen shopping center along the city lines of the Shawnee/Lenexa corridor of Johnson County, Kansas which exemplifies the county's reputation as the wealthiest in the state. Johnson County residents produce an average household income of $142,699, placing it firmly at the top in Kansas. Just 1.5 miles from the subject property, the Lenexa City Center, a 69-acre, $250 million mixed-use development, has become a centerpiece of recent innovation, enhancing residential and commercial valuations.
Situated on a 0.61-acre plot, the building offers 6,772 square feet of gross leasable area (GLA). Amsurg, occupying 70% of the GLA, has been a tenant since the property's construction in 1998. LiveWell, occupying the remaining 30%, signed a new lease in January 2025. Amsurg is a prominent multibillion-dollar ambulatory surgery company with over 250 locations across the nation. It was acquired by Ascension in June 2025 for $3.9 billion, integrating its ambulatory surgery centers into Ascension's expansive healthcare network. The U.S. market for ambulatory surgery centers was valued at USD 40.41 billion in 2023, with an anticipated compound annual growth rate (CAGR) of 6.02% from 2024 to 2030.
LiveWell specializes in home-based care, providing services like skilled nursing with approximately 500 employees. The U.S. home healthcare market, valued at $142.9 billion in 2022, is set to continue its robust growth with a projected CAGR of 7.48% from 2023 to 2030.
Lease terms for the building include a triple-net lease for Amsurg (70% of GLA) and a gross lease for LiveWell (30% of GLA), with the landlord being responsible for the roof and structure maintenance.
Situated on a 0.61-acre plot, the building offers 6,772 square feet of gross leasable area (GLA). Amsurg, occupying 70% of the GLA, has been a tenant since the property's construction in 1998. LiveWell, occupying the remaining 30%, signed a new lease in January 2025. Amsurg is a prominent multibillion-dollar ambulatory surgery company with over 250 locations across the nation. It was acquired by Ascension in June 2025 for $3.9 billion, integrating its ambulatory surgery centers into Ascension's expansive healthcare network. The U.S. market for ambulatory surgery centers was valued at USD 40.41 billion in 2023, with an anticipated compound annual growth rate (CAGR) of 6.02% from 2024 to 2030.
LiveWell specializes in home-based care, providing services like skilled nursing with approximately 500 employees. The U.S. home healthcare market, valued at $142.9 billion in 2022, is set to continue its robust growth with a projected CAGR of 7.48% from 2023 to 2030.
Lease terms for the building include a triple-net lease for Amsurg (70% of GLA) and a gross lease for LiveWell (30% of GLA), with the landlord being responsible for the roof and structure maintenance.
Property Facts
Sale Type
Investment
Sale Condition
1031 Exchange
Property Type
Office
Property Subtype
Medical
Building Size
6,920 SF
Building Class
B
Year Built
1997
Price
$1,938,813
Price Per SF
$280.18
Cap Rate
8%
NOI
$155,161
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Typical Floor Size
6,920 SF
Building FAR
0.26
Lot Size
0.61 AC
Zoning
PUDOC
Parking
36 Spaces (5.86 Spaces per 1,000 SF Leased)
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
-
- Health Care and Social Assistance
- -
- -
- -
AMSURG began in 1992 as a pioneer in the ambulatory surgery center industry and grew from a physician-partnership model that remains part of its business approach. The company manages a nationwide network of surgery centers and works with physicians and health systems to support same-day surgical care and outpatient treatment. AMSURG's services span ambulatory surgery center operations, technology, data analytics, patient engagement, and quality reporting. The company serves medical specialties including gastroenterology, ophthalmology, orthopedics, and other multi-specialty outpatient procedures.
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
|
|
Health Care and Social Assistance | - | - | - |
1 1
Fairly walkable
40/100
Exceptionally drivable
100/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | QP85700000-0011 | Improvements Assessment | $300,758 |
| Land Assessment | $67,993 | Total Assessment | $368,751 |
Property Taxes
Parcel Number
QP85700000-0011
Land Assessment
$67,993
Improvements Assessment
$300,758
Total Assessment
$368,751
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