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West Texas Emergency Center 7905 Milwaukee Ave 6,500 SF Office Building Lubbock, TX 79424 $7,250,000 ($1,115.38/SF) 6.96% Cap Rate
INVESTMENT HIGHLIGHTS
- The Tenant is Covenant Health System (Corporate Entity.)
- Covenant Health is a part of the larger Providence St. Joseph Health System network, which has a AA- credit rating.
- Covenant Health System has over 5,000 employees and 600 top-level providers in their network.
- Covenant Health System is the largest healthcare institution in West Texas and Eastern New Mexico.
- In the annual Best Hospital Rankings, U.S. News and World Report ranked Covenant Health as the “Best Hospital” in Northwest Texas.
- Covenant Health System has over 62,000 annual adult emergency room visits and 25,500 annual pediatric emergency room visits.
EXECUTIVE SUMMARY
Investment Grade Healthcare Property
This West Texas opportunity is a Freestanding Emergency Center (FSEC) tenanted by the largest healthcare institution in West Texas and eastern New Mexico. This property is located in the high-income demographic area of Lubbock, TX, which serves as the largest medical hub in West Texas. This premier emergency center sits right in the path of strong growth and development that is rapidly expanding into this Lubbock region.
While labeled as a Freestanding Emergency Center (FSEC,) with Covenant Health System as the Tenant, this facility is classified, treated, and billed as a Hospital Outpatient Department (HOPD,) as if it was an was an on-campus facility. This enables the highest level of reimbursements for this type of asset class.
This West Texas opportunity is a Freestanding Emergency Center (FSEC) tenanted by the largest healthcare institution in West Texas and eastern New Mexico. This property is located in the high-income demographic area of Lubbock, TX, which serves as the largest medical hub in West Texas. This premier emergency center sits right in the path of strong growth and development that is rapidly expanding into this Lubbock region.
While labeled as a Freestanding Emergency Center (FSEC,) with Covenant Health System as the Tenant, this facility is classified, treated, and billed as a Hospital Outpatient Department (HOPD,) as if it was an was an on-campus facility. This enables the highest level of reimbursements for this type of asset class.
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PROPERTY FACTS
Sale Type
Investment NNN
Sale Condition
Sale Leaseback
Property Type
Office
Property Subtype
Medical
Building Size
6,500 SF
Building Class
B
Year Built
2014
Price
$7,250,000
Price Per SF
$1,115.38
Cap Rate
6.96%
NOI
$504,730
Tenancy
Single
Building Height
1 Story
Typical Floor Size
6,500 SF
Building FAR
0.13
Lot Size
1.16 AC
Parking
37 Spaces (6.77 Spaces per 1,000 SF Leased)
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PROPERTY TAXES
| Parcel Number | R323262 | Improvements Assessment | $1,446,478 |
| Land Assessment | $453,024 | Total Assessment | $1,899,502 |
PROPERTY TAXES
Parcel Number
R323262
Land Assessment
$453,024
Improvements Assessment
$1,446,478
Total Assessment
$1,899,502
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West Texas Emergency Center | 7905 Milwaukee Ave
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