8800 Village Dr
San Antonio, TX 78217
Northeast Medical Plaza · Office Property For Sale

The Murphy Commercial Group as part of Marcus & Millichap has been exclusively retained to market the Northeast Medical Plaza for sale. This property represents a significant medical office value add opportunity. The Northeast Medical Plaza is a 22,265 square foot medical office building located directly across Village Drive from the entry to the 379 bed Northeast Baptist Hospital. Located at 8800 Village Drive in the northeast submarket of San Antonio, this property is located on 0.84 gently sloped acres. The unique topography of this site allows for direct entry to all three floors from the four parking areas. The mature trees and landscaping compliment the rolling topography and building design to create a timeless and unique exterior building presentation. Although much of the common area improvements have been completed, the current leasing efforts are being held back by dated restrooms and a combination of suites with dated finishes and suites in shell condition. The submarket vacancy rates for medical office suites with modern finishes is less than 8%. The buildings with more dated finishes however are averaging vacancy rates in excess of 50%. Nicely renovated medical suites on or adjacent to this hospital are currently yielding their owners $20-$25 modified gross rental rates and $14-$17 net rates. With in-suite cosmetic improvements and the proposed purchase price less than half of replacement cost ($81/sf), this property is the value add gem that investors covet. Property Video https://www.youtube.com/watch?v=LZkz1x_20NI