WellMed McAllen,Texas

$3,212,422
Available
Property type:Single-Tenant Net Lease

The space

  • Price: $3,212,422
  • Cap Rate: 6.15%
  • Annual Rent: $197,563
  • Rentable Square Feet: 11,006
  • Land Area: 1.45 Acres
  • Year Built/Renovated: 1976/2018
  • Lease Type: NN
  • Option Periods: 2, 5-Year Options
  • Rent Increases: 1% Annually

Description

801 S Main Street
McAllen, Texas 78501

Investment Highlights

  • Two, Five-Year Tenant Renewal Options
  • One Percent Annual Rent Increases Throughout Base Term and Option Periods
  • Property Renovated in 2018 With a Cost of Approximately $450,000
  • WellMed is a Multibillion-Dollar Revenue Healthcare Company Serving the Senior Population Primarily in Texas and Florida
  • Conveniently Situated Between Interstate 2, With 150,000 Vehicles Daily, and U.S. Highway 83 With More Than 40,500 Vehicles Daily
  • Surrounding National Retailers Including Walmart Supercenter, Sam’s Club, Costco Wholesale, Lowe’s, Rooms To Go, Old Navy, Men’s Wearhouse, Target, Dick’s Sporting Goods, HomeGoods, Marshall’s, Best Buy, Michael’s, Bed Bath & Beyond, Pet Smart, H-E-B Grocery, Applebee’s, Olive Garden, Chick fil A, Starbucks and Many More

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a newly renovated WellMed in McAllen, Texas. This WellMed offers a recently extended 10-year, double net lease. The tenant has two, five-year renewal options with one percent annual rent increases throughout base term and option periods. In 2018, the property was renovated with a cost of approximately $450,000.

WellMed is a multibillion-dollar revenue healthcare company serving the senior population and working hard to keep older adults healthy. Today, WellMed is a network of doctors, specialists and other medical professionals that specialize in providing care for more than 700,000 adults with over 16,000 doctors’ offices in Texas and Florida.

The area has very strong traffic counts and demographics with a population more than 231,000 within a five-mile radius. The Subject Property is conveniently situated between Interstate 2, which has 150,000 vehicles daily, and U.S. Highway 83 with more than 40,500 vehicles daily. Interstate 2 provides direct access to a major retail area just minutes from WellMed. Surrounding national retailers include Walmart Supercenter, Sam’s Club, Costco Wholesale, Lowe’s, Rooms To Go, Old Navy, Men’s Wearhouse, Target, Dick’s Sporting Goods, HomeGoods, Marshall’s, Best Buy, Michael’s, Bed Bath & Beyond, Pet Smart, H-E-B Grocery, Applebee’s, Olive Garden, Chick fil A, Starbucks and many more.

This metro has a strong healthcare sector, encompassing roughly 32 percent of total employment with Rio Grande Regional Hospital just 1.5 miles from the property, 320 beds and a team of more than 500 physicians. The property is less than two miles from McAllen International Airport, and 2.5 miles from South Texas College – Pecan Campus with an enrollment of more than 31,000 students.

Broker of Record

Tim Speck
Broker of Record
P: (972) 755-5200
Lic #: 9002994

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