620 O'connor RdIrving, TX 75061

For Sale
$1,993,512

Texas Medical Office Investment, 9,108 SF

Overview

Added:
Dec 11, 2024
Days on market:
93
This exceptional investment opportunity presents a two-property WellMed Medical Office portfolio in Irving, Texas, totaling 9,108 square feet. The properties, built in 1960 and 1968, underwent renovations in 2003 and 2021, and are situated on a combined .39 to .43 acres. Currently 100% occupied by WellMed Medical, a subsidiary of Optum (UnitedHealth Group), the portfolio boasts a strong corporate guarantee and double net (NN) leases. The leases feature a remaining term of 3.5 years, with two 5-year renewal options and a 3% rent increase every three years. The current annual net operating income (NOI) is $159,481, representing an 8.00% cap rate and a price per square foot of $218.87. The asking price for the entire portfolio is $1,993,512. This is a rare opportunity to acquire a stable, high-performing medical office portfolio backed by a financially robust tenant with a significant market presence. The properties are available for sale individually or as a combined portfolio investment. The portfolio offers a compelling combination of strong tenant credit, predictable income growth, and a desirable location in the Dallas County area. This is an ideal investment for those seeking a secure, long-term investment in the healthcare sector.

Highlights

  • Two-property WellMed medical portfolio available for sale, individually or as a portfolio.
  • Corporate guaranteed, net-net (NN) leases.
  • 3% rent increases every three years throughout the base and option terms.
  • Two, five-year tenant renewal options.
  • WellMed is a multi-billion dollar healthcare company serving seniors in Texas and Florida.
  • WellMed cares for over 1 million seniors at 400+ locations.

Property Details for 620 O'connor Rd

Property type
Other office properties, Medical offices
Square Feet
9,108 SF
Buildings
5
Lot Size (sq. ft)
16,988 SF

Location Insight

City
Irving
County
Dallas
State
Texas
Latitude
32.8206153
Longitude
-96.9491819
620 O'connor Rd, Irving, Texas

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620 O'connor Rd
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