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Howell Medical Plaza 7855 Howell Blvd 44,589 SF 100% Leased Office Building Baton Rouge, LA 70807 $13,889,404 CAD ($311.50 CAD/SF) 7.54% Cap Rate
INVESTMENT HIGHLIGHTS
- HIGH-CALIBER TENANCY & STABLE CASHFLOW
- HIGH VISIBILITY AND ACCESSIBILITY
- LOCATED IN OPPORTUNITY ZONE
- STRATEGIC AND DESIRABLE LOCATION FOR HEALTHCARE SERVICES
- ATTRACTIVE YIELDS AND RENT ROLL
- OPPORTUNITY TO ACQUIRE HIGH QUALITY ASSET AT EXTREMELY LOW BASIS
EXECUTIVE SUMMARY
As exclusive advisor to Ownership, Newmark is pleased to present for sale, the Howell Medical Plaza (the “Subject Property”, the “Medical Building”, the “Project” or the “Offering”). This Offering represents fee simple interest in a 100% leased, multi-tenant medical office building that is attached to the separately owned, Oceans Behavioral Healthcare Baton Rouge - Inpatient Psychiatric Hospital (the “Hospital”). The Property features a wide range of complimentary services including: intensive outpatient behavioral healthcare, primary care, women’s services, pediatrics, lab and X-ray among others.
The Property is recently 100% leased to seven tenants, all on a NNN basis with limited Landlord responsibilities. The Weighted Average Lease Term (WALT) remaining is approximately 7.5 years, helped by a recent, early extension of Oschner Health’s spaces (~18% of the Property) and a newly executed, 10-year lease with Caresouth (~17% of the Property). Additionally, all of the leases feature annual rental escalations of 1.5%-3.0%.
Currently, Year 1 NOI is projected to be $749,871.
The Property is recently 100% leased to seven tenants, all on a NNN basis with limited Landlord responsibilities. The Weighted Average Lease Term (WALT) remaining is approximately 7.5 years, helped by a recent, early extension of Oschner Health’s spaces (~18% of the Property) and a newly executed, 10-year lease with Caresouth (~17% of the Property). Additionally, all of the leases feature annual rental escalations of 1.5%-3.0%.
Currently, Year 1 NOI is projected to be $749,871.
DATA ROOM Click Here to Access
- Offering Memorandum
PROPERTY FACTS
Sale Type
Investment
Property Type
Office
Property Subtype
Medical
Building Size
44,589 SF
Building Class
B
Year Built/Renovated
2005/2021
Price
$13,889,404 CAD
Price Per SF
$311.50 CAD
Cap Rate
7.54%
NOI
$1,046,760 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Typical Floor Size
14,863 SF
Building FAR
0.22
Lot Size
4.58 AC
Opportunity Zone
Yes
Zoning
Commercial - Commercial
Parking
230 Spaces (5.16 Spaces per 1,000 SF Leased)
AMENITIES
- 24 Hour Access
- Wheelchair Accessible
- Air Conditioning
- Smoke Detector
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Howell Medical Plaza | 7855 Howell Blvd
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