For Sale
$19,719,574

4506 Kostoryz RdCorpus Christi, TX 78415

High-yield, 7% cap rate, 10+ year lease.

Overview

Added:
Dec 11, 2024
Days on market:
117
This exceptional investment opportunity presents a portfolio of eight strategically located dental and orthodontic facilities across Texas and New Mexico. The portfolio totals 68,286 net rentable square feet situated on 8.57 acres of land. Currently 100% occupied, the properties are under a master lease with a corporate guarantee, providing significant financial security. The absolute NNN lease structure ensures minimal landlord responsibilities, with a remaining term of 10.4 years and four, five-year renewal options. Annual rent bumps of 2% further enhance long-term returns. The portfolio boasts a strong NOI of $1,380,370 and an asking price of $19,719,574, representing an attractive price per square foot of $309. The properties are primarily located in Texas markets with populations exceeding 100,000, some even surpassing 300,000, ensuring a substantial patient base. The portfolio benefits from the advantages of a tax-free state, enhancing overall profitability. The resilient nature of the healthcare industry, coupled with the high build-out costs and low relocation rates of dental practices, contributes to the portfolio's long-term stability and predictable income stream. The portfolio's strong financials, including a robust rent coverage ratio, and the long-term lease structure make this a compelling investment opportunity in a growing sector.

Highlights

  • 8-property dental/orthodontic portfolio in Texas & New Mexico; 68,286 net rentable square feet on 8.57 acres; 100% occupied under master lease with corporate guarantee.
  • Absolute NNN lease; over 10 years remaining with four 5-year renewal options; 2% annual rent increases.
  • Strong rent coverage ratio based on Q2 2024 financials.
  • Joint and several corporate guarantee by SPEs for 16 of operator's 24 locations; substantial EBITDAR exceeding rental obligations.
  • Primarily located in Texas markets with populations exceeding 100,000, some over 300,000.
  • Located in Texas, a tax-free state.

Property Details for 4506 Kostoryz Rd

Property type
Day care centers & nurseries, Retail properties
Buildings
8
Lot Size (sq. ft)
373,309 SF

Location Insight

City
Corpus Christi
County
Nueces
State
Texas
Latitude
27.7375952
Longitude
-97.4069176
4506 Kostoryz Rd, Corpus Christi, Texas

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4506 Kostoryz Rd
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