Single-Tenant Medical Office
New
For Sale
$2,845,000
111 Avenue F, Bay City, TX 77414
The occupied facility has an NNN lease running through May 2034, with annual escalations.
Property Size12,512 SF
Price / SF$227.38
Days on Market2
Property Features for 111 Avenue F
General Information
Standard status
Active
Size
12,512 SF
Property subtype
Office Medical
Occupancy
100%
Additional Details
Gross Income
$200,038
Office Units
1
Amenities
Lease recently extended to May 31, 2034. The property has been 100% leased since it was built in 2003.
Base rent escalates ~2.0% annually, rising from $200,038 to $224,695 by the final lease year.
Tenant pays real property taxes, utilities, insurance, and maintenance and repairs directly.
The only Federally Qualified Health Center serving Matagorda County, with four Bay City locations. Relocation would require a HRSA scope-of-project change and would sever an established, geographically captive patient base.
No outstanding balances, with continuous occupancy by the tenant and its predecessors since 2004.
Six HVAC condensing units totaling approximately 37 tons, installed across 2019 and 2021, against an expected 15–20-year service life.
Bay City is the county seat of Matagorda County and the center of its healthcare delivery.
Matagorda Regional Medical Center is the county's only hospital and MEHOP its only Federally Qualified Health Center — complementary in function — leaving the tenant without a direct competitor.
Building Details
Building Size
12,512 SF
Year Built
2003
Buildings
1
Tenancy
Single
Owner Occupied
No
Abandoned
No
Listing Agency:
Houston Office
Listed By:
Justin Comber · License #License(s): TX: 809898
(713) 452-4358
Source:
Marcusmillichap
Added: Oct 14
Changed: Oct 15
Last Checked: Oct 15 at 2:08AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Houston Office
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Investment Insights
Based on property information with market context.
This 12,512-square-foot medical office building in Bay City, Texas, was built in 2003 and is occupied by a single tenant, Vibrance Health, also known as MEHOP. The facility serves as the provider’s Women and Children’s Center and has been occupied by the tenant since 2014.
The NNN lease extends through May 31, 2034, with 2.0% annual escalations. The tenant pays real estate taxes, insurance, utilities, and maintenance directly. The landlord retains responsibility for the roof, foundation, and structural components.
The NNN lease extends through May 31, 2034, with 2.0% annual escalations. The tenant pays real estate taxes, insurance, utilities, and maintenance directly. The landlord retains responsibility for the roof, foundation, and structural components.
Key Highlights
- 12,512‑square‑foot medical office building
- Single tenant: Vibrance Health, also known as MEHOP
- Built in 2003; tenant occupancy began in 2014
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$215,081
Cap Rate
7.56%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,301,620
$4.3M
Cap Rate 7%
$3,072,586
$3.1M
Cap Rate 9%
$2,389,789
$2.4M
Market Conditions
NOI Build-Up for 12,512 SF
Gross rent
$375.4K $30.00/SF
− Vacancy
−$16.9K −$1.35/SF
EGI
$358.5K $28.65/SF
− OpEx
−$143.4K −$11.46/SF
NOI
$215.1K $17.19/SF
Area
Matagorda County, TX
Vacancy
4.50%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,301,620
Cap Rate 7%
$3,072,586
Cap Rate 9%
$2,389,789
Alternative Uses
Best Use
Healthcare Medical
$3.07M
$2.69M – $3.58M
NOI $215,081 @ 7.0% cap · market cap 7.56%
Second Best
Office B
$2.50M
$2.19M – $2.92M
NOI $174,982 @ 7.0% cap · market cap 6.15%
Theoretical Best
Multifamily LT 5
$140.28M
$122.74M – $163.66M
NOI $9,819,463 @ 7.0% cap · market cap 345.15%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Lease Details
1
Office units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
87
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 77414, TX
23,416
Population
12,254
Households
1.9
Avg Household Size
38
Median Age
24%
College-Educated
85%
High-School Grad
555.1 sq mi
ZIP Area
42
Density / Sq Mi
$57,545
Median Household Income
$35,819
Median Earnings
$991
Median Rent
$166,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Medical Office Space - The occupied facility has an NNN lease running through May 2034, with annual escalations.
Where is this medical office space located?
The property is located at 111 Avenue F Bay City, TX.
What is the asking price?
The asking price for this property is $2,845,000.
What are key features of this property?
This property features: 12,512‑square‑foot medical office building; Single tenant: Vibrance Health, also known as MEHOP; Built in 2003; tenant occupancy began in 2014
