Medical Office
New
For Sale
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1215 Doctors Drive, Tyler, TX 75701
Existing medical office with reception, treatment rooms, private offices, and built-in storage in an established healthcare corridor.
Property Size3,472 SF
Price / SF$151.21
Days on Market7
Property Features for 1215 Doctors Drive
General Information
Standard status
Active
Size
3,472 SF
Property subtype
Office
Additional Details
Office Units
1
Building Details
Year Built
1967
Buildings
1
Listing Agency:
Ihrig Properties
Listed By:
Cole Ihrig · License #687179-B
(903) 533-1255
Source:
Crexi
Added: Sep 4
Changed: Sep 9
Last Checked: Sep 10 at 7:17AM
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 Ihrig Properties
Investment Insights
Based on property information with market context.
This 3,472 SF medical office building is configured as one connected office and includes reception and waiting areas, treatment and exam rooms, private offices, support areas, and built-in storage. The improvements are suited to medical, dental, chiropractic, specialty healthcare, or professional office use. The layout may be reconfigured into two suites, subject to applicable requirements, creating flexibility for multiple occupants or an owner-user arrangement.
Built in 1967, the property is located on Doctors Drive in Tyler’s established medical district. CHRISTUS Mother Frances Hospital–Tyler is approximately 0.3 mile away, UT Health Tyler is approximately 0.2 mile away, and Tyler Junior College is approximately 0.4 mile away. A current chiropractic occupant may be willing to lease back part of the building for approximately 6–12 months after closing, providing transition flexibility for a buyer.
Built in 1967, the property is located on Doctors Drive in Tyler’s established medical district. CHRISTUS Mother Frances Hospital–Tyler is approximately 0.3 mile away, UT Health Tyler is approximately 0.2 mile away, and Tyler Junior College is approximately 0.4 mile away. A current chiropractic occupant may be willing to lease back part of the building for approximately 6–12 months after closing, providing transition flexibility for a buyer.
Key Highlights
- 3,472 SF medical office building constructed in 1967
- Connected layout may be reconfigured into two separate suites
- Reception, waiting areas, treatment rooms, private offices, and built‑in storage
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$41,997
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.00%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$839,940
$839.9K
Cap Rate 7%
$599,957
$600.0K
Cap Rate 9%
$466,633
$466.6K
Market Conditions
NOI Build-Up for 3,472 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$72.9K $21.00/SF
− Vacancy
−$2.9K −$0.84/SF
EGI
$70.0K $20.16/SF
− OpEx
−$28.0K −$8.06/SF
NOI
$42.0K $12.10/SF
Area
Tyler, TX
Vacancy
4.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$839,940
Cap Rate 7%
$599,957
Cap Rate 9%
$466,633
Alternative Uses
Best Use
Healthcare Medical
$600.0K
$525.0K – $700.0K
NOI $41,997 @ 7.0% cap · market cap 8.00%
Second Best
Office B
$599.0K
$524.2K – $698.9K
NOI $41,932 @ 7.0% cap · market cap 7.99%
Theoretical Best
Office A
$774.9K
$678.1K – $904.1K
NOI $54,246 @ 7.0% cap · market cap 10.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
2,351
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 75701, TX
34,502
Population
14,630
Households
2.4
Avg Household Size
35
Median Age
29%
College-Educated
89%
High-School Grad
14.1 sq mi
ZIP Area
2,447
Density / Sq Mi
$62,091
Median Household Income
$29,448
Median Earnings
$1,250
Median Rent
$190,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Existing medical office with reception, treatment rooms, private offices, and built-in storage in an established healthcare corridor.
Where is this medical office space located?
The property is located at 1215 Doctors Drive Tyler, TX.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: 3,472 SF medical office building constructed in 1967; Connected layout may be reconfigured into two separate suites; Reception, waiting areas, treatment rooms, private offices, and built‑in storage
