Two-Building Medical Center
For Sale
Contact for pricing
633 Stone Ave, Paris, TX 75462
Two-building Fresenius Medical Care dialysis and home therapy center.
Property Size15,230 SF
Price / SF$318.98
Days on Market182
Property Features for 633 Stone Ave
General Information
Standard status
Active
Size
15,230 SF
Class
B
Property subtype
Office
Occupancy
100%
Lease Type
NN
Investment Type
Net Lease
Net Operating Income
$315,773
Building Details
Year Built
2008
Year Renovated
2025
Buildings
2
Tenancy
Single
Listing Agency:
Perry Guest Companies
Listed By:
Jason Lesley, SIOR, CCIM · License #NV 64973
Source:
Crexi
Added: Feb 11
Changed: Aug 8
Last Checked: Aug 11 at 7:33PM
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 Perry Guest Companies
Investment Insights
Based on property information with market context.
The subject property comprises two buildings: a dialysis center and a home therapy center, both built-to-suit for Fresenius Medical Care. The building at 633 Stone Avenue, constructed in 2013, offers 10,684 square feet of leasable area. The second building at 635 Stone Avenue, constructed in 2008, provides 4,546 square feet. The 635 Stone Avenue building was recently renovated to accommodate home therapy treatments, complementing the clinic operations at 633 Stone Avenue. Fresenius has extended the lease for the entire 15,230 square foot site for an additional 11 years under a NN, corporate-guaranteed lease, which includes three five-year renewal options. The lease for 633 Stone Avenue is set to commence on January 1, 2026, and will expire on December 31, 2036. Similarly, the lease for 635 Stone Avenue is scheduled to commence on December 25, 2025, and will expire on December 24, 2036. The extended lease term incorporates annual increases of 1.64% (weighted average).
Key Highlights
- Long‑term, corporate‑guaranteed NN lease with Fresenius Medical Care, expiring December 2036, providing stable income.
- Two‑building dialysis and home therapy center totaling 15,230 SF.
- Fresenius recently extended the lease for an additional 11 years with three five‑year renewal options.
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
$200,670
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
4.13%
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%
$4,013,400
$4.0M
Cap Rate 7%
$2,866,714
$2.9M
Cap Rate 9%
$2,229,667
$2.2M
Market Conditions
NOI Build-Up for 15,230 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
$365.5K $24.00/SF
− Vacancy
−$31.1K −$2.04/SF
EGI
$334.5K $21.96/SF
− OpEx
−$133.8K −$8.78/SF
NOI
$200.7K $13.18/SF
Area
Lamar County, TX
Vacancy
8.50%
Lease Rate
$24.00 /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%
$4,013,400
Cap Rate 7%
$2,866,714
Cap Rate 9%
$2,229,667
Alternative Uses
Best Use
Healthcare Medical
$2.87M
$2.51M – $3.34M
NOI $200,670 @ 7.0% cap · market cap 4.13%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$11.47M
$10.04M – $13.38M
NOI $803,002 @ 7.0% cap · market cap 16.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
300
Businesses Nearby
Explore this area
Business Placement
Demographics for 75462, TX
12,016
Population
4,717
Households
2.5
Avg Household Size
43
Median Age
29%
College-Educated
90%
High-School Grad
192.7 sq mi
ZIP Area
62
Density / Sq Mi
$72,576
Median Household Income
$41,284
Median Earnings
$961
Median Rent
$226,800
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical center - Two-building Fresenius Medical Care dialysis and home therapy center.
Where is this medical center located?
The property is located at 633 Stone Ave Paris, TX.
What is the asking price?
The asking price for this property is $4,858,043.
What are key features of this property?
This property features: Long‑term, corporate‑guaranteed NN lease with Fresenius Medical Care, expiring December 2036, providing stable income.; Two‑building dialysis and home therapy center totaling 15,230 SF.; Fresenius recently extended the lease for an additional 11 years with three five‑year renewal options.
