Fully Leased Medical Office
New
For Sale
Contact for pricing
802 Enterprise Blvd, Rockport, TX 78382
Healthcare-related tenancy and a predominantly NNN lease structure characterize this recently built property.
Property Size15,600 SF
Lot Size3.11 Acres
Price / SF$256.35
Days on Market5
Property Features for 802 Enterprise Blvd
General Information
Standard status
Active
Size
15,600 SF
Lot size
3.11 Acres
Property subtype
RETAIL
Occupancy
100%
Net Operating Income
$299,026
Additional Details
Cap Rate
7.48%
Anchor Co-Tenants
Humana
Building Details
Year Built
2023
Tenancy
Multi
Listing Agency:
Cravey Real Estate Services, Inc.
(361) 815-2155
Listed By:
Lynann Pinkham · License #319336
(361) 815-2155
Source:
Moodyscre
Added: Aug 19
Changed: Aug 22
Last Checked: Aug 22 at 6:17AM
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 Cravey Real Estate Services, Inc.
Investment Insights
Based on property information with market context.
Built in 2023, this 15,600-square-foot medical office property is fully leased and anchored by Humana. The tenant roster includes medical and healthcare-related users, with a predominantly NNN lease structure that limits landlord maintenance responsibilities. The property occupies a 3.113-acre site and includes excess land identified for future office or medical development.
The building is located at 802 Enterprise Blvd in Rockport, Texas, within a residential corridor near established neighborhoods and Rockport Country Club. Rockport-Fulton High School is within walking distance. The surrounding area includes a growing retiree population and expanding senior demographic, providing context for the property's healthcare-oriented tenancy.
The building is located at 802 Enterprise Blvd in Rockport, Texas, within a residential corridor near established neighborhoods and Rockport Country Club. Rockport-Fulton High School is within walking distance. The surrounding area includes a growing retiree population and expanding senior demographic, providing context for the property's healthcare-oriented tenancy.
Key Highlights
- 15,600 SF medical office property built in 2023
- Fully leased with Humana as the anchor tenant
- Predominantly NNN lease structure
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
$222,312
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
5.56%
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%
$4,446,240
$4.4M
Cap Rate 7%
$3,175,886
$3.2M
Cap Rate 9%
$2,470,133
$2.5M
Market Conditions
NOI Build-Up for 15,600 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
$348.2K $22.32/SF
− Vacancy
−$51.8K −$3.32/SF
EGI
$296.4K $19.00/SF
− OpEx
−$74.1K −$4.75/SF
NOI
$222.3K $14.25/SF
Area
Aransas County, TX
Vacancy
14.87%
Lease Rate
$22.32 /SF/Yr
Expense Ratio
25.00%
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%
$4,446,240
Cap Rate 7%
$3,175,886
Cap Rate 9%
$2,470,133
Alternative Uses
Best Use
Office B
$3.18M
$2.78M – $3.71M
NOI $222,312 @ 7.0% cap · market cap 5.56%
Second Best
Healthcare Medical
$2.89M
$2.53M – $3.37M
NOI $202,176 @ 7.0% cap · market cap 5.06%
Theoretical Best
Office A
$5.96M
$5.22M – $6.96M
NOI $417,444 @ 7.0% cap · market cap 10.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
406
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 78382, TX
19,432
Population
13,048
Households
1.5
Avg Household Size
53
Median Age
30%
College-Educated
92%
High-School Grad
79.9 sq mi
ZIP Area
243
Density / Sq Mi
$63,434
Median Household Income
$38,741
Median Earnings
$1,147
Median Rent
$238,200
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Healthcare-related tenancy and a predominantly NNN lease structure characterize this recently built property.
Where is this medical office space located?
The property is located at 802 Enterprise Blvd Rockport, TX.
What is the asking price?
The asking price for this property is $3,999,000.
What are key features of this property?
This property features: 15,600 SF medical office property built in 2023; Fully leased with Humana as the anchor tenant; Predominantly NNN lease structure
