620 O'connor Rd Irving, TX 75061
- Office Properties & Spaces
- 9,108 SF
- 0.39 lot acres
Current Use by Public Records
- Office Properties & Spaces
Property Details for 620 O'connor Rd
- Lot size
- 0.39 lot acres
- Property size
- 9,108 SF
- Property type
- Office Properties & Spaces
- Property subtype
- Medical offices
Description
This exceptional investment opportunity presents a two-property WellMed Medical Office portfolio in Irving, Texas, totaling 9,108 square feet. The properties, built in 1960 and 1968, underwent renovations in 2003 and 2021, and are situated on a combined .39 to .43 acres. Currently 100% occupied by WellMed Medical, a subsidiary of Optum (UnitedHealth Group), the portfolio boasts a strong corporate guarantee and double net (NN) leases. The leases feature a remaining term of 3.5 years, with two 5-year renewal options and a 3% rent increase every three years. The current annual net operating income (NOI) is $159,481, representing an 8.00% cap rate and a price per square foot of $218.87. The asking price for the entire portfolio is $1,993,512. This is a rare opportunity to acquire a stable, high-performing medical office portfolio backed by a financially robust tenant with a significant market presence. The properties are available for sale individually or as a combined portfolio investment. The portfolio offers a compelling combination of strong tenant credit, predictable income growth, and a desirable location in the Dallas County area. This is an ideal investment for those seeking a secure, long-term investment in the healthcare sector.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Irving
- County
- Dallas
- State
- Texas
- Longitude
- -96.9492
- Latitude
- 32.8206
