Asking Price Contact for pricing
Sq. Footage 76,370
NOI Net Operating Income N/A
Cap Rate N/A

Attributes

Year Built 2005
Lot Size 8.28 ACRES

Property Description

Howell Medical Plaza, a Class A 30,844 sq. ft. behavioral hospital and attached 45,526 sq. ft. medical office building for sale in an Opportunity Zone in Baton Rouge. The three-story multi-tenant medical office building is integrated with the single-story hospital and were both constructed in 2005. Currently vacant, the hospital will be master-leased to Oceans Healthcare, a nationally recognized provider of behavioral health services. An extensive retrofit to the hospital will occur to convert it to a 48-bed in-patient facility and will take 10 to 12 months to complete. Hospital and office building are connected by a central rotunda lobby with granite flooring, painted drywall and wood-paneled walls. Property has an attractive masonry façade and welcoming sliding glass door entryway. Common tenant corridors feature neutral carpeting, painted sheetrock, lay-in ceilings. Bathrooms have patterned ceramic tile flooring, wet walls and painted sheetrock walls and ceilings. The large 8.28-acre site has 369 parking spaces as well. 

Investment Highlights

  • Hospital will be master-leased with an NNN structure for initial term of 15 years
  • Located in an Opportunity Zone with strong demographics
  • Great value-add opportunity with economic upside through lease-up of existing vacancy
  • Pro-forma NOI of $932,000 and projected stabilized NOI of approximately $1.58 million
Justin Hill
Justin Hill
EVP, Capital Markets
Vasilios Davos
Vasilios Davos
VP, Production Support

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