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Building Size
13,511 SF
Land Size (Acres)
1.10 AC
Expense Structure
NNN
Property Use
Medical Outpatient
Rent Increases
2% Annually
INVESTMENT HIGHLIGHTS
NNN LEASE STRUCTURE The property is subject to a NNN lease which provides potential investors with minimal Landlord responsibilities. This lease structure provides investors with a truly passive investment.
TENANT OPERATIONAL STRENGTH Tulsa Bone & Joint, the anchor tenant, has been a regional leader in the Tulsa area for over 23 years. The TB&J team is comprised of 32 physicians and 13 mid-level exclusive orthopedic providers. Tulsa Bone & Joint is the largest group of orthopedic specialists in the Tulsa area.
BELOW MARKET RENTS The property has a total current rental rate below the submarket as well as national market rents for comparable medical clinics.
LOW VACANCY MARKET The Bartlesville market has a vacancy rate of 0.2% for medical office buildings. This is significantly below the national average which illustrates the overall strength of the local healthcare market.
ATTRACTIVE RENTAL INCREASES Tulsa Bone & Joint lease features 2% annual rental escalations through both primary term and option periods. Nerve Renewal Neuropathy Clinic lease features an attractive 3% annual rental increases over the entire lease term.
FORTUNE 200 COMPANY PRESENCE ConocoPhillips, one of the world's largest oil companies, was founded in Bartlesville in 1917. Although the headquarters is no longer in Bartlesville, the company remains the supreme employer for the market with over 1,400 employed workers as of 2024.
STICKY LOCATION Tulsa Bone & Joint recently extended the term of their lease for an additional 5 years. This demonstrates their commitment to this space. Tulsa Bone & Joint is one of two practices in the market offering Orthopedic Surgery. Nerve Renewal Neuropathy Clinic is the only practice in the market offering non-invasive neuropathy services. This further implicates both tenants' desire to remain in Bartlesville as they are both market leaders for their respective service line.
VISIBILITY & ACCESS The property is located directly off Highway 75 and Southeast Washington Blvd, two of the most heavily traveled roads in Bartlesville. This provides extremely easy access as well as superior visibility to the property. Furthermore, the subject property has exceptional traffic counts of over 21,000 VPD.
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