The Deal Behind the Deal: Why Medical Real Estate Isn’t Just About Price

Ask five people what a good medical real estate deal looks like, and you’ll get five numbers. But price is rarely the full story—and if you’re not looking beneath the surface, you’re missing the parts that actually matter.

We’re seeing more investors bid aggressively on on-campus MOBs or surgical centers with zero attention to how that income was built. Is the tenant paying market rent or subsidized by a health system? Is the lease arms-length or tied to a physician group’s practice sale? What happens if that anchor vacates?

None of that shows up in the closing price. But it all shows up in the valuation.

Good evaluations go beyond cap rate compression and lease term. They ask: Is this income stable? Replaceable? Scalable? Because that’s what lenders, partners, and long-term investors really want to know.

So while everyone’s chasing deals, we’re chasing clarity. And when you’re ready to get a real read on value—not just a number on paper—that’s when we should talk.

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