An optometry practice that owns its clinical real estate holds two appreciating assets — the practice goodwill and the property beneath it. Lumina structures the capital that converts rent obligations into equity accumulation across Maricopa County's most productive medical corridors.
Initialize Practice Equity AssessmentMost optometrists spend their careers building patient panels and clinical reputations — and writing rent checks to a landlord who captures 100% of the property's appreciation. Lumina Medical Capital structures medical office real estate capital that converts that monthly obligation into a compounding asset on your personal balance sheet.
The SBA 504 program is the premier instrument for owner-occupied medical office acquisition: 50% conventional first mortgage from a bank, 40% SBA debenture from a Certified Development Company, 10% borrower equity injection. Total LTV of 90% with a 20-year fixed-rate SBA debenture — the most capital-efficient medical real estate structure available.
For practices with strong balance sheets and ≥20% equity available, conventional medical office mortgages offer speed (30–45 day close vs. 60–90 for SBA 504) and fewer occupancy restrictions. Rates are typically Prime + 0.5% to Prime + 1.5% for qualified borrowers. Preferred when SBA program fees would erode the rate advantage.
Separating real estate ownership into a dedicated LLC — distinct from the operating practice PC — creates a legal firewall, enables independent lease income, and allows the property to be sold separately from the practice at exit. The holding LLC leases the space back to the PC at market rate, generating personal income while the practice goodwill remains in a clean exit vehicle.
Maricopa County's medical office condominium market — particularly in Scottsdale, Tempe, and Gilbert — allows practices to own a single unit within a multi-tenant medical building. Lower entry cost ($380K–$850K for a 1,400–2,200 SF unit), HOA-managed exterior maintenance, and established medical tenant neighbors that drive co-referral relationships.
Illustrative only. Rates, fees, and values are estimates based on current market conditions.
North Scottsdale's Pima Road corridor — anchored by HonorHealth and Mayo Clinic campuses — commands $340–$420/SF for medical office condominiums. Owner-occupied practices here benefit from institutional co-tenancy, abundant specialist referral relationships, and the highest per-patient revenue demographics in Arizona.
Gilbert's SanTan Medical Campus and Val Vista corridor represent Maricopa County's fastest-appreciating medical office submarket — 28% value growth 2021–2025 driven by explosive population growth. Medical condos trade at $240–$310/SF with 5.2–5.8% cap rates, offering strong yield relative to the Scottsdale corridor.
Goodyear, Surprise, and Queen Creek offer medical office land and build-to-suit opportunities at $180–$240/SF total project cost — 40–50% below comparable Scottsdale real estate. SBA 504 construction-to-permanent structures fund land acquisition, construction, and equipment in a single close, eliminating the construction-to-perm conversion risk.
Practices that already own real estate can unlock equity through a sale-leaseback — selling the property to an investor while executing a 10–15 year NNN lease-back at market rate. This recaptures property equity for practice acquisition capital without disrupting clinical operations. Lumina structures both sides of the transaction simultaneously.
Whether you own or lease your clinical space, the build-out inside it determines the practice's throughput capacity, patient experience, and exit multiple. Explore Lumina's leasehold improvement capital structures.
Explore Build-Out Capital →Every rent check is capital that builds someone else's net worth. SBA 504 owner-occupied medical office structures convert that obligation into your most durable long-term asset.
Initialize Practice Equity Assessment