Tenant-Occupied Storefront
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2102 Southmore Avenue, Pasadena, TX 77502
Tenant-occupied retail storefront with a lease assigning most property expenses to the tenant.
Property Size2,291 SF
Price / SF$261.89
Days on Market5
Property Features for 2102 Southmore Avenue
General Information
Standard status
Active
Size
2,291 SF
Class
C
Total Parking Spaces
10
Property subtype
Retail
Occupancy
100%
Lease Type
NN
Investment Type
Net Lease
Net Operating Income
$37,900
Additional Details
Gross Income
$43,200
Building Details
Year Built
1964
Year Renovated
2001
Tenancy
Single
Listing Agency:
KW Commercial Houston Clear Lake
Listed By:
JOSHUA NGUYEN · License #851749
Source:
Crexi
Added: Aug 5
Changed: Aug 9
Last Checked: Aug 9 at 6:38AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of KW Commercial Houston Clear Lake
Investment Insights
Based on property information with market context.
This tenant-occupied storefront property contains 2,291 square feet and was built in 1964. The existing lease assigns the majority of property-related expenses to the tenant, while the landlord’s stated responsibility is primarily property taxes. The arrangement supports a limited landlord management role relative to a lease with broader owner obligations.
The property is located at 2102 Southmore Avenue in Pasadena, Texas, along the Southmore Avenue corridor. Its setting provides access to surrounding residential neighborhoods, local businesses, and the broader Houston metropolitan area. Pasadena is also identified as having an established industrial and commercial presence supporting retail and service-oriented businesses.
The property is located at 2102 Southmore Avenue in Pasadena, Texas, along the Southmore Avenue corridor. Its setting provides access to surrounding residential neighborhoods, local businesses, and the broader Houston metropolitan area. Pasadena is also identified as having an established industrial and commercial presence supporting retail and service-oriented businesses.
Key Highlights
- Tenant‑occupied storefront property with an existing lease
- 2,291 square feet of retail space
- Built in 1964
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$27,135
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.52%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$542,700
$542.7K
Cap Rate 7%
$387,643
$387.6K
Cap Rate 9%
$301,500
$301.5K
Market Conditions
NOI Build-Up for 2,291 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$41.2K $18.00/SF
− Vacancy
−$2.5K −$1.08/SF
EGI
$38.8K $16.92/SF
− OpEx
−$11.6K −$5.08/SF
NOI
$27.1K $11.84/SF
Area
Pasadena, TX
Vacancy
6.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$542,700
Cap Rate 7%
$387,643
Cap Rate 9%
$301,500
Alternative Uses
Best Use
Retail
$387.6K
$339.2K – $452.3K
NOI $27,135 @ 7.0% cap · market cap 4.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$756.1K
$661.6K – $882.1K
NOI $52,924 @ 7.0% cap · market cap 8.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
514
Businesses Nearby
142k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 48%
Groceries 29%
Dining 23%
Kroger
Groceries
41,016 visits/mo
0.4 miles
Dollar Tree
Shops & Services
13,465 visits/mo
0.3 miles
Little Caesars Pizza
Dining
12,198 visits/mo
0.4 miles
Dollar General
Shops & Services
9,772 visits/mo
0.2 miles
Kroger Fuel Center
Shops & Services
9,523 visits/mo
0.4 miles
Demographics for 77502, TX
37,495
Population
11,813
Households
3.2
Avg Household Size
32
Median Age
10%
College-Educated
64%
High-School Grad
5.5 sq mi
ZIP Area
6,817
Density / Sq Mi
$59,337
Median Household Income
$32,162
Median Earnings
$1,185
Median Rent
$164,500
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Kroger Floral — 2619 Red Bluff Rd, Pasadena, TX 77506
Frequently Asked Questions
What type of property is this?
Storefront property - Tenant-occupied retail storefront with a lease assigning most property expenses to the tenant.
Where is this storefront property located?
The property is located at 2102 Southmore Avenue Pasadena, TX.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Tenant‑occupied storefront property with an existing lease; 2,291 square feet of retail space; Built in 1964
