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    3937 Spencer Hwy Pasadena, TX 77504

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    For Lease
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    Pasadena, TX: Prime Retail Space Available

    Lot size:
    3,000 SF

    Property Features for 3937 Spencer Hwy

    General Information

    Property type
    Retail space
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    3,000 SF
    Total Rate
    6000

    Building Details

    Stories
    1

    Spaces For Lease

    at 3937 Spencer Hwy, Pasadena, TX 77504 Contact us
    Unit Hard Corner Lighted Intersection End Cap

    $24 /Mo

    Size
    3,000 SF
    Contact us
    Unit Available Space 2

    $24 /Mo

    Size
    1,090 SF
    Contact us

    We can help!

    Listing Contact
    Gunnar Holman

    Listing Agent: Gunnar Holman

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Park View East Shopping Center, located at 3937 Spencer Hwy, Pasadena, TX 77504, presents a unique opportunity for retail businesses. This single-story, 3,000 square foot retail center boasts a highly desirable location on Spencer Highway, a primary east-west thoroughfare in Pasadena, offering 480 feet of prime frontage. The property benefits from its proximity to the Sam Houston Tollway (Beltway 8), a major artery connecting the entire Houston metropolitan area, ensuring high traffic volume and excellent visibility. The center is zoned for retail use and features two suites, each potentially divisible down to a minimum of 1,500 square feet, with a maximum contiguous space of 3,000 square feet. Currently, the entire 3,000 square feet is vacant, providing flexibility for a single tenant or the opportunity to lease individual units. The property is classified as a non-restaurant, hard corner location with endcap and highway frontage. Ample parking is available with 11 spaces. The cross street is Bayshore Ave. This property offers exceptional exposure and accessibility, making it an ideal location for a variety of retail businesses seeking a prominent presence in a high-traffic area of Pasadena. The property is ready for immediate occupancy.
    Property Profile Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Pasadena
    County
    Harris
    State
    Texas
    Longitude
    -95.1840374
    Latitude
    29.66539543

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    FAQs

    What type of property is this?
    Retail space - Pasadena, TX: Prime Retail Space Available
    Where is this retail space located?
    The property is located at 3937 Spencer Hwy Pasadena, TX.
    What is the lease rate?
    The lease rate is $24 SF/Yr.
    What are key features of this property?
    This property features: 37,965 square foot retail center in Pasadena, TX, within the Houston MSA.; Excellent retail location minutes from the Sam Houston Tollway on Spencer Highway.; Built in 1966 and renovated in 1977.
    Request Owner's contact information
    3937 Spencer Hwy Pasadena, TX 77504
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    3937 Spencer Hwy Pasadena, TX 77504
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    Gunnar Holman
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