3405 Spencer Hwy Pasadena, TX 77504

Property Details for 3405 Spencer Hwy

Year built

1990

Lot size

0.71 lot acres

Property size

5,432 SF

Property type

Office Properties & Spaces

Property subtype

Medical offices

Description

Exceptional investment opportunity in Pasadena, Texas, featuring a 5,432 square foot, single-building office property currently occupied by two tenants: MyEyeDr. and A1 Check Cashers. This meticulously maintained building, constructed in 1990 and extensively renovated in 2023, sits on a 0.71-acre lot and boasts a strong 6.75% cap rate with a net operating income (NOI) of $132,734. The property benefits from an absolute NNN lease structure, providing significant investor protection, and includes a corporate guarantee from MyEyeDr., a rapidly expanding national company with over 820 locations nationwide and recently acquired by Goldman Sachs. The lease with MyEyeDr. has over 10 years remaining. A1 Check Cashers, a well-established business with 24 locations, occupies the second unit, providing diversified income streams. The building is strategically located in a high-traffic area of Pasadena, a thriving city with a population exceeding 152,000, at the signalized intersection of Spencer Highway (34,000+ vehicles per day) and Strawberry Road (22,700+ vehicles per day). Its proximity to Spencer Square, a major 200,000 square foot Kroger-anchored shopping center, further enhances its visibility and accessibility. This turnkey investment offers a compelling combination of strong tenant occupancy (100%), a secure lease structure, and a prime location within a densely populated retail corridor, making it an ideal addition to any portfolio. The asking price is $1,966,430, representing a price per square foot of $362.01.