10140 Tx-242 Conroe, TX 77385

Property Details for 10140 Tx-242

Year built

2024

Lot size

0.78 lot acres

Property size

4,000 SF

Property type

Retail properties

Property subtype

Office Properties & Spaces

Description

This exceptional investment opportunity presents a newly constructed, 4,000 square foot urgent care facility in Conroe, Texas. Located at 10140 TX-242, 77385, this fee-simple property boasts a prime location as an outparcel to an H-E-B grocery store, surrounded by other national retailers including Starbucks, Dunkin', and McDonald's. The property features a 10-year net lease with a corporate guarantee from a partnership between Memorial Hermann Health System and GoHealth Urgent Care, a national operator with over 250 locations. The lease commenced in October 2024, with a 2.5% annual rent increase and two, five-year renewal options. The current net operating income (NOI) is $152,000, representing a 6.00% cap rate on the $2,533,333 asking price. The 0.78-acre lot ensures ample space and visibility. Conroe's robust population growth, projected at 27% over the next five years, and high average household income of $117,898 within a one-mile radius, make this a compelling investment in a recession-resistant industry. The property's new construction minimizes potential capital expenditures, offering a low-maintenance, passive income stream. This is a rare opportunity to acquire a high-quality, health-system affiliated urgent care center in a rapidly growing market. The lease includes a partial guaranty from both Memorial Hermann Health System and Access Clinical Partners, LLC (d/b/a GoHealth Urgent Care). The urgent care market is projected to grow at a 10.99% compound annual growth rate from 2023 to 2032.

Location Insight

City

Conroe

County

Montgomery

State

Texas

Longitude

-95.4268

Latitude

30.2081