1210 Southmore Ave Pasadena, TX 77502-1206
- Medical offices
- 12,784 SF
- 2.30 lot acres
Current Use by Public Records
- Fresenius Kidney Care Strawberry Park Kidney Center / Medical Clinic
Property Details for 1210 Southmore Ave
- Year built
- 1980
- Construction
- CONCRETE BLOCKS
- Lot size
- 2.30 lot acres
- Property size
- 12,784 SF
- Property type
- Medical offices
- Property subtype
- Medical centers
- APN
- 440190000081
- APU
- 440190000081
Description
This Pasadena, TX medical office building presents a compelling investment opportunity. The 11,317 square foot, single-tenant property is 100% occupied by Fresenius Kidney Care under a Net Lease with 6.3 years remaining on a 15.3-year lease, expiring February 28, 2031. Built in 1980 and renovated in 2015, the building sits on a 2.3-acre lot with 40 parking spaces. The lease includes three, five-year renewal options with 10% rent increases every five years during the primary term and fair market value increases in the option periods. The current asking price is $3,705,625, representing a 6.40% cap rate and a price per square foot of $327.44. The property boasts a strong NOI of $237,160 and benefits from its location in a densely populated area of Pasadena, a suburb of Houston, with a high average household income. The tenant, Fresenius Kidney Care, is a leading operator in the healthcare industry with an investment-grade credit rating. This offering provides a stable, long-term investment with built-in rent growth and minimal expense exposure. The property is fee simple ownership. The lease is landlord-friendly with no early termination clauses. The building is located on Southmore Avenue, a high-traffic area.
Value Estimations
-
Comparable approach
- Method
- Estimation
- AI Estimate
- $1,329,000
Market price range: $424k - $1.33M -
Alternative Use
- Use
- Estimation
- MEDICAL BUILDING
- $930,000 Current use
- COMMERCIAL (GENERAL)
- $1,860,000 Change: +100% Conversion: Easy
- RESTAURANT
- $1,565,000 Change: +68% Conversion: Difficult
- AUTO REPAIR, GARAGE
- $1,240,000 Change: +33% Conversion: Difficult
- RETAIL STORES
- $900,000 Change: -4% Conversion: Difficult
- OFFICE BUILDING
- $895,000 Change: -4% Conversion: Easy
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Location Insight
- Map
- Local Demand
- City
- Pasadena
- County
- Harris
- State
- Texas
- Longitude
- -95.196
- Latitude
- 29.6903
- CBSA code
- 26420
- CBSA name
- HOUSTON-SUGAR LAND-BAYTOWN, TX METROPOLITAN STATISTICAL AREA
