1913 Steele Rd, Unit 140, Alvin, TX 77511-5526
- Medical Office Space
- 4,590 SF
- 2.00 lot acres
Current Use by Public Records
- Moffitt Chad E OD / Physician
- Dr Collins / Physician
- Coastal Eye Associates / Ophthalmologist
- Dr. William Lipsky / Ophthalmologist
- Dr. Esther Dunn / Ophthalmologist
Property Details for 1913 Steele Rd
- Year built
- 2010
- Lot size
- 2.00 lot acres
- Property type
- Medical Office Space
- Property subtype
- Medical centers
- APN
- 0421-0024-000
- APU
- 4210024000
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Mar 4, 2020 | — | Chad E Moffitt | — | Deed · related | $483k · Texas Advantage Cmnty Bk NA |
| Mar 11, 2010 | — | Chad E Moffitt | Grace Intl Churches & Ministr | Warranty Deed | $70k · Texas Advantage Community Bank |
| — | — | Chad E Moffitt | — | Deed Of Trust · related | $107k · Texas Advantage Cmnty Bk NA |
| — | — | Moffitt,chad E | — | Deed Of Trust · related | $937k · Texas Advantage Cmnty Bk NA |
| — | — | Chad E Moffitt | — | Loan Modification · related | $483k · Texas Advantage Cmnty Bk NA |
Description
This exceptional investment opportunity presents a 5,875 square foot medical office building in Alvin, Texas, currently 100% occupied by EyeSouth Partners, a rapidly expanding, private equity-backed healthcare provider with over 220 clinics nationwide. The property boasts a strong, long-term net lease (NNN) with 7.4 years remaining until expiration, featuring built-in 2% annual rent increases, providing a hedge against inflation. The current net operating income (NOI) is $117,625, yielding a compelling 7.5% cap rate on the asking price of $1,568,333 ($267 per square foot). The lease commenced July 10, 2020, and expires June 30, 2032, with options for 4 or 5-year lease extensions. Located at 1913 Steele Rd, Alvin, TX 77511, this asset benefits from its position within a high-income area ($122,000 average household income within a five-mile radius) and the advantages of being in a tax-free state. The building was constructed in 2010 and is situated within the Houston MSA, a robust economy with a 2023 GDP estimated at $700 billion. The recession-resistant nature of the healthcare industry, coupled with the tenant's impressive growth trajectory and private equity backing, makes this a highly attractive investment opportunity. The property offers a passive investment structure with minimal landlord responsibilities, making it ideal for both local and out-of-state investors seeking stable, long-term returns.
Value Estimations
-
AI approach
- Method
- Estimation
- ML approach
- $450,000
-
Comparable approach
- Method
- Estimation
- AI Estimate
- $555,000
Market price range: $275k - $555k -
Alternative Use
- Use
- Estimation
- MEDICAL BUILDING
- $395,000 Current use
- OFFICE BUILDING
- $600,000 Change: +52% Conversion: Easy
- AUTO REPAIR, GARAGE
- $545,000 Change: +38% Conversion: Difficult
- RETAIL STORES
- $530,000 Change: +35% Conversion: Difficult
- WAREHOUSE, STORAGE
- $405,000 Change: +3% Conversion: Difficult
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Alvin
- County
- Brazoria
- State
- Texas
- Longitude
- -95.2269
- Latitude
- 29.4353
- CBSA code
- 26420
- CBSA name
- HOUSTON-SUGAR LAND-BAYTOWN, TX METROPOLITAN STATISTICAL AREA
