4600 Fairmont Pkwy Pasadena, TX 77504-3335

Property Details for 4600 Fairmont Pkwy

Year built

2000

Construction

STEEL FRAME

Lot size

1.31 lot acres

Property size

24,026 SF

Property type

Medical offices

Property subtype

Medical centers

APN

461650000094

APU

461650000094

Description

This exceptional 17,636 square foot medical office building, located at 4600 Fairmont Pkwy, Pasadena, TX 77504, presents a compelling investment opportunity. The property boasts a prime location in a high-traffic area of Houston, with over 23,500 cars passing daily. Built in 2000, this multi-tenant building sits on a 1.31-acre lot and currently enjoys an 89.8% occupancy rate. The established tenant roster includes prominent names such as Advanced Dental Associates, Proactive Physical Therapy Centers, HCA Healthcare (Women's Associates OBGYN), and Success on the Spectrum. The property operates under a triple net lease (NNN) structure, featuring rent bumps within the primary lease terms and options, providing a stable income stream. The current NOI stands at $299,115, with a pro-forma NOI of $331,013, yielding a 7.00% cap rate and a pro-forma cap rate of 7.75%. The asking price is $4,273,000, translating to an attractive price per square foot of $242. A significant upside potential exists with the leasing of the remaining 1,800 square feet of vacant space. The surrounding area demonstrates strong demographics, with over 15,600 people residing within a one-mile radius, boasting an average income of $79,000. This property offers a blend of stability and growth potential, making it an ideal addition to any investment portfolio. Detailed rent roll information is available upon request.

Location Insight

City

Pasadena

County

Harris

State

Texas

Longitude

-95.1739

Latitude

29.6493

CBSA code

26420

CBSA name

HOUSTON-SUGAR LAND-BAYTOWN, TX METROPOLITAN STATISTICAL AREA

Property Tax & Assessments