1210 Southmore AvePasadena, TX 77502

Property Details for 1210 Southmore Ave

Year built

1980

Construction

CONCRETE BLOCKS

Lot size

2.30 AC

Property size (Sq ft)

12,784 SF

Property type

Healthcare properties

Property subtype

Medical offices

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.

• CAP approach

  CAP return

  Valuation

  6%

  $2,618,184

  6.5%

  $2,416,786

  7%

  $2,244,158

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,889,594

  Geo Method

  $3,827,402

• Alternative Use

  Use

  Valuation

  Residential

  $2,996,814

  Hospitality

  $2,745,066

  Educational

  $2,283,862

  Medical

  $2,362,408

  Retail

  $3,552,675

Location Insight

City

Pasadena

County

Harris

State

Texas

Latitude

29.6903

Longitude

-95.196

CBSA code

26420

CBSA name

HOUSTON-SUGAR LAND-BAYTOWN, TX METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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