1913 Steele RdAlvin, TX 77511

Property Details for 1913 Steele Rd

Year built

2010

Lot size

2.00 AC

Property size (Sq ft)

4,590 SF

Property type

Medical offices

Property subtype

Medical centers

APN

0421-0024-000

APU

4210024000

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.

• CAP approach

  CAP return

  Valuation

  6%

  $940,040

  6.5%

  $867,729

  7%

  $805,748

• Comparable approach

  Method

  Valuation

  Relative Method

  $678,445

  Geo Method

  $1,374,200

• Alternative Use

  Use

  Valuation

  Residential Income

  $1,075,984

  Hospitality / Lodging

  $985,595

  Institutional / Educational

  $820,004

  Healthcare / Senior Housing

  $848,205

  Retail / Commercial

  $1,275,562

Location Insight

City

Alvin

County

Brazoria

State

Texas

Latitude

29.4353

Longitude

-95.2269

CBSA code

26420

CBSA name

HOUSTON-SUGAR LAND-BAYTOWN, TX METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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