Cap Rate: 7.39%
Size: 17,636 SF
Lot Size: 1.31 Acres
Harris Professional Pavilion (“Property”) consists of a 17,636 square foot retail/professional property on a 1.31 acre parcel in Pasadena (Houston MSA), Texas. The Property fronts on high-traffic Fairmont Parkway just west of the area’s primary retail cluster at the intersection of Beltway 8 and Fairmont Parkway. Harris Professional Pavilion’s location on Houston’s southeast side places it in close proximity to several major economic drivers for the region including the Houston Ship Channel, NASA’s Lyndon B. Johnson Space Center, the Bayport Shipping Terminal, the Bayport Industrial District, and the Pasadena Refining System.
Accordingly, the population density surrounding Harris Professional Pavilion is impressive, with more than 311,000 people residing within a 5-mile radius of the Property. In addition, the daytime population exceeds 290,000 people within that same radius, providing the Property’s tenants the opportunity for consistent customer and patient traffic throughout the day. The Property is currently 90 percent occupied with an appealing medical tenant mix. All of the tenants have NNN leases and rollover risk is minimal with no more than one tenant expiring in a given year. Additionally, there is the opportunity to lease the one 1,800 square foot vacancy to further enhance an investor’s return.
Harris Professional Pavilion provides the opportunity for new ownership to take advantage of the Property’s strong location characteristics, medically-oriented tenant roster, and opportunity for upside.
- Daytime Population over 290,000 within 5 miles
- NNN Leases |90% Occupied
- Recently Renovated in 2016
- High Traffic Location on Fairmont Parkway