3405 Spencer HwyPasadena, TX 77504

For Sale
$1,966,430

Two-Tenant Net Lease, 6.75% Cap Rate

Overview

Added:
Dec 11, 2024
Days on market:
94
Exceptional investment opportunity in Pasadena, Texas, featuring a 5,432 square foot, single-building office property currently occupied by two tenants: MyEyeDr. and A1 Check Cashers. This meticulously maintained building, constructed in 1990 and extensively renovated in 2023, sits on a 0.71-acre lot and boasts a strong 6.75% cap rate with a net operating income (NOI) of $132,734. The property benefits from an absolute NNN lease structure, providing significant investor protection, and includes a corporate guarantee from MyEyeDr., a rapidly expanding national company with over 820 locations nationwide and recently acquired by Goldman Sachs. The lease with MyEyeDr. has over 10 years remaining. A1 Check Cashers, a well-established business with 24 locations, occupies the second unit, providing diversified income streams. The building is strategically located in a high-traffic area of Pasadena, a thriving city with a population exceeding 152,000, at the signalized intersection of Spencer Highway (34,000+ vehicles per day) and Strawberry Road (22,700+ vehicles per day). Its proximity to Spencer Square, a major 200,000 square foot Kroger-anchored shopping center, further enhances its visibility and accessibility. This turnkey investment offers a compelling combination of strong tenant occupancy (100%), a secure lease structure, and a prime location within a densely populated retail corridor, making it an ideal addition to any portfolio. The asking price is $1,966,430, representing a price per square foot of $362.01.

Highlights

  • 1990 construction, renovated in 2023; 5,432 square foot building on a 0.71-acre lot.
  • Two-tenant building with NNN leases; MyEyeDr. lease includes corporate guarantee and has over 10 years remaining.
  • High-traffic location at the signalized intersection of Spencer Highway (34,000+ VPD) and Strawberry Road (22,700+ VPD).
  • Located in a dense retail corridor across from Spencer Square, a 200,000 square foot Kroger-anchored shopping center.
  • MyEyeDr., a national company with over 820 locations, recently acquired by Goldman Sachs.
  • A1 Check Cashers occupies the second unit, offering diversified income streams.

Property Details for 3405 Spencer Hwy

Property type
Other office properties, Medical offices
Square Feet
5,432 SF
Year Built/Renovated
1990/2023
Buildings
1
Lot Size (sq. ft)
30,928 SF
Units
2

Location Insight

City
Pasadena
County
Harris
State
Texas
Latitude
29.6653509
Longitude
-95.1919025
3405 Spencer Hwy, Pasadena, Texas

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3405 Spencer Hwy
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