Closed $2,200,000 Asking Price - Multi-Tenant, Office/Medical
Marcus & Millichap is pleased to exclusively represent the sale offering of Naomi Medical Plaza, a 12,768 square foot office property strategically located just south of the Texas Medical Center, across Fannin from the Houston Astrodome and NRG Stadium. It is just north of Loop 610 South between Fannin and Knight Road at 2010 Naomi. There are several medical buildings and newer residential projects on the street and is part of the area south of the Medical Center that has excellent growth potential.
Constructed in 2008, the property has glass store fronts with a decorative metal exterior and iron security fences with controlled access. Additional revenue is made possible by renting the parking lot as event parking for Houston Texans NFL games and college football games, the Houston Livestock Show and Rodeo, concerts and more.
The property is 100 percent leased to a mix of local tenants including a 3,797 square foot medical clinic. The Naomi Medical Plaza presents an excellent opportunity for an investor to purchase irreplaceable infill real estate, just south of the Texas Medical Center and within walking distance of the Houston Astrodome and NRG Stadium. It is in a part of Houston that continues to grow because of the sports venues and the Medical Center and the demand it spawns for housing and other commercial uses. When a lease with well below market rate is replaced with one that has a tenant paying a reasonable $13.20/SF NNN rent the CAP rate rises to approximately 9.2 percent.
- CAP Rate: 5.43%