Pluckers Ground Lease, Pasadena, Texas

2958 E. Sam Houston Pkwy S no-imageVIEW MAP

Property Information

Price: $3,113,333

Cap Rate: 6.0%
NOI: $186,800
Lease Term: 20 Years
Lease Type: Absolute NNN Ground Lease
Building Size: Approximately 8,500 Square Feet
Year Built: 2020
Status: Under Contract
Lead Broker Information:

Randy Bell


Property Description

Investment Highlights

  • Brand New 20 Year Absolute NNN Ground Lease – Stable Cash Flow Asset – Zero Landlord Responsibilities – Four (5-Year) Options to Renew
  • 10% Rent Increases Every 5 Years Throughout the Initial Term and Option Periods, Providing a Strong Hedge Against Inflation
  • New Construction, Pride of Ownership Asset Featuring Pluckers Latest Prototype Design – a Modern and Aesthetically Pleasing Property
  • Tenant Invested Over $2.7 Million Into the Construction of Property, Proving Their Long-Term Commitment to the Location
  • Strategically Located in an Extremely Strong Trade Area Containing Over 14.6 Million Square Feet of Retail and Restaurant Space
  • The Harris County Toll Road Authority Has Nearly Completed the $225 Million Improvement Project Which Widens Sam Houston Tollway from 2 to 4 Lanes in Each Direction and Will Greatly Increase Daily Traffic Counts
  • Densely Populated, Infill Location with Excellent Demographics – Over 243,000 People in a 5-Mile Radius with Average Household Income Exceeding $83,300
  • High Traffic Location – Over 94,900 Vehicles Per Day on Sam Houston Tollway and Over 34,200 Vehicles Per Day on Spencer Highway
  • Situated Less Than 2 Miles from the 364 Bed HCA Houston Healthcare Southeast Hospital with Over 1,500 Staff Members, 404 Physicians and More Than $2.78 Billion in Revenue in 2020
  • Approximately 3 Miles from San Jacinto College Central Campus with Over 25,000 Students Enrolled
  • Within a 5-Mile Radius of 53 Grade Schools That Have a Staggering 48,800 Combined Students and Faculty
  • Situated Approximately 2 Miles from the 61 Bed CHI St. Luke’s Patient’s Medical Center Hospital with Over 455 Staff Members and Physicians and More Than $436.52 Million in Total Patient Revenue in 2020
  • Over 33 Million Square Feet of Industrial and Office Space in a 5-Mile Radius of the Property, Resulting in a High Daytime Population with More Than 90,700 Employees
  • Texas is an Income Tax Free State with a Strong Economy, Providing an Ideal Location for a 1031 Exchange Asset