Address: 17323 Red Oak Drive , Houston, Texas, United States 77090
Type: Net-Leased Professional Office / Medical Office
Cap Rate: 11.00%
Lease Type: Absolute Triple Net (NNN)
Annual Rent: $384,025
Net Operating Income: $384,025
Lease Term Remaining: 1.5 Years
Rental Increases: 2.5% Annually
Year Built: 1980
Rentable Sq/Ft: 15,514 SF
Rent Sq/Ft: $24.75
Price Sq/Ft: $225
Lot Size: +/-2.43 Acres
Marcus & Millichap is pleased to present the exclusive listing for the Millennium Physicians Northwest Cancer Center located at 17323 Red Oak Drive in Houston, Texas. Built in 1980, and renovated in 1993, the property consists of a 15,514 square foot building, and sits on 2.43 acres of land.
This Millennium Physicians property has approximately 2 years remaining on its original 12-year triple-net (NNN) lease. The current rent is $384,025 and is subject to 2.5% annual rental increases.
Millennium Physicians is a medical group of 39 physicians that offers oncology care, radiation, and ancillary services at nine locations in Houston. Millennium Physicians treats with the highest level of care, to get patients back to living their life to the fullest.
The Millennium Physicians Northwest Cancer Center is located at 17323 Red Oak Drive in Houston, Texas. Houston is located in Southeast Texas, and is the most populous city in the state of Texas. It is the principal city in the Houston-The Woodlands-Sugar Land area, and the county seat of Harris County. Houston is home to the Texas Medical Center—the world’s largest concentration of healthcare and research institutions—and NASA’s Johnson Space Center, where the Mission Control Center is located.
The subject property is located in critical medical corridor in northwest Houston. Red Lobster, Chick-Fil-A, IHOP, Chili’s, Chase, 4 Girls Deli, Papa Johns, Smoothie King, Loan Star Title Loan, Just Brakes, CVS, Trend Barber College, Independent Bank, Comerica Bank, Starbucks, H&H Music, Emerald Inn and Suites, Mazda, Auto Check Car Care, Valero, Panda Express, as well as many more local and national retailers are in the immediate vicinity. The medical facility is located directly next to Bammel Elementary School which has 898 students enrolled. Additionally, The University of Houston, which is home to 42,700 students, is located under 11 miles to the west of the subject property.
There are approximately 116,739 people within a three-mile radius of this property and 306,923 within a five-mile radius. The subject property is situated on Red Oak Drive off of Cypress Creek Parkway, a main thoroughfare off of U.S. Interstate 45, which has average daily traffic counts of 66,900 vehicles. Nearby U.S. Interstate 45 has traffic counts of 293,600 vehicles per day. The average household income exceeds $80,144 within a five-mile radius.
Houston is the most populous city in Texas and the fourth most in the United States. Houston was founded in 1836 and became and incorporated city on June 5th, 1837. Houston’s economy has a broad base in energy, manufacturing, aeronautics, and transportation. It is also a leader in the health care sector and the building of oilfield equipment; only New York City is home to more Fortune 500 companies than Houston. The Port of Houston ranks first in the United States in international waterborne tonnage handled and second in total cargo tonnage handled. Nicknamed the “Space City”, Houston is a global city with strengths in business, international trade, entertainment, culture, media, fashion, science, sports, technology, education, medicine, and research. The city has a population from various ethnic and religious backgrounds and a large and growing international community. Houston is the most diverse city in Texas and has been described as the most diverse in the entire country. It is home to many cultural institutions and exhibits, which attract more than 7 million visitors each year to the Museum District. Houston has an active visual and performing arts scene in the Theater District and offers year round resident companies in all major performing arts.
Broker of Record: Timothy Speck – License # 432723