Conroe Medical Plaza

603 S Conroe Medical Dr. | Conroe, TX 77304

Summary

Sales Price: $7,240,000
In-Place NOI: $441,718
In-Place Cap Rate: 6.10%
Occupancy: 89% Occupancy

Investment Overview

OLDHAM GOODWIN is pleased to present Conroe Medical Plaza, a Class A medical office building built in 2022, for sale in Conroe, Texas. Located in the Houston MSA adjacent to the Conroe Regional Medical Center, Conroe Medical Plaza is 89% occupied with strong medical tenants under NNN leases with annual rent increases. The property offers consistent cash flow, long-term leases, and opportunities to increase NOI in a high-growth healthcare market.

Property Highlights

Convenient access to Interstate 45 via South Loop 336

Across Loop 336 from the 2,000-acre Grand Central Park master-planned development, featuring planned residential, retail, and commercial amenities

Adjacent to Conroe Regional Medical Center anchored by HCA Houston Healthcare Conroe Hospital with 1,200 employees, 500 of which are physicians. Its 332-beds handles advanced care including a Level II Trauma Center, Comprehensive Stroke Center, Level II NICU, and specialized services like heart surgery and orthopedics.

Conroe Regional Medical Center is one of the most important healthcare nodes in the Houston area with more than 1,500,000 square feet of healthcare-based space in the area.

Attractive demographics and payor mix

All tenants are NNN

All tenants have sizable annual rent increases

11% vacancy allows value add opportunity along with day 1 cash flow with an attractive in-place cap rate

More the 7-year weighted average lease term

“Stickier” uses including oncology & cardiology with various procedures and multiple providers