Overview
Transwestern Healthcare Capital Markets (“Transwestern”) is pleased to offer for sale the fee simple interest in a 77,207 square foot medical outpatient building located at 3100 Weslayan Street, Houston, Texas 77027 (the “Property” or “3100 Weslayan”). The premier, four-story building is located in the heart of Greenway Plaza, surrounded by high-end neighborhoods including River Oaks and West University Place. Completed in 1980 with renovations in 1993 the Property is 80% percent leased by 21 tenants. 3100 Weslayan is anchored by Berkeley Eye Center clinic (“Berkeley Eye”) and its affiliated ambulatory surgery center, Caplan Surgery Center. Berkeley Eye has been in operation for 60 years at over 25 locations throughout the Houston metro.
Pride of ownership is evident as the Property boasts significant curb appeal with beautiful courtyards and patios and free covered parking. 3100 Weslayan is also located near several high-end restaurants, hotels, and shopping, including The Galleria, Highland Village, and Rice Village. 3100 Weslayan offers access to a well-educated labor pool as 71% of the population within a 3-mile radius has a bachelor’s degree or higher. Commuters can reach Downtown Houston in about 15 minutes, and Sugar Land is 15 miles away, making this easily accessible for thousands of professionals throughout the metro. Over its 20 year hold, the owner has transitioned building tenancy to primarily clinical healthcare use.
The investment is being offered free and clear of debt with projected year one net operating income to increase by 50% within a three year time period through completing the conversion to medical tenancy and leasing the Property to stabilized occupancy. This investment is an exceptional opportunity to acquire a medical outpatient building offering a diversified base of tenancy an array of move-in-ready suites with free initial test fits within one of the most desirable demographic locations in the Houston metro.
Investment Highlights
Significant income growth through lease up of remaining vacant space
- Currently 12 suites are vacant offering new ownership the ability to cater to the strong for clinical healthcare space in the desirable Greenway Plaza area and River Oaks neighborhood.
- 90% of existing tenancy is medical focused with the opportunity to convert remaining administrative tenants to medical & clinical usage.
- 3100 Weslayan’s tenant mix includes 15 medical focused tenants creating a vibrant eco system for clinical referrals.
- Tenant spaces include all the medical infrastructure essentials such as exam rooms, reception areas, nurse’s stations, lab space, and operating rooms.
High quality Property in desirable Greenway Plaza location
- This property features an Energy Star rating, beautiful courtyards and patios, a day porter, on-site security with 24-hour monitored surveillance, Parks Pantry Market, and free garage parking
- The building’s central location in the River Oaks neighborhood is strategic for healthcare providers serving affluent patients in the area.
- This property offers a convenient alternative to the busy Texas Medical Center hub that is dominated by inpatient facilities treating higher acuity cases.
- 3100 Weslayan is also located near several high-end restaurants, hotels, and shopping, including The Galleria, Highland Village, and Rice Village.
Diversified tenant roster with strong physician practice sponsorship
- 44% building occupancy by Berkeley Eye and their affiliate Caplan Surgery Center, each recently extended their leases through June 2032
- Predominantly on triple net leases that include annual rent escalators
- 15 healthcare tenants with a diverse set of specialties including: ophthalmology, surgery, dentistry, weight loss, family medicine, pain management, psychiatry, sleep, and diagnostics.
Excellent demographics with abundant patient base within 3 miles
- 54% of the households have an average household income greater than $100,000 within a 3 mile radius with a ±$729,471 median home value.
- Medical practices are in a health-conscious area with over $166 million is spent annually on healthcare within a 3-mile radius.
- Population of over 530,000 within a three-mile radius of the Property, population over 720,000 within a 15 minute drive time
- Houston is the fourth most populated metropolitan area in the United States with over 7.5 million residents (2023)
Sales Team
