Turnkey MOB Near Northwest Houston Hospital 17323 Red Oak Dr 16,882 SF Vacant Office Building Online Auction Sale Houston, TX 77090
INVESTMENT HIGHLIGHTS
- This turnkey diagnostic & medical office facility allows growing businesses and investors to seize prime space in NW Houston’s healthcare community.
- Benefiting from proximity to many specialty practices, surgical centers, assisted living communities, and HCA Houston Healthcare NW medical center.
- Businesses can access a 3-mile population exceeding 295K that spent more than $128M on healthcare segments during 2024.
- $200K remodel was recently completed, and the interiors boast large windows, plank flooring, recessed lighting, and a bright modern lobby.
- Sitting close off the intersection of FTM 1960 Rd and I-45, it is just 15 mins to the George Bush Intercontinental Airport and 30 mins to Downtown.
EXECUTIVE SUMMARY
With recently remodeled, turnkey spaces and an undeniably fantastic location within the primary medical hub of Northwest Houston, the Red Oak Medical Plaza at 17323 Red Oak Drive presents a single-tenant diagnostic and medical office that is perfect for growing healthcare businesses. Value-add investors can also benefit from a terrific lease upside, with average rents in the local office submarket up 3.1% year-over-year, outperforming the greater metro average of 1.8%.
Built in 1980 and renovated in 1993, the 16,882-square-foot facility recently completed a $200,000 remodel. The building offers superbly maintained spaces and modern features that are ideal for today’s medical businesses. Patients and clients are greeted by a porte cochere and lush landscaping when arriving at the property, as well as a bright, upscale lobby with a windowed reception station. The interiors are defined by large windows, anti-scratch plank flooring, and recessed lighting, creating a fresh and energizing work environment with a comforting and welcoming vibe for guests.
Located in the established medical community of Houston’s Northwest Medical Center, the Red Oak Medical Plaza places businesses among a large concentration of successful specialty practices, surgical centers, and nursing and assisted living communities. The surrounding area also offers convenient access to major commuter highways and quality shopping and dining amenities. Within five minutes, employees can reach household name brands such as Kroger, Planet Fitness, Starbucks, Wingstop, Chili’s, Panda Express, and McDonald’s. The property facilitates short and easy commutes, thanks to its proximity to Interstate 45, the primary north-south corridor of Northwest Houston that connects the property to the George Bush Intercontinental Airport in 15 minutes and Downtown Houston in just 30 minutes.
Healthcare businesses can access a robust pool of potential patients when looking within 5 miles of the Red Oak Medical Plaza. The population of more than 295,000 drove healthcare spending exceeding $128 million during 2024. Over 12% of the area’s workforce of more than 80,000 is employed in healthcare or healthcare services industries, delivering a dependable pipeline of highly qualified new employees to businesses at the subject property.
Built in 1980 and renovated in 1993, the 16,882-square-foot facility recently completed a $200,000 remodel. The building offers superbly maintained spaces and modern features that are ideal for today’s medical businesses. Patients and clients are greeted by a porte cochere and lush landscaping when arriving at the property, as well as a bright, upscale lobby with a windowed reception station. The interiors are defined by large windows, anti-scratch plank flooring, and recessed lighting, creating a fresh and energizing work environment with a comforting and welcoming vibe for guests.
Located in the established medical community of Houston’s Northwest Medical Center, the Red Oak Medical Plaza places businesses among a large concentration of successful specialty practices, surgical centers, and nursing and assisted living communities. The surrounding area also offers convenient access to major commuter highways and quality shopping and dining amenities. Within five minutes, employees can reach household name brands such as Kroger, Planet Fitness, Starbucks, Wingstop, Chili’s, Panda Express, and McDonald’s. The property facilitates short and easy commutes, thanks to its proximity to Interstate 45, the primary north-south corridor of Northwest Houston that connects the property to the George Bush Intercontinental Airport in 15 minutes and Downtown Houston in just 30 minutes.
Healthcare businesses can access a robust pool of potential patients when looking within 5 miles of the Red Oak Medical Plaza. The population of more than 295,000 drove healthcare spending exceeding $128 million during 2024. Over 12% of the area’s workforce of more than 80,000 is employed in healthcare or healthcare services industries, delivering a dependable pipeline of highly qualified new employees to businesses at the subject property.
DATA ROOM Click Here to Access
- Offering Memorandum
- Operating and Financials
- Purchase Agreement
- Title and Insurance
- Miscellaneous
MARKET ANALYTICS Click Here to Access
$99,999
Asset Value
$99,999
12 Month Sales Volume
12 Month Sales Volume
Total
Lowest
Highest
Transactions
999
-
-
Sales Volume
$99,999
$99,999
$99,999
Properties Sold
999
-
-
Transacted SF
999
999
999
Average SF
999
999
999
9.9%
Market Cap Rate
9.9%
Market Sale Price/SF Change (YOY)
12 Month Sales Price
Average
Lowest
Highest
Market
Cap Rate
9.9%
9.9%
9.9%
9.9%
Sale Price/SF
$99,999
$99,999
$99,999
$99,999
Sale Price
$99,999
$99,999
-
-
Sale vs Asking Price
-9.9%
-9.9%
-9.9%
-
% Leased at Sale
9.9%
9.9%
9.9%
-
Market Sale Price per SF
Houston - TX USA
Market Cap Rate
Houston - TX USA
Market Sale Price per SF by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Cap Rate by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Sale Price per SF Distribution
Market Cap Rate Distribution
PROPERTY FACTS
Sale Type
Investment
Sale Condition
Auction Sale
Type of Ownership
Fee Simple
Property Type
Office
Property Subtype
Medical
Building Size
16,882 SF
Building Class
B
Year Built/Renovated
1980/2022
Tenancy
Single
Number of Floors
1
Typical Floor Size
16,882 SF
Building FAR
0.16
Lot Size
2.43 AC
SPACE AVAILABILITY
- SPACE
- SIZE
- SPACE USE
- CONDITION
- AVAILABLE
Move-in ready medical office building was previously occupied by an Oncology practice. New owner/landlord will offer aggressive TI Allowance of $25+ PSF to qualified tenants.
| Space | Size | Space Use | Condition | Available |
| 1st Floor | 3,000-16,882 SF | Office/Medical | Full Build-Out | Now |
1st Floor
| Size |
| 3,000-16,882 SF |
| Space Use |
| Office/Medical |
| Condition |
| Full Build-Out |
| Available |
| Now |
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ABOUT FM 1960/I-45 NORTH
Cypress Station is located close to parts of Houston that have experienced significant population and employment growth, including Springwoods Village, Cypress, Tomball, and the Lake Houston areas. It is centrally located along Interstate 45 between Beltway 8 and the Grand Parkway, some of Houston’s key arteries. It is also close to Houston’s largest airport, Bush Intercontinental, which recently ranked as the second-best airport in the U.S. at the 2023 Skytrax World Airport Awards.
Job growth has been strong in the area, in part as a result of nearby developments such as Data Foundry’s new data centers; Grocers Supply and Conns HomePlus’ distribution centers; and Pinto Business Park, which is home to Amazon, Coca-Cola, and other large employers. Corporate tenants such as ABS, HPE, and HPI also recently relocated to large new office campuses in Springwoods Village.
Over the past 15 years, more than 80% of the population growth that has occurred in Harris County has been in its unincorporated areas, not far from Cypress Station. And the area’s energy, business services, and healthcare tenants can draw from the labor pool and customer base of residents and commuters who take Interstate 45 to and from work.
Investors are attracted to this area because of its strong economic base and the relative value assets here provide. Pricing is favorable, too, with the average price per square foot still below the Houston region’s average and at a significant discount to neighboring The Woodlands and Kingwood/Humble.
DEMOGRAPHICS
Demographics
1 Mile
3 Mile
5 Mile
2024 Population
19,726
112,293
295,447
2020 Population
19,125
112,927
300,370
2029 Population
20,262
114,577
300,831
2024-2029 Projected Population Growth
2.7%
2.0%
1.8%
Daytime Employees
10,831
36,876
91,472
Total Businesses
1,266
4,631
11,978
Average Household Income
$61,650
$82,199
$85,213
Median Household Income
$45,346
$57,869
$62,656
Total Consumer Spending
$169.3M
$1.1B
$3B
Median Age
31.9
34.0
34.2
2024 Households
7,635
40,255
101,233
Percent College Degree or Above
15%
18%
17%
Average Home Value
$203,532
$241,349
$239,340
$ values in USD
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | £1,843,541 | |
| Land Assessment | £344,555 | Total Assessment | £2,188,096 |
SALE ADVISOR
SALE ADVISOR
Nate Newman, CEO
(281) 703-0715
Contact
Nate is a principal and co-founder of Newman Kelly. Nate began his career in commercial real estate in 2007 with a small commercial real estate brokerage company in The Woodlands, TX. His timing coincided with The Great Recession, which taught Nate valuable lessons in humility, determination, and how to hustle. After five years and 65 transactions of various sizes, Nate joined Marcus & Millichap to open The Woodlands office. During his tenure at Marcus & Millichap, Nate was very successful and represented some of the largest investors and developers in Houston. Nate has sold in excess of $250,0000,000 of properties over the last few years, and he and his team have personally underwritten/valued billions of dollars worth of assets as a service to their clients. Nate also has extensive experience as an investor and developer and has completed numerous successful developments including: build-to-suit development, multi-tenant retail, office, and industrial projects, and land development.
Nate is a seventh generation Texan and a graduate of Baylor University. He is happily married to Marifer Newman and they have two children, Daniella and Evan. When not working, Nate enjoys spending time at his ranch, archery, hunting, playing golf, serving in church, sailing, reading, and traveling with his family.
Nate is a seventh generation Texan and a graduate of Baylor University. He is happily married to Marifer Newman and they have two children, Daniella and Evan. When not working, Nate enjoys spending time at his ranch, archery, hunting, playing golf, serving in church, sailing, reading, and traveling with his family.
ABOUT THE AUCTION PLATFORM
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial property. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
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AUCTION CONTACT
Derek Rudd
Contact
Auctioneer License:
Ten-X Commercial, LLC Todd Siegel RE Brkr 9004662
