Listed by Edge Realty Partners - Houston
$24,990,000
Fairmont Parkway
Details
Property Type Retail
Sub Type Storefront, Shopping Center
Square Footage 172,002
Cap Rate 8.80%
NOI $2,197,283
Occupancy 98.6%
Tenancy Multi
Brand/Tenant Goodwill
Year Built 1992/2008
Buildings 5
Stories 1
Acreage 21.870
Investment Type Stabilized
Ground Lease No
High Yield 8.8% Cap Rate Quality Neighborhood Center w/ Arbitrage Opportunities | Houston MSA
Investment highlights
- Unique 172,002 SF neighborhood center features a fully occupied large format retail building, two multi-tenant retail buildings and two fully leased pad sites, all offered at an attractive basis
- Immediate upside through the lease-up of the remaining multi-tenant end cap vacancy with drive-thru potential as well numerous long-term value-add and divestiture opportunities
- A strategically curated tenant mix, with 58% national and regional tenants, designed to meet the needs of the area's dense residential population and robust employment base
- Desirable stable income stream featuring a weighted average lease term of 7.6 years
- Situated within a long-established, top-performing retail corridor and positioned between dominant grocers H-E-B and Walmart, the Property benefits from significant cross-shopping traffic opportunities
- Pasadena is considered a worldwide center for the energy, petrochemical and aerospace industries
- Located minutes away from the economic powerhouses: Port of Houston and Houston Ship Channel - providing residents of the surrounding trade area secure employment, educational opportunities, renowned benefits and high levels of discretionary income
- Dominant regional retail hub consistently pulls visitors beyond a 20-mile radius and serves the Pasadena trade area, as well as the surrounding communities of Deer Park and La Porte
- Prominent frontage and access along Fairmont Parkway with immediate proximity to Beltway 8, provides exposure to over 150,000 cars per day, connecting the Property to both the dense, established neighborhoods, as well as nearby core employment hubs
Listing Contacts
Listed by Edge Realty Partners - Houston
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Loan Amount
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Annual Debt Service
$--
$--
Annual Cash Flow
$2,197,283.00
$183,106.92/mo
Valuation Metrics
0
DSCR
8.79%
Cap Rate
8.79%
ROI
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