Verizon 3-Tenant Center
100% Occupied Multi-Tenant | Landlord-Favorable NNN Leases | Recent Roof Replacement
Marketing description
Northmarq is pleased to offer for sale to qualified investors the opportunity to purchase a fee simple interest in the 3-Tenant Center located at 3420 7th Street, Bay City, TX 77414 (the “Property”). This is a 100% leased retail center with a diverse mix of tenants that serve the surrounding community. The Property is easily managed with just 3 tenants. Each of the leases are NNN with a WALTR of 3.5+ years.
The Property is a 5,825 square foot strip center constructed in 2003. The retail center consists of three 1,900+ SF suites, making leasing easier. The tenant mix consists of Verizon, Vape City, and State Farm, a strong tenant mix that complements the surrounding retailers and population.
The Property offers an excellent hedge against inflation, with staggered leases that expire over the next 3.5 years. The lease None of the leases have options remaining, which
allows the owner to negotiate new leases and mark rent to market. The
Investment highlights
100% Occupied Strip Center – The property is 100% occupied with a strong tenant mix and an average occupancy over 6 years across all tenants.
Ability to Mark Rents to Market Over Time – None of the tenants have options to extend their leases, allowing the new owner renegotiate the leases and mark rents to market as they expire.
Landlord-Favorable NNN Leases – The leases are Landlord-favorable with all operating expenses being reimbursed. In addition, the leases allow for a management fee, permitting the Landlord to increase NOI or hire a management company for passive ownership.
Recent Roof Replacement – The roof was replaced in 2021 and carries a 20-year warranty, reducing the owner’s capital expenditures expected in the near term.
Surrounded by Major Traffic Drivers – There are several complementary retail uses as well as several schools, creating consistent traffic flow past the property. These include Walmart, HEB, Tractor Supply Co., ACE Hardware, Marshalls, Ashley Furniture, and many more.
High-Traffic Corridor with Easy Access – The property features easy access off 7th Street, which carries ±24,823 VPD, giving the property great exposure to daily traffic.
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