Richland Square
Value Add, Multi-Tenant Neighborhood Retail Center | 57,301 SF | 84% Occupied | Hard Corner
Marketing description
Richland Square is a 57,301-square-foot, multi-tenant neighborhood retail center located in the northern portion of Dallas, Texas. Shadow-anchored by Hong Kong Market Place (not a part), the center is currently 84 percent occupied with triple-net leases, providing upside potential in leasing the vacant suites. The tenant base is a complementary mix of internet-resistant and service-oriented businesses including Viet Noodle House, Amy's Salon, Kanny's, La Ma, Dr. Cooley, Hankmy, SK2 Dental, Nail Warehouse, Tuyet Tofu, Crab Shack, Bistro Catering, Bodard Bistro, Metro by T-Mobile, Pet Store, Richland Hair, Farmers Insurance, Dallas Police Station, and Chic Nail. Constructed in 1983, the subject property is situated on a 4.64-acre parcel with ample paved parking.
Richland Square is located at the signalized, hard corner of Walnut Street and Audelia Road, with multiple ingress and egress points from each road. Cumulative traffic counts are approximately 49,130 vehicles per day. The Dallas College Richland campus is in close proximity to Richland Square, serving the area for nearly 50 years and home to over 20,500 students. The property is strategically located to serve an extremely dense residential population exceeding 389,042 residents within a five-mile radius. Daytime employment is 241,444 people within five miles. Several corporate headquarters are in close proximity, including Texas Instruments, Fossil, and Raytheon Technologies.
Investment highlights
- Contact Broker for More Information
- Value-Add, 57,301-Square-Foot, Multi-Tenant Neighborhood Retail Center
- In Line with Ethnic Grocer (Hong Kong Market Place) and Walnut Street Mall | Not a Part of the Property, but the Grocer Does Contribute Towards Common Area Maintenance Expenses
- 84% Occupied with Triple-Net Leases | Upside Potential in Leasing the Vacant Suites | Pro Forma Cap Rate is 9.90%
- Long-Term, Established Tenant Base Reflecting Tenant Commitment to the Location
- Current Average Rents are Below Market
- Priced at $157 Per Square Foot | Well Below Replacement Cost
- Prime Signalized, Hard Corner Location at the Intersection of Walnut Street and Audelia Road | Easily Accessible from Multiple Ingress and Egress Points | Combined Traffic Counts Exceed 49,130 Vehicles per Day
- Positioned Just East of Dallas College Richland Campus | Enrollment of 20,500+ Students
- Across from Tides at Whispering Hills Apartments | 313 Housing Units within Walking Distance
- Close Proximity to Corporate Campuses for Texas Instruments, Fossil, Raytheon Technologies | Part of a Large Daytime Workforce of 241,444+ Employees within Five Miles of the Subject Property
- Well Positioned to Serve an Extremely Dense Residential Population of 389,042 People within a Five-Mile Radius, having an Average Household Income of $92,425
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