Heroes Plaza Shopping Center
Retail | 8.95% CAP | 60,140 SqFt
Marketing description
Heroes Plaza Shopping Center is a 60,140 SF multi-tenant retail center in Odessa, TX offered at $5,300,000 (8.95% cap, $88/SF). Anchored by TruFit Athletic Clubs (35,000 SF, NNN, corporate guarantee, 3.8 yrs remaining), the center sits on 3.39 acres at a high-traffic intersection on N County Road W (27,802 VPD) in the heart of the Permian Basin. The 17.5% vacancy and multiple below-market leases near expiration offer a new owner significant upside toward the market average of $18.17/SF. Odessa ranks 2nd highest per capita income in the U.S. and is the 5th largest MSA economy in Texas. New parking lot completed March 2025. Texas has no state income tax.
Investment highlights
TENANT WITH STRONG OPERATING HISTORY AND CORPORATE GUARANTEE
TruFit Athletic Clubs is a chain of fitness centers based in San Antonio, TX. TruFit owns and operates 40+ fitness locations across Texas and Tennessee with more locations planned. Estimated annual revenue is $152.2M per year.
17.5% VACANCY FACTOR
The property is currently 82.5% occupied, allowing for increased return through lease-up. This vacancy has been leased by Spirit Halloween in the past, providing seasonal income.
BELOW MARKET RENTS | SHORT-TERM LEASES
Multiple tenants have leases close to expiration with no options and rates below market rents, offering the opportunity for a new owner to push for higher rates on lease renewals and new leases.
EXCELLENT LOCATION IN PATH OF GROWTH
Situated with excellent access and visibility on N County Rd W (27,802 VPD) and W University Blvd (22,180 VPD) with more than 22,000 households within 3 miles. Population forecasted to exceed 215,000 by 2040.
INCOME TAX-FREE STATE
Texas is one of a select few states that does not have a state income tax.
NEW PARKING LOT
Parking lot was patched, re-sealed and re-striped as of March 2025.
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