Listed by Matthews
$7,500,000
The Crossing At Midtown
Details
Property Type Retail, Mixed Use
Sub Type QSR/Fast Food, Restaurant
Square Footage 19,925
Net Rentable (SqFt) 19,939
Units 5
NOI $360,665
Occupancy 55%
Tenancy Multi
Lease Type NNN
Remaining Term 6.7
Pro-Forma NOI $837,221
Year Built 1965
Year Renovated 2021
Buildings 2
Acreage 0.800
Zoning None
Parking Spaces 25 spaces
Parking per 1,000 SqFt 1.25
Investment Type Value Add
Ground Lease No
Ownership Fee Simple
Midtown Houston Retail Center – Renovated, Value-Add, National Tenants, Upside
Investment highlights
- Recently Renovated — Renovated in 2021 this property has very little if any deferred maintenance.
- Offered Below Replacement Cost — Property is being advertised below what it would cost to buy and build new.
- Great Location and High Density — Located in the heart of Houston with over 528,000 people in a 5-mile radius.
- Population Growth — Population in a 5-mile radius has increased 3.4% in the last 5 years and is projected to grow almost two percent for the next five years.
- Turn-Key Value-Add — The property consists of suites that are delivered in excellent condition and ready for tenants with minimal need for tenant improvement allowances.
- Ample Parking — The property has 25 on-site parking spaces which can be rare for some Midtown projects.
- Surrounded by Residents — Positioned in the middle of upscale apartments and houses.
- Possible Co-Tenant Synergy — The property contains a restaurant and a bar which can be good co tenants for a variety of users.
- Pending LOI — There is currently an outstanding LOI on the table which can increase year 1 NOI and decrease remaining space needed to lease up.
- Long-Term Leases — The current tenants in the project have signed 10-year leases showing commitment to the site.
- Tenant Has Multiple Locations — Dave's Hot Chicken has over 390 locations throughout the United States.
Listing Contacts
Listed by Matthews
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$360,665.00
$30,055.42/mo
Valuation Metrics
0
DSCR
4.81%
Cap Rate
4.81%
ROI
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