3398 N 1st St
Retail | 7.50% CAP | 17,570 SqFt
Marketing description
3398 N 1st St presents an attractive value-add retail investment opportunity in North Abilene, offering investors the ability to acquire a strategically positioned commercial asset within one of West Texas' primary economic hubs. Located along a heavily traveled commercial corridor with convenient access to Interstate 20 and major regional thoroughfares, the property benefits from strong visibility, established surrounding retail activity, and proximity to major employment and institutional drivers that support long-term demand.
The offering includes an existing income-producing component alongside approximately 3,588 SF of lease-up opportunity, creating meaningful upside potential for investors seeking yield enhancement and future NOI growth. Based on projected stabilization assumptions, ownership estimates indicate the opportunity to achieve an approximately 9.8% pro forma cap rate upon lease-up of the remaining vacancy. Additionally, an incoming restaurant tenant is currently completing interior improvements and is anticipated to open within the next five to six months, providing additional momentum for tenancy and site activation.
The property has also undergone extensive updates and capital improvements, including a modernized Class A-style façade, upgraded parking areas, LED lighting enhancements, and additional exterior and site improvements designed to elevate curb appeal, tenant experience, and long-term asset positioning.
North Abilene Retail Corridor
Primary Trade Corridor:
N. 1st Street is one of Abilene's established commercial corridors.
Direct access to I-20.
Serves residents north of downtown plus interstate travelers.
Nearby Demand Drivers:
Hendrick Medical Center
Abilene High School
Texas Tech Health Sciences Center
Abilene Christian University
Dyess AFB commuters
Downtown employment
Retail Synergy
Nearby retailers:
7-Eleven
Dollar General
Harbor Freight
O'Reilly
United Supermarkets
Sonic
CVS
Walgreens
H-E-B
McDonald's
Transportation
Highlight:
I-20 access
US 83/84
Highway 277
Regional airport
Consumer Draw
The center serves:
Daily commuters
Healthcare employees
Students
Neighborhood residents
Service businesses
Regional visitors
Investment highlights
- Value-add neighborhood shopping center in North Abilene
- 17,570 SF retail center with immediate upside potential
- Approximately 69.4% occupied with stable in-place cash flow
- 3,588 SF available for lease-up and NOI growth
- Projected 9.8% pro forma cap rate upon stabilization
- NNN lease structure with tenant reimbursement of operating expenses
- Extensive recent capital improvements including Class A-style façade, parking lot upgrades, LED lighting, and exterior enhancements
- Incoming restaurant tenant completing build-out, expected to open soon
- Excellent visibility along N. 1st Street with convenient access to Interstate 20
- Located within an established retail corridor surrounded by national and regional retailers
- Strong regional economy supported by healthcare, education, military, and technology employment
- Positioned to benefit from the multi-billion-dollar OpenAI "Stargate" AI Data Center investment in Abilene
- Ideal opportunity for private investors, family offices, and 1031 exchange buyers seeking current income with value-add upside
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