Westbrae Landing Center 10704 S Gessner Rd Local commercial 3 103 m² 100 % Loué À vendre Houston, TX 77071 4 352 535 € (1 402,70 €/m²) Taux de capitalisation 7,74 %

Marcus & Millichap is pleased to exclusively offer for sale Westbrae Landing Center, a neighborhood shopping center with 33,400 square feet of leasable area on two acres. The subject property is located at 10704 South Gessner Road in Houston, Texas, a location benefiting from a dense residential population of nearly 200,000 people within three miles of the site.
Westbrae Landing Center is offered for a price of $4,950,000 at a 7.74 percent cap rate. The property’s tenants benefit from affordable rents, averaging base rents of less than $12 per square foot, plus triple-nets. The low rents allow for an investor to have opportunity to raise rents over the hold period. Neighboring shopping centers’ rental rates range from $14 to $18 dollars per square foot, plus triple-nets. By raising rents to an average of $14 dollars per square foot, plus triple-nets, the pro forma cap rate would increase to 9.5 percent.
Stabilized Property With Room to Add Value: The property has an attractive day one cap rate, and there is an upside potential through raising below market rents from $11 to $14/square foot.
Dense Residential Population: Situated in southwest Houston, there are nearly 200,000 residents within three miles.
Excellent Frontage to South Gessner Road: The property has more than 550 feet of frontage with access to nearly 23,000 vehicles per day.
Diverse Tenant Mix: These tenants are seasoned, internet-resistant, service retailers.