Investment Summary
Price | $3,398,000 |
Cap Rate | 6.60% (7.00% Cap Rate in 2025) |
NOI | $224,220 |
Lease Term | Various |
Lease Type | Various |
Rental Increases | Various |
Year Built | 2018 |
Building Size | 8,050 SF |
Lot Size | 2.09 acres (91,040 SF) |
Status | Available |
Lead Brokers | Michael T. Yuras, CCIM Vice Chairman 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Ryan Forsyth Vice Chairman 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 Vincent Aicale Vice Chairman 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Scott Crowle Executive Managing Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 |
Investment Highlights
100% LEASED MULTI-TENANT RETAIL ASSET WITH AMAZON-PROOF RETAILERS
» Multi-tenant retail asset leased to a strong mix of national, regional, and local tenants
» Scheduled rental increases (including annual increases) for all tenants, providing a hedge against inflation
» Below market rents with strong scheduled rental increases
» In 2021 when many brands struggled, Chicken Salad Chick saw a nearly 50% increase in sales and added 30 restaurants. Specifically, it reported $255 million in systemwide sales, a 46% increase over 2020
» Texas has no corporate franchise tax, no state personal income tax, no taxes on inventories, and no taxes on foreign income
INFILL LOCATION WITH PRIME ACCESSIBILITY TO MAJOR TEXAS THOROUGHFARES
» High-visibility and easily accessible location near the signalized intersection of Sam Houston Tollway and Crenshaw Road (combined 96,186 AADT)
» Population of 276,560 within a five-mile radius of the location, creating an ideal customer base for the site
» Surrounded by high-density single-family housing developments and large townhouse complexes
» Exceptional average annual household income of $117,621 within one mile of the location
» Projected 15 percent average annual household income increase within a five-mile radius of the site in the next five years, poising The Market at Crenshaw and Pasadena for significant concurrent growth
IRREPLACEABLE LOCATION NEAR LARGE EMPLOYERS, RETAILERS, AND COMMUNITY HUBS
» Irreplaceable infill location outparcel to a Academy Sports + Outdoors-anchored shopping center
» Ideal co-tenancy for a multi-tenant retail center with excellent cross-access
» Site features a new dedicated exit ramp for Crenshaw Road, allowing the property to capture maximum traffic
» Three miles from HCA Houston Healthcare Southeast (345 beds, 1,750 employees)
» Central location near multiple Texas community hubs, including Bay Oaks Country Club, The Lone Star Flight Museum, William P. Hobby Airport, and Trinity Bay
» Gateway to Downtown Houston, the fourth-most populous city in the U.S. (population 2,320,268)
Property Description
» The Market at Crenshaw has a high-visibility and easily accessible location near the signalized intersection of Sam Houston Tollway and Crenshaw Road (combined 96,186 AADT)
» Ideally set in a large retail corridor, the property is an irreplaceable infill location outparcel to a Academy Sports + Outdoors-anchored shopping center
» The site greatly benefits from its proximity three miles from HCA Houston Healthcare Southeast (345 beds, 1,750 employees), one of Pasadena’s largest employers
» 276,560 residents live within a five-mile radius of the site, providing an extremely large and reliable customer base
» Projected population and income increases within 1-, 3-, and 5-mile radii over the next five years poise The Market at Crenshaw and Pasadena for steady concurrent growth
» The property is surrounded by high-density single-family housing developments and large townhouse complexes