Conroe Woodway Square

Marcus & Millichap is pleased to exclusively list for sale Conroe Woodway Square, located off Interstate 45 (North Freeway) at 201 Enterprise Row in Conroe, Texas. This retail/flex center features 30,171 square feet of leasable area on 2.50 acres.

Conroe Woodway Square is available to be purchased for $2,250,000, which is a 5.89 percent cap rate day one, and the price per square foot of the building is $74.57, which is significantly below replacement cost. A purchaser may add value by leasing the vacant space, totaling 13,753 square feet (45.58 percent of the shopping center). By leasing the vacant space at a gross rate of $13 per square foot, the cap rate would increase to 12.56 percent. All the vacant units, except for one, are second generation which minimizes the tenant improvements required to fill the vacancies.

FedEx pays $21,000 annually to use the center’s extra parking space, which increases the profitability of the property.

The property is located near the entry to Conroe Medical Center, a full-service member of the HCA Healthcare network with 1,200 employees and over 400 physicians on staff. Conroe is listed as a top-10 fastest growing city in the nation according to the U.S. Census Bureau’s May 2020 report.