Westbrae Landing Center
$4,950,000
10704 S Gessner Rd, Houston, TX 77071
Cap Rate
7.74%
Square Feet
33400
Year Built/Renovated
1987
INVESTMENT HIGHLIGHTS
• 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.
PROPERTY DESCRIPTION
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.
Gus N. Lagos
SENIOR VICE PRESIDENT
713-452-4257
Alex Wolansky, CCIM
FIRST VICE PRESIDENT
713-452-4292
