Investment Overview

Marcus & Millichap is pleased to exclusively list for sale a neighborhood retail center located at 91 S Lockwood Drive in Houston, Texas. This 6,400 square feet retail center is situated on a 0.36-acre plot of land on the hard corner of Canal Street and South Lockwood Drive. Lockwood Drive Retail Center provides investors with the opportunity to acquire a 100 percent occupied center at a seven percent CAP rate. There is a diverse tenant mix, and all leases are triple net meaning expenses are 100 percent reimbursable. There is value add potential because the average rent being charged is $10.76, which is below market. Lockwood Drive Retail Center is located in the Greater Eastwood/Second Ward Area, which is seeing significant growth and gentrification. The Greater Eastwood Area is in close proximity to East Downtown, which is one of Houston’s fastest re-developing areas. The property is surrounded by hip restaurants, cafes, bars and businesses, which attract young professionals to live in close proximity to the property, ultimately improving demographics and disposable income in the area.