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Shopping Strip

Deer Park Marketplace

3601 Center St, Deer Park, TX 77536

Listing Price: $9,479,951

Cap Rate
6.43%
Gross SF
135,009
Rentable SF
135,009
Price/Gross SF
$70.22
Lot Size
3.10 acres
Year Built
1978

Investment Overview

Marcus & Millichap is pleased to exclusively list for sale Deer Park Marketplace, located at the Southeast Corner of the signalized intersection of Center Street and Pasadena Boulevard in Deer Park, Texas. The offering consists of a 34,951 square foot neighborhood shopping center and a Dutch Bros Coffee ground leased pad site. The total two-property-portfolio is situated on 3.10 acres. Deer Park Marketplace is available for sale at a combined portfolio price of $9,479,951, which is a 6.43 percent CAP rate. The main building of the shopping center is available for sale individually. The Dutch Bros ground leased pad site is only available for sale in a portfolio purchase of the two properties. The breakdown of values resulting in the combined offering price is the following: • Main Building: $8,044,657 (6.82 percent CAP rate) • Dutch Bros: $1,435,294 (4.25 percent CAP rate years 1-5, 4.68 percent CAP rate years 6-10, 5.14 percent CAP rate years 11-15) The shopping center is 100 percent occupied with high-quality, internet-resistant tenants on long-term leases with built-in rental rate increases. The average rental rate in the shopping center is only $16.08 per square foot plus triple-nets, which is sustainable for its tenants and allows for future upside for the landlord by increasing rents and enjoying scheduled rent increases.

Investment Highlights

  • Irreplaceable Hard-Corner, Signalized-Intersection Location
  • Premier Mix of Credit Tenants of National, Regional, and Strong Local Lease Guarantors
  • Two Anchors of Retail Traffic: Planet Fitness and Dutch Bros
  • Traffic Counts of 30,000+ Vehicles Per Day
  • Located Two Miles from Houston's Largest Hub of Refineries (Stable Economy & Consumer Base)
  • Long-Term Leases at Sustainable Rental Rates and Rent Growth Potential
  • Dutch Bros Opened in Spring of 2022 and Sustains Significant Customer Traffic

Exclusively Listed By

Financing By

Shopping Strip

Deer Park Marketplace

Listing Price: $9,479,951

Cap Rate
6.43%
Gross SF
135,009
Rentable SF
135,009
Price/Gross SF
$70.22
Lot Size
3.10 acres
Year Built
1978

Investment Highlights

  • Irreplaceable Hard-Corner, Signalized-Intersection Location
  • Premier Mix of Credit Tenants of National, Regional, and Strong Local Lease Guarantors
  • Two Anchors of Retail Traffic: Planet Fitness and Dutch Bros
  • Traffic Counts of 30,000+ Vehicles Per Day
  • Located Two Miles from Houston's Largest Hub of Refineries (Stable Economy & Consumer Base)
  • Long-Term Leases at Sustainable Rental Rates and Rent Growth Potential
  • Dutch Bros Opened in Spring of 2022 and Sustains Significant Customer Traffic

Investment Overview

Marcus & Millichap is pleased to exclusively list for sale Deer Park Marketplace, located at the Southeast Corner of the signalized intersection of Center Street and Pasadena Boulevard in Deer Park, Texas. The offering consists of a 34,951 square foot neighborhood shopping center and a Dutch Bros Coffee ground leased pad site. The total two-property-portfolio is situated on 3.10 acres. Deer Park Marketplace is available for sale at a combined portfolio price of $9,479,951, which is a 6.43 percent CAP rate. The main building of the shopping center is available for sale individually. The Dutch Bros ground leased pad site is only available for sale in a portfolio purchase of the two properties. The breakdown of values resulting in the combined offering price is the following: • Main Building: $8,044,657 (6.82 percent CAP rate) • Dutch Bros: $1,435,294 (4.25 percent CAP rate years 1-5, 4.68 percent CAP rate years 6-10, 5.14 percent CAP rate years 11-15) The shopping center is 100 percent occupied with high-quality, internet-resistant tenants on long-term leases with built-in rental rate increases. The average rental rate in the shopping center is only $16.08 per square foot plus triple-nets, which is sustainable for its tenants and allows for future upside for the landlord by increasing rents and enjoying scheduled rent increases.

Exclusively Listed By

Financing By

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