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Shopping Strip

College Avenue Retail Center

9247 Gulf Fwy, Houston, TX 77017

Listing Price: $6,225,000

Cap Rate
7.36%
Gross SF
36,240
Rentable SF
36,240
Price/Gross SF
$171.77
Lot Size
3.21 acres
Year Built
1975

Investment Overview

Marcus & Millichap is pleased to exclusively list for sale College Avenue Retail Center, located at 9247 Gulf Freeway in Houston, Texas. The 36,240 square foot retail property is situated on approximately 3.21 acres off I-45, at the northeast corner of Gulf Freeway and College Avenue.

At the property’s current Net Operating Income, an investor will yield a 7.36 percent CAP Rate, which accounts for the property’s current 76 percent occupancy. Should an investor increase the occupancy to 95 percent, the CAP Rate will increase to 9.79 percent.

Tenants are on triple-net leases, protecting an investor from possible increases in future expenses. 26 percent of the property currently has below-market rents, under $15 per square foot. Rental rates at the property range from $11.11 per square foot to $22.24 per square foot, which is indicative of additional upside by increasing below-market rents.

College Avenue Retail Center is located near Pasadena, five minutes from William P. Hobby Airport, which accommodates 6.4 million passengers a year. Pasadena’s key economic sectors include exploration for petroleum and gas, petroleum refining, petrochemical processing, and maritime shipping. The nearby Bayport Industrial District, one of the nation’s largest chemical processing complexes, is vital to employment in Pasadena. Additionally, the economy is closely linked to the nearby Houston Ship Channel.

Investment Highlights

  • Opportunity to Add Value by Leasing Vacancies Comprising of 24 Percent of the Property
  • Opportunity to Add Value by Raising Below-Market Rental Rates
  • Highway Frontage on Interstate 45 (186,369 Vehicles Per Day at Intersection)
  • Leases Currently Structured as Triple-Net
  • Staggered Lease Terms
  • Multiple Access Points
  • 5 Minutes from William P. Hobby Airport

Exclusively Listed By

Financing By

Shopping Strip

College Avenue Retail Center

Listing Price: $6,225,000

Cap Rate
7.36%
Gross SF
36,240
Rentable SF
36,240
Price/Gross SF
$171.77
Lot Size
3.21 acres
Year Built
1975

Investment Highlights

  • Opportunity to Add Value by Leasing Vacancies Comprising of 24 Percent of the Property
  • Opportunity to Add Value by Raising Below-Market Rental Rates
  • Highway Frontage on Interstate 45 (186,369 Vehicles Per Day at Intersection)
  • Leases Currently Structured as Triple-Net
  • Staggered Lease Terms
  • Multiple Access Points
  • 5 Minutes from William P. Hobby Airport

Investment Overview

Marcus & Millichap is pleased to exclusively list for sale College Avenue Retail Center, located at 9247 Gulf Freeway in Houston, Texas. The 36,240 square foot retail property is situated on approximately 3.21 acres off I-45, at the northeast corner of Gulf Freeway and College Avenue. At the property’s current Net Operating Income, an investor will yield a 7.36 percent CAP Rate, which accounts for the property’s current 76 percent occupancy. Should an investor increase the occupancy to 95 percent, the CAP Rate will increase to 9.79 percent. Tenants are on triple-net leases, protecting an investor from possible increases in future expenses. 26 percent of the property currently has below-market rents, under $15 per square foot. Rental rates at the property range from $11.11 per square foot to $22.24 per square foot, which is indicative of additional upside by increasing below-market rents. College Avenue Retail Center is located near Pasadena, five minutes from William P. Hobby Airport, which accommodates 6.4 million passengers a year. Pasadena’s key economic sectors include exploration for petroleum and gas, petroleum refining, petrochemical processing, and maritime shipping. The nearby Bayport Industrial District, one of the nation’s largest chemical processing complexes, is vital to employment in Pasadena. Additionally, the economy is closely linked to the nearby Houston Ship Channel.

Exclusively Listed By

Financing By

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