Shopping Strip
Steeplechase Plaza
11307 Farm to Market 1960 Rd W, Houston, TX 77065
Listing Price: $3,995,000
Investment Overview
Marcus & Millichap is pleased to exclusively offer for sale Steeplechase Plaza, a 40,678-square-foot shopping center situated on 5.49 acres.
Steeplechase Plaza presents an excellent opportunity for an owner-user to purchase the property and occupy some or all of the vacant units. The property is 58 percent occupied, with 17,074 square feet vacant, of which, 12,590 square feet may be delivered contiguous.
Most vacancies are built out for second-generation office/medical office, and retail. The subject property is being offered for sale for only ninety-eight dollars per square foot to the building and only $16.70 per square foot to the land.
Steeplechase Plaza
Investment Highlights
- Excellent for Owner-User: 17,074 square feet of the property are vacant plus 1,330 square feet may be re-captured from a month-to-month tenant to accommodate a user's space needs.
- Significantly Below-Replacement Cost: Property priced at only $98 per square foot to the building and $16.70 per square foot to the land.
- Upside Through Leasing: Current ownership has been hands-off with leasing. A Buyer may increase the Net Operating Income and property value by leasing vacant units that are not going to be occupied by
- Upside Through Increasing Below-Market Rents: Blue Harbor Seafood & Mariscos is obligated to pay $13.00/SF ($42,696) per year. Tenant has paid an average of $29,000 per year. Buyer may evict tenant and replace end-cap second-generation restaurant with a tenant that pays its market rent of $16-19/SF. Market rents for other vacant units at the property range from $13-16/SF.
- Developable Pad Site Included in Offering: The Property includes an approximately half-acre pad site that is currently undeveloped. A Buyer may develop, ground lease, or sell this pad site for further value creation.
- Highly-Populated Submarket: Population of approximately 120,000 people and an average household income of $89,816 within a three-mile radius.
Exclusively Listed By
Financing By
Listing Price: $3,995,000
Investment Highlights
- Excellent for Owner-User: 17,074 square feet of the property are vacant plus 1,330 square feet may be re-captured from a month-to-month tenant to accommodate a user's space needs.
- Significantly Below-Replacement Cost: Property priced at only $98 per square foot to the building and $16.70 per square foot to the land.
- Upside Through Leasing: Current ownership has been hands-off with leasing. A Buyer may increase the Net Operating Income and property value by leasing vacant units that are not going to be occupied by
- Upside Through Increasing Below-Market Rents: Blue Harbor Seafood & Mariscos is obligated to pay $13.00/SF ($42,696) per year. Tenant has paid an average of $29,000 per year. Buyer may evict tenant and replace end-cap second-generation restaurant with a tenant that pays its market rent of $16-19/SF. Market rents for other vacant units at the property range from $13-16/SF.
- Developable Pad Site Included in Offering: The Property includes an approximately half-acre pad site that is currently undeveloped. A Buyer may develop, ground lease, or sell this pad site for further value creation.
- Highly-Populated Submarket: Population of approximately 120,000 people and an average household income of $89,816 within a three-mile radius.
Investment Overview
Marcus & Millichap is pleased to exclusively offer for sale Steeplechase Plaza, a 40,678-square-foot shopping center situated on 5.49 acres. Steeplechase Plaza presents an excellent opportunity for an owner-user to purchase the property and occupy some or all of the vacant units. The property is 58 percent occupied, with 17,074 square feet vacant, of which, 12,590 square feet may be delivered contiguous. Most vacancies are built out for second-generation office/medical office, and retail. The subject property is being offered for sale for only ninety-eight dollars per square foot to the building and only $16.70 per square foot to the land.
Exclusively Listed By
Financing By
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