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Shopping Strip

Lake Conroe Center

18024 TX-105, Montgomery, TX 77356

Listing Price: $1,923,000

Cap Rate
7.00%
Gross SF
10,058
Rentable SF
10,058
Price/Gross SF
$191.19
Lot Size
0.93 acres
Year Built
2007

Investment Overview

Marcus & Millichap is pleased to announce Lake Conroe Center for sale in Conroe, TX (Houston MSA). The property consists of a 10,058 square foot strip center situated on 40,510 square feet of land along the heavily trafficked Texas Highway 105. Developed in 2007, this center has excellent ingress and egress for vehicular traffic along Highway 105 West on the North side, less than a mile from the Walmart Supercenter, Walgreens, Chase Bank and other national retailers. Traffic counts are immense at over 30,000 vehicles per day. The average household income in the area boasts growth, surpassing $137,000 in a three-mile radius. Conroe, Texas is one of the fastest growing cities in the U.S. with the population increasing by 13 percent by 2025. Grand Central Park, a 2,000 plus acre master-planned community, is currently selling homes ranging in the mid $200s to $600s near I-45 and Loop 336, formerly the Boy Scouts of Americas Camp Strake. Lake Conroe, a 21,000-acre lake located in Montgomery County, offers many activities for residents and visitors alike. An assortment of golf courses and tennis courts provide amenities for the sports lovers.
The property is near April Sound, a 1,000 plus acre master-planned community. The community of Walden on Lake Conroe is nearby as well sitting on approximately 2,000 acres that consists of over 5,200 dwellings of single-family homes, town houses, patio homes and condominiums. Virtually all home sites are owned by individuals and builders, with approximately 1,200 lots remaining undeveloped. The surge in new home construction over the last few years has created a diverse population. There are two access driveways along Highway 105 which allows easy ingress and egress. The center is 100 percent occupied with staggered lease expirations and a credit tenant mix including Verizon Wireless and EZ Floors. Tenants reimburse for all triple net expenses including management fee. There are two tenants with base rental increases in their primary terms. The tenants comprise a complimentary mix of e-commerce resistant, and destination-oriented, service retail tenants such as Sweet Nails, a Grooming Salon, and small restaurants such as Phot Dat.

An investor can achieve over a 9 percent cash-on-cash return in Year One by capitalizing on the in-place NNN lease structures with ample lease terms. The subject property offers an attractive opportunity for a buyer seeking a stabilized retail center in one of the fastest growing cities in the United States of America. Rental rates are low ranging from $12.00 per square foot to $14.00 per square foot plus NNN, well below projected future average rents which bodes for tremendous future growth. Conroes rapid growth provides investors the opportunity to acquire a property with a very bright future and increased value.

Investment Highlights

  • 9% Cash-on Cash Return in Year 1/Staggered Lease Terms/ 100% Occupied
  • Low Rental Rates Ranging From $12-$14 Per Square Foot
  • Less Than A Mile From Walmart Supercenter And Other National Retailers
  • 137,362 Population In A 3 Mile Radius
  • Excellent Ingress/Egress on High Traffic Hwy 105

Exclusively Listed By

Listing Price: $1,923,000

Cap Rate
7.00%
Gross SF
10,058
Rentable SF
10,058
Price/Gross SF
$191.19
Lot Size
0.93 acres
Year Built
2007

Investment Highlights

  • 9% Cash-on Cash Return in Year 1/Staggered Lease Terms/ 100% Occupied
  • Low Rental Rates Ranging From $12-$14 Per Square Foot
  • Less Than A Mile From Walmart Supercenter And Other National Retailers
  • 137,362 Population In A 3 Mile Radius
  • Excellent Ingress/Egress on High Traffic Hwy 105

Investment Overview

Marcus & Millichap is pleased to announce Lake Conroe Center for sale in Conroe, TX (Houston MSA). The property consists of a 10,058 square foot strip center situated on 40,510 square feet of land along the heavily trafficked Texas Highway 105. Developed in 2007, this center has excellent ingress and egress for vehicular traffic along Highway 105 West on the North side, less than a mile from the Walmart Supercenter, Walgreens, Chase Bank and other national retailers. Traffic counts are immense at over 30,000 vehicles per day. The average household income in the area boasts growth, surpassing $137,000 in a three-mile radius. Conroe, Texas is one of the fastest growing cities in the U.S. with the population increasing by 13 percent by 2025. Grand Central Park, a 2,000 plus acre master-planned community, is currently selling homes ranging in the mid $200s to $600s near I-45 and Loop 336, formerly the Boy Scouts of Americas Camp Strake. Lake Conroe, a 21,000-acre lake located in Montgomery County, offers many activities for residents and visitors alike. An assortment of golf courses and tennis courts provide amenities for the sports lovers.
The property is near April Sound, a 1,000 plus acre master-planned community. The community of Walden on Lake Conroe is nearby as well sitting on approximately 2,000 acres that consists of over 5,200 dwellings of single-family homes, town houses, patio homes and condominiums. Virtually all home sites are owned by individuals and builders, with approximately 1,200 lots remaining undeveloped. The surge in new home construction over the last few years has created a diverse population. There are two access driveways along Highway 105 which allows easy ingress and egress. The center is 100 percent occupied with staggered lease expirations and a credit tenant mix including Verizon Wireless and EZ Floors. Tenants reimburse for all triple net expenses including management fee. There are two tenants with base rental increases in their primary terms. The tenants comprise a complimentary mix of e-commerce resistant, and destination-oriented, service retail tenants such as Sweet Nails, a Grooming Salon, and small restaurants such as Phot Dat.

An investor can achieve over a 9 percent cash-on-cash return in Year One by capitalizing on the in-place NNN lease structures with ample lease terms. The subject property offers an attractive opportunity for a buyer seeking a stabilized retail center in one of the fastest growing cities in the United States of America. Rental rates are low ranging from $12.00 per square foot to $14.00 per square foot plus NNN, well below projected future average rents which bodes for tremendous future growth. Conroes rapid growth provides investors the opportunity to acquire a property with a very bright future and increased value.

Exclusively Listed By

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