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Shopping Strip

Heroes Plaza

2421 N County Rd W, Odessa, TX 79763

Listing Price: $5,139,000

Cap Rate
8.75%
Gross SF
65,360
Rentable SF
65,360
Price/Gross SF
$78.63
Lot Size
3.53 acres
Year Built
1969

Investment Overview

Heroes Plaza is a 100 percent occupied, 65,360-square foot, multi-tenant retail center located in a densely populated area of Odessa, Texas. The center is anchored by a 40,000-square foot TruFit Athletic Club. Other tenants consist of M Nutrition, Cricket Wireless, Pho House II, Lafayette Salon, Odessa Mattress, and Odessa Furniture. Additional income is provided by a seasonal snow cone stand. Current leases are a mix of gross and triple-net, providing future upside potential by converting all leases to triple-net. The property is situated on two land parcels totaling 3.53 acres. The smaller parcel located in the back corner of the Richard Milburn Academy building (not a part) serves as a riser room for the school and TruFit. The subject property is located on the hard corner of North County Road West and West 24th Street and is easily accessible from multiple ingress and egress points. The property is in line with Richard Milburn Academy, and surrounding out parcels include an Exxon gas station/One Stop convenience store and two freestanding quick service restaurants. National and regional retailers in the surrounding area include Planet Fitness, Walgreens, McDonald’s, Sonic Drive-In, First Cash Pawn, United Supermarkets, Frost Bank, Dickey’s Barbecue Pit, Jack in the Box, McAlister’s Deli, Firestone, O’Reilly Auto Parts, Rosa’s Café, Dollar General, Burger King, and others. Additionally, several school campuses, including Odessa College, are in close proximity to the property, providing additional traffic to the area.

Investment Highlights

  • 100% Occupied, 65,360-Square Foot, Multi-Tenant Retail Center
  • Anchored by TruFit Athletic Club | 61% of the Gross Leasable Area | Lease has More Than Eight Years Remaining on the Primary Term with Three, Five-Year Options for Renewal
  • Tenant Base has a Mix of Gross and Triple-Net Leases | Potential Upside in Converting All Leases to Triple-Net Leases
  • Hard Corner Location | Easily Accessible from Multiple Ingress and Egress Points | Traffic Counts in Front of the Property Exceed 27,500 Vehicles per Day
  • Strong Demographics | Five-Mile Population Exceeds 119,560 Residents

Exclusively Listed By

Listing Price: $5,139,000

Cap Rate
8.75%
Gross SF
65,360
Rentable SF
65,360
Price/Gross SF
$78.63
Lot Size
3.53 acres
Year Built
1969

Investment Highlights

  • 100% Occupied, 65,360-Square Foot, Multi-Tenant Retail Center
  • Anchored by TruFit Athletic Club | 61% of the Gross Leasable Area | Lease has More Than Eight Years Remaining on the Primary Term with Three, Five-Year Options for Renewal
  • Tenant Base has a Mix of Gross and Triple-Net Leases | Potential Upside in Converting All Leases to Triple-Net Leases
  • Hard Corner Location | Easily Accessible from Multiple Ingress and Egress Points | Traffic Counts in Front of the Property Exceed 27,500 Vehicles per Day
  • Strong Demographics | Five-Mile Population Exceeds 119,560 Residents

Investment Overview

Heroes Plaza is a 100 percent occupied, 65,360-square foot, multi-tenant retail center located in a densely populated area of Odessa, Texas. The center is anchored by a 40,000-square foot TruFit Athletic Club. Other tenants consist of M Nutrition, Cricket Wireless, Pho House II, Lafayette Salon, Odessa Mattress, and Odessa Furniture. Additional income is provided by a seasonal snow cone stand. Current leases are a mix of gross and triple-net, providing future upside potential by converting all leases to triple-net. The property is situated on two land parcels totaling 3.53 acres. The smaller parcel located in the back corner of the Richard Milburn Academy building (not a part) serves as a riser room for the school and TruFit. The subject property is located on the hard corner of North County Road West and West 24th Street and is easily accessible from multiple ingress and egress points. The property is in line with Richard Milburn Academy, and surrounding out parcels include an Exxon gas station/One Stop convenience store and two freestanding quick service restaurants. National and regional retailers in the surrounding area include Planet Fitness, Walgreens, McDonald’s, Sonic Drive-In, First Cash Pawn, United Supermarkets, Frost Bank, Dickey’s Barbecue Pit, Jack in the Box, McAlister’s Deli, Firestone, O’Reilly Auto Parts, Rosa’s Café, Dollar General, Burger King, and others. Additionally, several school campuses, including Odessa College, are in close proximity to the property, providing additional traffic to the area.

Exclusively Listed By

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