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Coronado Plaza

2602 S Gregg St, Big Spring, TX 79720

Listing Price: $3,719,000

Cap Rate
7.05%
Gross SF
25,872
Rentable SF
25,872
Price/Gross SF
$143.75
Lot Size
2.76 acres
Year Built
1980

Investment Overview

Coronado Plaza is a 25,872-square foot, multi-tenant retail center located directly across the road from Walmart Supercenter in Big Spring, Texas. The building is currently 86 percent occupied, providing upside potential to an investor by leasing the vacant space. The tenant base is a complementary mix of national and regional retailers, including Boot Barn, Hibbett Sports, Dickey’s Barbecue Pit, and Anytime Fitness. All leases are triple-net and include options for renewal at higher rental rates. The building was originally constructed in 1980 and is situated on a 2.76-acre parcel. The Landlord reports recent property improvements of approximately $100,000 spent replacing the parking lot at the end of 2020 and a new roof installed in 2017, which includes a 15-year no-dollar limit (NDL) warranty. Coronado Plaza is located on U.S. Highway 87 (Gregg Street) just south of the signalized intersection with West Marcy Drive. The property is easily accessible from ingress and egress points from both roads. Traffic counts are approximately 35,500 vehicles per day. Walmart Supercenter is the primary traffic driver to the area, with numerous other national and regional tenants in the surrounding area including McDonald's, Days Inn & Suites by Wyndham, Pizza Hut, Verizon, The Cash Store, Dollar Tree, Sonic Drive-In, Taco Bell, Wendy's, Domino's Pizza, O'Reilly Auto Parts, and H-E-B grocery store. VA Medical Center Big Spring is situated in the northwestern quadrant of U.S. Highway 87 and West Marcy Drive, providing outpatient healthcare to veterans in the surrounding communities.

Investment Highlights

  • 25,872-Square Foot, Multi-Tenant Retail Center
  • Shadow-Anchored by Walmart Supercenter
  • Strong Tenant Base Comprised of National and Regional Retailers | Hibbett Sports Recently Exercised a Five-Year Renewal Option
  • Value-Add Opportunity | Currently 86% Occupied | Pro Forma Cap Rate is 8.86%

Exclusively Listed By

Listing Price: $3,719,000

Cap Rate
7.05%
Gross SF
25,872
Rentable SF
25,872
Price/Gross SF
$143.75
Lot Size
2.76 acres
Year Built
1980

Investment Highlights

  • 25,872-Square Foot, Multi-Tenant Retail Center
  • Shadow-Anchored by Walmart Supercenter
  • Strong Tenant Base Comprised of National and Regional Retailers | Hibbett Sports Recently Exercised a Five-Year Renewal Option
  • Value-Add Opportunity | Currently 86% Occupied | Pro Forma Cap Rate is 8.86%

Investment Overview

Coronado Plaza is a 25,872-square foot, multi-tenant retail center located directly across the road from Walmart Supercenter in Big Spring, Texas. The building is currently 86 percent occupied, providing upside potential to an investor by leasing the vacant space. The tenant base is a complementary mix of national and regional retailers, including Boot Barn, Hibbett Sports, Dickey’s Barbecue Pit, and Anytime Fitness. All leases are triple-net and include options for renewal at higher rental rates. The building was originally constructed in 1980 and is situated on a 2.76-acre parcel. The Landlord reports recent property improvements of approximately $100,000 spent replacing the parking lot at the end of 2020 and a new roof installed in 2017, which includes a 15-year no-dollar limit (NDL) warranty. Coronado Plaza is located on U.S. Highway 87 (Gregg Street) just south of the signalized intersection with West Marcy Drive. The property is easily accessible from ingress and egress points from both roads. Traffic counts are approximately 35,500 vehicles per day. Walmart Supercenter is the primary traffic driver to the area, with numerous other national and regional tenants in the surrounding area including McDonald's, Days Inn & Suites by Wyndham, Pizza Hut, Verizon, The Cash Store, Dollar Tree, Sonic Drive-In, Taco Bell, Wendy's, Domino's Pizza, O'Reilly Auto Parts, and H-E-B grocery store. VA Medical Center Big Spring is situated in the northwestern quadrant of U.S. Highway 87 and West Marcy Drive, providing outpatient healthcare to veterans in the surrounding communities.

Exclusively Listed By

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