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Shopping Strip

Park Plaza Shopping Center

1900 N 9th St, Wichita Falls, TX 76301

Listing Price: $568,775

Gross SF
15,940
Rentable SF
15,940
Price/Gross SF
$35.68
Lot Size
0.52 acres
Year Built
1951

Investment Overview

Marcus & Millichap is pleased to present for sale, the Park Plaza Shopping Center, located at 1900 9th Street in Wichita Falls, Wichita County, Texas. The offering consists of 6-unit, 15,940 SF shopping center that is currently 53% occupied and situated on 0.52 acres with frontage along Denver Street and 9th Street. The subject property is located along a main retail corridor with a wide variety of local and national tenants to drive traffic to the location. Eclipse A Cut Above the rest (barber shop), PPG Paint Store, Shamrock Jewelry and Loan, Arby’s, Chicken Box (QSR), El Molcajete (QSR), Bamboo Asian Market (grocery store), and Wichita Falls Federal Credit Union are all located in immediate proximity to the location. Most significantly, the property is located within walking distance of the Red River Hospital, KPC Promise Hospital of Wichita Falls, and the United Regional Health Care System of Wichita Falls. The subject property was delivered in 1951 and was substantially renovated in 2007 with the installation of a new roof. The subject property underwent subsequent renovations in 2019 and 2021. One of the six HVAC units was replaced in 2019 and all other units remain in good working condition. The water heating system and drainage system were replaced in 2021, at which point renovations were made to the roof. There is a 5-year warranty remaining on the roof. All suites within the subject property are currently occupied with the exception of a (7,500 SF) space that was leased to Dollar General until April of 2021. Other tenants within the building include Unlimited Taxes (1,750 SF), Us Drug Mart (3,571 SF), and Journey of Faith (3,119 SF). All leases are full-service gross. The subject property is currently zoned General Commercial (GC) which provides a wide variety of commercial uses, thus providing substantial upside for the value-added investor seeking to add value by increasing the occupancy through lease-up. The offering also provides an attractive option for the end-user seeking a new operating location and for the opportunistic investor seeking to reposition the property in the future.

Investment Highlights

  • General Commercial (GC) zoning provides wide range of tenant uses
  • In-place income to assist end-user in covering expenses related to buildout
  • Ingress/Egress along 9th Street, convenience-oriented retail corridor
  • Within walking distance of several hospitals and health care facilities

Exclusively Listed By

Broker of Record

  • Tim Speck

    Senior Vice President / Division Manager

    (972) 755-5200

    License(s) TX: 9002994

    Texas

Shopping Strip

Park Plaza Shopping Center

Listing Price: $568,775

Gross SF
15,940
Rentable SF
15,940
Price/Gross SF
$35.68
Lot Size
0.52 acres
Year Built
1951

Investment Highlights

  • General Commercial (GC) zoning provides wide range of tenant uses
  • In-place income to assist end-user in covering expenses related to buildout
  • Ingress/Egress along 9th Street, convenience-oriented retail corridor
  • Within walking distance of several hospitals and health care facilities

Investment Overview

Marcus & Millichap is pleased to present for sale, the Park Plaza Shopping Center, located at 1900 9th Street in Wichita Falls, Wichita County, Texas. The offering consists of 6-unit, 15,940 SF shopping center that is currently 53% occupied and situated on 0.52 acres with frontage along Denver Street and 9th Street. The subject property is located along a main retail corridor with a wide variety of local and national tenants to drive traffic to the location. Eclipse A Cut Above the rest (barber shop), PPG Paint Store, Shamrock Jewelry and Loan, Arby’s, Chicken Box (QSR), El Molcajete (QSR), Bamboo Asian Market (grocery store), and Wichita Falls Federal Credit Union are all located in immediate proximity to the location. Most significantly, the property is located within walking distance of the Red River Hospital, KPC Promise Hospital of Wichita Falls, and the United Regional Health Care System of Wichita Falls. The subject property was delivered in 1951 and was substantially renovated in 2007 with the installation of a new roof. The subject property underwent subsequent renovations in 2019 and 2021. One of the six HVAC units was replaced in 2019 and all other units remain in good working condition. The water heating system and drainage system were replaced in 2021, at which point renovations were made to the roof. There is a 5-year warranty remaining on the roof. All suites within the subject property are currently occupied with the exception of a (7,500 SF) space that was leased to Dollar General until April of 2021. Other tenants within the building include Unlimited Taxes (1,750 SF), Us Drug Mart (3,571 SF), and Journey of Faith (3,119 SF). All leases are full-service gross. The subject property is currently zoned General Commercial (GC) which provides a wide variety of commercial uses, thus providing substantial upside for the value-added investor seeking to add value by increasing the occupancy through lease-up. The offering also provides an attractive option for the end-user seeking a new operating location and for the opportunistic investor seeking to reposition the property in the future.

Exclusively Listed By

Broker of Record

  • Tim Speck

    Senior Vice President / Division Manager

    (972) 755-5200

    License(s): TX: 9002994

    Texas

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