Skip to main content

Shopping Strip

AW Plaza

13660 Westheimer Rd, Houston, TX 77077

Listing Price: $2,340,000

Cap Rate
7.00%
Gross SF
15,750
Rentable SF
15,750
Price/Gross SF
$148.57
Lot Size
1.08 acres
Year Built
1980

Investment Overview

Marcus & Millichap is pleased to exclusively list for sale AW Plaza, located at 13660 Westheimer Road in Houston, Texas. This retail center is 15,750 square feet situated on 1.08-acre plot of land, located on the major thoroughfare of Westheimer Road between Highway 6 and Eldridge Parkway. AW Plaza provides investors with a strong value-add opportunity by leasing the current vacancies, comprising of 18.3 percent of the shopping center. An investor may also add value during the duration of ownership by increasing the end-cap rental rate from $7.52 per square foot + CAM’s to $14 per square foot + NNN. Currently, the center achieves an average of $11.73 per square foot in base rents, compared to the current market rate at nearby retail centers of $18 per square foot. AW Plaza provides an investor with a Day One 7 percent CAP rate, and a 13.51 percent total return after debt service and principal reduction. AW Plaza provides an investor with a rare opportunity to increase the CAP rate to 9.21 percent and the total return to 21.13 percent after increasing below-market rents and filling current vacancies. AW Plaza is immediately west of a main entryway to the Lakes of Parkway, a gated custom homes community featuring an average household income of $127,543. The property is located one quarter of a mile from the Market Square at Eldridge shopping center, which features national retail tenants such as Target, Dollar Tree, TJ Maxx, PetSmart, Starbucks, and many more, exposing the property to heavy traffic of retail shoppers.

Investment Highlights

  • Significant Upside by Filling Vacancies and Raising Below-Market Rents
  • Frontage on Westheimer Road (53,772 Vehicles Per Day)
  • Close Proximity to Retailers Including: Target, Dollar Tree, T J Maxx, PetSmart, and Starbucks
  • Immediately West of Lakes at Parkway a Custom Homes Gated Community with Average $127,543 Household Income
  • $148 Per Square Foot to Building (Priced Below Replacement Cost)
  • $49.74 Per Square Foot to Land
  • Situated on the Corner of Westheimer Road and Panagard Drive (Multiple Access Points)

Exclusively Listed By

Financing By

Listing Price: $2,340,000

Cap Rate
7.00%
Gross SF
15,750
Rentable SF
15,750
Price/Gross SF
$148.57
Lot Size
1.08 acres
Year Built
1980

Investment Highlights

  • Significant Upside by Filling Vacancies and Raising Below-Market Rents
  • Frontage on Westheimer Road (53,772 Vehicles Per Day)
  • Close Proximity to Retailers Including: Target, Dollar Tree, T J Maxx, PetSmart, and Starbucks
  • Immediately West of Lakes at Parkway a Custom Homes Gated Community with Average $127,543 Household Income
  • $148 Per Square Foot to Building (Priced Below Replacement Cost)
  • $49.74 Per Square Foot to Land
  • Situated on the Corner of Westheimer Road and Panagard Drive (Multiple Access Points)

Investment Overview

Marcus & Millichap is pleased to exclusively list for sale AW Plaza, located at 13660 Westheimer Road in Houston, Texas. This retail center is 15,750 square feet situated on 1.08-acre plot of land, located on the major thoroughfare of Westheimer Road between Highway 6 and Eldridge Parkway. AW Plaza provides investors with a strong value-add opportunity by leasing the current vacancies, comprising of 18.3 percent of the shopping center. An investor may also add value during the duration of ownership by increasing the end-cap rental rate from $7.52 per square foot + CAM’s to $14 per square foot + NNN. Currently, the center achieves an average of $11.73 per square foot in base rents, compared to the current market rate at nearby retail centers of $18 per square foot. AW Plaza provides an investor with a Day One 7 percent CAP rate, and a 13.51 percent total return after debt service and principal reduction. AW Plaza provides an investor with a rare opportunity to increase the CAP rate to 9.21 percent and the total return to 21.13 percent after increasing below-market rents and filling current vacancies. AW Plaza is immediately west of a main entryway to the Lakes of Parkway, a gated custom homes community featuring an average household income of $127,543. The property is located one quarter of a mile from the Market Square at Eldridge shopping center, which features national retail tenants such as Target, Dollar Tree, TJ Maxx, PetSmart, Starbucks, and many more, exposing the property to heavy traffic of retail shoppers.

Exclusively Listed By

Financing By

MM Texture Background
MM Textured Background Lower