Beach Street Market

Price: $10,400,000
Sq. Ft.: 59,950
Cap Rate: 7.64%
Built: 2005
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Marcus & Millichap is pleased to offer the opportunity to acquire a stabilized 59,950-square foot multi-tenant neighborhood retail center in Fort Worth, Texas. The center is currently 97 percent occupied with a complementary mix of tenants, including Fitness 200, Our Café Restaurant, Level 1 Scrubs, Family Video, Samantha Kay’s Salon, Group FX, Eskimo Hut, State Farm Insurance, Taste of Asia, T-Mobile, and Orbit Dental. Ninety-five percent of the gross leasable area has triple-net leases. The property offers upside potential in leasing the vacant space and converting the one gross lease to triple-net. Additional income is provided by a ground lease with American National Tower. Situated on a large 7.02-acre lot, the property consists of three buildings originally constructed in 2005. Recent improvements include a new roof.  An attractive assumable loan with a 3.75 percent interest rate is currently in place, or the property may be purchased free and clear.

The subject property is located on the signalized hard corner of North Beach Street and Basswood Boulevard, with multiple ingress and egress points. Traffic counts are approximately 26,050 vehicles per day on North Beach Street and 19,950 vehicles per day on Basswood Boulevard. The property is located in the Summerfields neighborhood of North Fort Worth, a high growth trade area. The densely populated area has more than 124,000 residents within three miles and 258,000 within five miles. The average household income exceeds $82,000 annually. Neighboring retailers include BBVA Compass, 7-Eleven, O’Reilly Auto Parts, Avis Car Rental, Great Clips, Planet Tan, iKids Pediatric Dentistry & Orthodontics, MetroPCS, Domino’s Pizza, and Chase Bank. Gateway Church is directly across North Beach Street and has a weekly attendance of 6,500.

SALE HIGHLIGHTS

  • Stabilized Multi-Tenant Neighborhood Retail Center in High Growth Area of North Fort Worth
  • 97 Percent Occupied with a Complementary Mix of Tenants
  • 95 Percent of the Gross Leasable Area has Triple-Net Leases
  • Current Rents are Well Below Market
  • Property Consists of Three Buildings Situated on a Large Seven-Acre Lot
  • Building has a New Roof
  • Signalized, Hard Corner Location at North Beach Street and Basswood Boulevard with Multiple Ingress and Egress Points
  • Cumulative Traffic Counts are Approximately 46,000 Vehicles per Day
  • Surrounding Area is Densely Populated | Three-Mile Populations Exceeds 124,000 Residents | Five-Mile Population Exceeds 258,000
  • The Average Household Income is Approximately $82,000 from One to Five Miles of the Property
  • Gateway Church is Across the Street and has a Weekly Attendance of 6,500 People
  • Can be Purchased Free and Clear, or Attractive Assumable Loan in Place | Interest Rate is 3.75%