The Shops at East Park

Price: $5,565,000
Sq. Ft.: 19,338
Cap Rate: 6.75/7.38%
Built: 2014
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The Shops at East Park consists of two multi-tenant buildings totaling 19,338-square feet, situated on a 2.35-acre lot in the desirable Austin suburb of Cedar Park, Texas. The buildings are newer 2014 construction with attractive architectural details, and the property has a spacious concrete parking lot. The center is currently 94 percent occupied with triple-net leases, providing some upside potential in leasing the vacant suite. Additionally, 70 percent of the gross leasable area has rent escalations remaining during the primary term. Tenants are a complementary mix of restaurants and services, including Blooming Dental, Master Yang’s Karate Studio, Vista Donuts, Local Slice Pizza, Tropical Snow, Scoop & Score Ice Cream Shop, Omnibarre, Block Cycle, Sassy Nails, and Mindworx.

The subject property is located on the signalized, hard corner of North Vista Ridge Boulevard and East Park Street. Cumulative traffic counts are approximately 14,500 vehicles per day. Located in a dense residential neighborhood, the population exceeds 63,340 residents within a three-mile radius and 211,900 residents within a five-mile radius. The Shops at East Park benefits from close proximity to several school campuses: Vista Ridge High School, Henry Middle School, and Reagan Elementary School. National and regional retailers in the nearby area include H-E-B Grocery, The Home Dept, Walmart, Starbucks, Bank of America, Whataburger, Ross Dress for Less, Academy Sports and Outdoors, Hobby Lobby, Mardel, Rosa’s Café, Verizon, Target, Dollar Tre, Cinemark, Natural Grocers, PetSmart, and many others.

Cedar Park is situated on the northern border of Austin, just 17 miles from downtown. With a city population of about 76,800 residents, Cedar Park has twice been ranked Fourth Fastest-Growing City in the Country in recent years. Cedar Park boasts an energetic and diverse mix of businesses in the software, biotech, advanced manufacturing and oil exploration industries.

  • 19,338-Square Foot, Multi-Tenant Neighborhood Retail Center
  • 94% Occupied | All Current Leases are Triple-Net
  • Upside Potential in Leasing the Vacant Suite
  • Current Rents are Below Market
  • 70% of the Gross Leasable Area has Rent Bumps Remaining During the Primary Term
  • Complementary Mix of Internet-Resistant Tenants
  • Newer 2014 Construction | Consists of Two Multi-Tenant Buildings
  • Situated on a 2.35-Acre Lot
  • Concrete Parking Lot
  • Signalized, Hard Corner Location | Cumulative Traffic Counts are Approximately 14,400 Vehicles per Day
  • Across from Vista Ridge High School, Henry Middle School, and Reagan Elementary School
  • Highly Affluent Surrounding Area | Average Household Income is $127,227 within One Mile | $120,740 within Three Miles | $115,962 within Five Miles
  • The Population Exceeds 211,900 Residents within Five Miles of the Property
  • Cedar Park is a Rapidly Growing Austin Suburb | Located 17 Miles from Downtown Austin