Marcus & Millichap is pleased to present the opportunity to acquire a 70,275-square-foot, multi-tenant neighborhood retail center in Houston, Texas. Chelsea Square is currently 65 percent occupied, providing significant upside potential in leasing the remaining vacancies. All current leases are triple-net. The tenant base is a complementary mix of internet-resistant, service-oriented businesses including a church, Game Over Videogames, Liz Hair, Massage Tao, Phoenix Rising Vapor, Dog Grooming, Vybe Creative, Astro Insurance Agency, J Tea, La Perla Tapatia Taqueria, La Villa Event Venue, Castle Dental, New Orleans Seafood & Daiquiri, Republic Finance, Lux Lashes Studio, and TLC Hair Salon. The center was constructed in 1984 and is situated on 4.5 acres with ample paved parking. Two large double-sided monument signs provides additional exposure to the center.
Chelsea Square is located at the signalized, hard corner intersection of FM 1960 Road West (Cypress Creek Parkway) and Wunderlich Drive. Cumulative traffic counts in front of the property exceed 49,599 vehicles per day. The subject property is near many national and regional retailers including Dollar Tree, Petco, Goodwill, Office Depot, Cici’s Pizza, T.J. Maxx, Big Lots, Ross Dress for Less, Hobby Lobby, Gordon Food Service Store, GameStop, Planet Fitness, Jersey Mike’s Sub, 99 Cents Only Stores, The Honey Baked Ham Company, McDonald’s, Papa John’s Pizza, Randall’s, Barnes & Noble, Spirit Halloween, Lupe Tortilla, The Container Store, and many more. The surrounding area is densely populated with 110,719 residents within three-miles and 320,072 residents within five miles of the property.
- 70,275-Square-Foot, Multi-Tenant, Neighborhood Retail Center
- 65% Occupied | Triple-Net Leases | Current Average Rents are Well Below Market
- Significant Update Potential in Leasing Vacancies | Pro Forma Cap Rate is 12.61%
- Tenant Base is a Complementary Mix of Internet-Resistant, Service-Oriented Businesses
- Priced at $96 Per Square Foot | Well Below Replacement Cost
- Located at the Signalized, Hard Corner of FM 1960 Road West (Cypress Creek Parkway) and Wunderlich Drive | High Traffic Counts Exceeding 49,599 Vehicles per Day
- Property is Easily Accessible from Multiple Ingress and Egress Points and Features Two Large Double-Sided Monument Signs | Consists of Two Multi-Tenant Buildings Situated on a Total of 4.5 Acres
- Located in a Dense Retail Trade Area Featuring Numerous Traffic Drivers such as Walmart, Lowe’s, ALDI, Target, Big Lots, Marshalls, Academy Sports and Outdoors, Willowbrook Mall, and Many Others
- Well Positioned to Serve a Heavily Populated Residential Community of More Than 320,072 Residents Within a Five-Mile Radius | Average Household Income is $88,699
- Houston is the Most Populous City in Texas and the Fifth Most Populous City in the United States | One of the Largest International Trading Hubs in the Americas
- Environmental Conditions Exist | Request Additional Information from Agent