Main Street Plaza

Price: $5,800,000
Sq. Ft.: 42,915
Cap Rate: 7.78%
Pro Forma Cap Rate: 12.04%
Built: 2005
VIEW PACKAGE

Marcus & Millichap is pleased to present the opportunity to acquire a value-add, multi-tenant retail shopping center located in the Dallas suburb of Red Oak, Texas. The subject property consists of six multi-tenant buildings totaling 42,915 square feet of leasable area. Main Street Plaza is currently 75 percent occupied, and all leases are triple-net. The center has a complementary mix of internet-resistant, service-oriented tenants including, Beyond Nails, Mr. Jim’s Pizza, Oaks Specialty Pharmacy, 342 Bar & Grill, HSG Healthy Hair Studios, Sylvan Leaning Center, Red Oak Donuts, Dance Xpressions, Kids University, Believers City Church, and Gravy Restaurant. Constructed in 2005, the buildings feature metal roofs and decorative metal awnings.  The property is situated on approximately 3.46 acres with ample paved parking, and a doubled-sided monument sign provides additional exposure to the center.

The subject property is situated on the west side of South Central Boulevard and benefits from two signalized intersections at Main Street and Eagle Drive. Main Street Plaza is located directly across from Red Oak High School, providing additional traffic to the area. Red Oak High School is a 5A high school with an enrollment of more than 2,019 students. The center is in close proximity to Texas State Technical College, Red Oak campus. Texas State Technical College is a public community college with ten campuses throughout Texas and a total estimated enrollment of more than 10,107 students. Adjacent to the property is Whataburger, Fuzzy’s Taco Shop, and Chevron gas station. The surrounding area has desirable demographics of 81,427 residents within five miles and a five-mile household income exceeding $94,652.

  • 42,915-Square-Foot, Value-Add, Multi-Tenant Retail Center
  • Upside Potential | 75% Occupied with Triple-Net Leases | Pro Forma Cap Rate is 12.04%
  • Current Average Rents are Significantly Below Market
  • Tenant Base is a Complementary Mix of Internet-Resistant, Service-Oriented Retailers
  • Property Consists of Six Multi-Tenant Buildings with Ample Concrete Parking | Double-Sided Monument Sign at the Property Entrance Enhances Visibility
  • All Buildings Have Metal Roofs
  • Lot Replat is Currently in Process | Final Lot Size is Estimated to be +/- 3.46 Acres
  • Situated on the West Side of South Central Boulevard with Two Signalized Intersections at Main Street and Eagle Drive | Easily Accessible from Multiple Ingress and Egress Points
  • Located Directly Across from Red Oak High School | Enrollment is Approximately 2,019 Students | Several Other School Campuses Including Texas State Technical College are also in Close Proximity, Providing Additional Traffic to the Area
  • Desirable Demographics | Affluent Surrounding Community with an Average Household Income of $94,652 within a Five-Mile Radius | Population Exceeds 81,427 Residents Within Five Miles
  • Google Recently Announced Plans to Begin Construction on a New $600 Million, 285,000-Square-Foot Data Center Located Less Than Three Miles North of the Subject Property
  • The City of Red Oak is Situated 20 Miles South of Downtown Dallas on Interstate 35
  • Priced at $135 per Square Foot | Below Replacement Cost