Market at Georgetown

Price: $9,750,000
Sq. Ft.: 54,994
Cap Rate: 7.19%
Built: 1996
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Marcus & Millichap is pleased to offer the opportunity to acquire a 54,994-square-foot, multi-tenant retail center located in a high-traffic retail corridor in Georgetown, Texas. Market at Georgetown is currently 100 percent occupied, and all leases are triple-net. The center features a complementary mix of internet-resistant tenants, consisting of House of Gainz Fitness Center, Double Dave’s Pizzaworks, Pok-e-Jo’s Smokehouse, Zodi’x Cigar Lounge, NKB Dance Studio, and The Golf Ranch. All leases include options for renewal with rental increases. The center was constructed in 1996, renovated in 2015, and is situated on a 6.47-acre lot with ample paved parking.

Market at Georgetown is located on the east side of I-35 on North Austin Avenue. One of the most heavily traveled freeways in the region, traffic counts adjacent to the property on I-35 exceed 118,500 vehicles per day. The Texas Department of Transportation is currently in progress on a road construction project that will enhance safety and mobility by reconstructing the I-35 at Williams Drive intersection, building bypass lanes, and constructing frontage road improvements. The I-35 at Williams Drive project includes the construction of a new Williams Drive bridge over I-35 to accommodate a diverging diamond intersection, northbound and southbound intersection bypass lanes under the Williams Drive bridge, extension of the northbound I-35 frontage road, and improvements to the existing southbound I-35 frontage road and the Austin Avenue intersection at Williams Drive. The property is in close proximity to many national and regional retailers including Walmart, The Home Depot, Dollar Tree, Sheraton Austin Georgetown Hotel & Conference Center, H-E-B- Grocery, Tractor Supply Co., Target, Old Navy, Kohl’s, PetSmart, Hobby Lobby, Planet Fitness, Aaron’s, Tuesday Morning, and many more. The surrounding area has desirable demographics with a five-mile population of approximately 84,050 and an average household income exceeding $111,130.

  • 54,994-Square Foot, Multi-Tenant Retail Center Located in One of the Fastest-Growing Cities in the Country
  • 100% Occupied | All Leases are Triple-Net and Include Options for Renewal with Rent Increases
  • Current Average Rents are Below Market
  • Anchored by House of Gainz Fitness Center | Tenant Base is a Complementary Mix of Internet-Resistant Retailers
  • Building was Constructed in 1996 and Renovated in 2015 | Situated on a Large 6.47-Acre Lot with Ample Paved Parking |┬áMultiple Ingress and Egress Points Provide Easy Access to the Property
  • High-Trafficked Freeway Location along I-35 on North Austin Avenue | Traffic counts on I-35 Exceed 118,500 Vehicles per Day and 20,335 Vehicles per Day on Austin Avenue
  • The Texas Department of Transportation’s I-35 at Williams Drive Project is Currently in Progress in Front of the Property | The Project will Enhance Safety and Mobility at the Intersection of I-35 and Williams Drive by Adding Bypass Lanes and Constructing Frontage Road Improvements | Project Completion is Expected in Mid-2023
  • Located in a Dense Retail Corridor with Numerous National Retailers Nearby
  • Highly Affluent Area | Average Household Income is Approximately $111,130 Within a Five-Mile Radius
  • In Close Proximity to Southwestern University, the Oldest University in the State of Texas | Enrollment is Approximately 1,500 Students
  • Austin MSA | 25 Miles North of Downtown Austin
  • Priced at Attractive $177/SF | Less Than the Cost of Replacement