Marcus & Millichap is pleased to present the opportunity to acquire a 40,525-square-foot, multi-tenant, neighborhood retail center in Houston, Texas. Northeast Square is currently 76 percent occupied, providing 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 Cutz Outlet Deals, D’Elegance Reception Hall, Goody’s, Toxik Daiquiri, Phantastic Family Dental Care, Fred Loya Insurance Agency, Vietnamese Noodle House, VD Nails, Double T’s Donuts, ASE Communications, Dan’s Seafood & Wings, Tiendo Rio Lempa, Bella Brows, and a Bank of America ATM. The center was constructed in 1984 and is situated on 3.45 acres with ample paved parking. A large double-sided monument sign provides additional exposure to the center.
Northeast Square is located at the signalized, hard corner intersection of Uvalde Road and Wallisville Road. Cumulative traffic counts in front of the property exceed 47,261 vehicles per day. The subject property is near many national and regional retailers including Buddy’s Home Furnishings, Dollar General, EZ Pawn, Ace Cash Express, Boost Mobile, Subway, Pizza Hut, Jefferson Dental Clinic, O’Reilly Auto Parts, Jackson Hewitt, Family Dollar, Popeyes Louisiana Kitchen, Take 5 Oil Change, Raising Cane’s Chicken Fingers, Taco Bell, Whataburger, Walmart, CVS, Five Below, Ross Dress for Less, PetSmart, Big Lots, Buffalo Wild Wings, and many more. The surrounding area is densely populated with 118,885 residents within three-miles and 188,105 residents within five miles of the property.
- 40,525-Square-Foot, Multi-Tenant, Neighborhood Retail Center
- 76% Occupied | Triple-Net Leases | Upside Potential in Leasing Vacancies | Pro Forma Cap Rate is 9.91%
- Current Average Rents are Below Market
- Tenant Base is a Complementary Mix of Internet-Resistant, Service-Oriented Businesses
- Priced at $150 Per Square Foot | Well Below Replacement Cost
- Located at the Signalized, Hard Corner of Uvalde Road and Wallisville Road | Cumulative Traffic Counts Exceed 47,261 Vehicles per Day
- Property is Easily Accessible from Multiple Ingress and Egress Points and Features a Large Double-Sided Monument Sign | Consists of Three Multi-Tenant Buildings Situated on a Total of 3.45 Acres
- Adjacent Pad Sites are Not a Part of the Offering But Pay Towards Center Common Area Maintenance, Including Family Thrift Store, Hartz Chicken Buffet, Jack in the Box, and a Former Fallas Paredes Building (Currently Being Subdivided and Partially Leased to a New Dollar Tree Store)
- Well Positioned to Serve an Extremely Dense Residential Population of More Than 188,105 People Within a Five-Mile Radius | Average Household Income is $66,366
- 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