Marcus & Millichap presents the opportunity to acquire a single-tenant investment opportunity in Dallas, Texas. The 10,741-square foot building has a brand new five-year, double-net lease with a private company that specializes in animal grooming services, play care, and extended care. The Petropolitan currently has one other location in downtown Dallas. The lease has dual personal guarantees. The tenant has one three-year renewal option with a 17 percent rental increase. Constructed in 1965, the building sits on 0.32 acres.
The subject property is situated on the hard corner of Emmett Street and South Hampton Road. Cumulative traffic counts are approximately 27,000 vehicles per day. The densely populated area surrounding the property has over 295,000 residents living within five miles of the property. Several schools are in the area as well, including Winnetka Elementary School, Leila P. Cowart Elementary School, W.E. Greiner Exploratory Arts Academy, L.V. Stockard Middle School, Lida Hooe Elementary School, and Sunset High School. Neighboring retailers include Tom Thumb grocery store, 7-Eleven, Subway, MetroPCS, Rent-A-Center, Valero, and many locally owned businesses.
The subject property is located in the North Oak Cliff division of Dallas. Originally the center of one of Dallas’ first upscale master-planned communities, the neighborhood fell into economic decline as middle-class residents fled to the suburbs during the last half of the 20th century. Fortunately, reinvestment over the last 20 years has transformed North Oak Cliff into a trendy home base for young “urban pioneers” drawn to life in updated old houses set among the slew of new restaurants, bars, entertainment venues, and shops. Once one of Dallas’ best hidden treats, the Bishop Arts District is a two-block former warehouse area sitting in the Oak Cliff neighborhood of South Dallas. It is home to more than 60 boutiques, restaurants, bars, coffee shops and galleries, making it one of Dallas’ most unique districts.
- 10,741-Square Foot Single-Tenant Building
- New Five-Year, Double-Net Lease
- Lease has Dual Personal Guarantees
- Current Rent is Below Market
- Tenant has One Three-Year Option for Renewal with a 17 Percent Rent Increase
- Tenant has One Additional Location in Downtown Dallas
- Hard Corner Location at South Hampton Road and Emmett Street
- Traffic Counts are Approximately 27,000 Vehicles per Day
- Densely Populated Area with Over 295,000 Residents Within Five Miles
- Located in North Oak Cliff Division of Dallas | Redevelopment Over the Last 20 Years Has Transformed North Oak Cliff into a Trendy Home Base
- Near The Bishop Arts District | Home to More Than 60 Boutiques, Restaurants, Bars, Coffee Shops, and Galleries
- Central Market Has Purchased Property on the Northeast Corner of West Davis Street and North Beckley Avenue in Oak Cliff for Future Development