Closed $2,840,000 Asking Price - Featured, Multi-Tenant
Ponderosa Shopping Center is a 50,937 square foot multi-tenant retail property located one mile north of major
thoroughfare Cypress Creek Parkway (F.M. 1960) on Kuykendahl Road in North Harris County, Houston, Texas.
The “1960 area” in North Houston is known for its upscale white collar population and executive housing
neighborhoods. There are a significant number of retail shopping centers concentrated on F.M. 1960 and Kuykendahl
that serve the affluent market. Though many subdivisions in the trade area are mature, there continues to be housing
growth to the north of the property and infill development as well.
The property was built in 1983 on commercial reserves of the Ponderosa Forest Subdivision. The center runs parallel to
Kuykendahl Road and conforms well to its lot. Its renovated facade features uniform signage and an attractive updated
look. The center has recently been re-roofed and re-painted. The property has excellent signage as well as very good
access. The property has several points of ingress and egress: two from Saddlecreek Drive, two from Kuykendahl Road
and two from Colwell Road. Multiple pylon signs enhance tenant identification.
At an offering of $2,840,000, Ponderosa Shopping Center yields a CAP rate of 7.00 percent on actual in-place income.
A pro forma developed with a lease up at market rates with 80 percent occupancy produces a 11.25 percent CAP rate.
The price per square foot of $55.76 is well below that of comparable properties highlighted in this offering
memorandum. This is exciting opportunity to an investor as Ponderosa Shopping Center is in a growing retail market
and has tremendous lease-up potential.
- CAP Rate: 7.00%
- Pro Forma CAP Rate: 11.25%