Closed $1,300,000 Asking Price - All Retail Properties, Multi-Tenant
The Salons of the Northwest is located in the heart of North Houston on Stuebner Airline Road, north of Louetta Road, south of Spring Cypress Road, to the west of Interstate 45 and just south of The Woodlands. The Salons opened in 2004 with 80 percent occupied and has continued this high occupancy trend, now at 90 percent occupied.
The property has a large trade area from Interstate 45 to the east, FM 1960 to the south, FM 249 to the west and The Woodlands to the north. It is located in a suburban residential area of North Houston with homes ranging from $100,000 – $500,000 or more within the neighborhoods of Stone Forest, master-planned community of Windrose, Gleanloch Farms, Lakes of Cypress Forest and Spring Creek Forest to list a few. The above average household income of $123,774 and population of 246,233 speaks to the successful developments taking place in this trade area. The most notable development is the completion of The Grand Parkway (Highway 99) in late 2015, which will grow the trade area further.
The Salons of the Northwest has 36 individual suites, all fully equipped with shampoo bowls, sinks and salon chairs as well as full access to all salon amenities in the lobby and an outside furnished courtyard. The facility is professionally decorated throughout the common area and provides coffee, juices and snacks for customers. The open air courtyard is fully furnished and is located at the rear of the building.
Visit their website at www.salonsofthenorthwest.com
- CAP Rate: 10.67%