Closed $2,200,000 Asking Price - All Retail Properties, Multi-Tenant
The Salons at Rock Creek is a multi-tenant office building that solely houses independent beauticians. It is located in the growing area of Cypress, Texas between Highway 290 and Highway 249, just south of the Grand Parkway (Highway 99). It is a 9,412 square foot one story office building, built in late 2012. The building has 42 suites with equipment necessary for a beautician or esthetician to operate a successful beauty salon business. The property includes a common area lobby, hallways, restrooms, kitchen and office for management. This is a unique investment with independent contractors running the beauty salons and all operating under one roof but in 42 different suites.
The neighborhood is centrally located east of Highway 290, north of 1960, west of FM 249 and south of Highway 99 (the Grand Parkway). This area has seen a tremendous amount of growth on the Grand Parkway development, which is Houston’s outer most loop around the city. The immediate neighborhoods that are fast growing are Bridgelands, Cypress Creek Lakes, Coles Crossing and Blackhorse, which also offers a golf course and country club. The household demographics are excellent with an average household income of over $153,000 and a population within five miles of over 173,000. The new developments of Rock Creek feature homes priced between $500,000 to $2,000,000, and a new H-E-B opened in the area in October 2014. This area of Telge and Spring Cypress is a major thoroughfare from Highway 249 to Highway 290 with Spring Cypress newly expanded into a four-lane roadway.
- CAP Rate: 12.57%