Closed $2,450,000 Asking Price - Multi-Tenant
Woods Retail Plaza is a 27,750 square foot multi-tenant shopping center located between Stuebner Airline Road/Veterans Memorial and Champions Forest Drive at 4620 Cypress Creek Parkway (FM 1960 West) in the north quadrant of Houston, Texas. Developed in 1975 and renovated multiple times, the center has ingress and egress directly from FM 1960 West which is one of the most traveled thoroughfares in the Houston M.S.A.
The property is across from the 285,727 square foot North Oaks Shopping Center developed by Weingarten Realty (WRI-NYSE) which includes such tenants as Half Price Books, North Oaks Cinema 6, Ross Dress for Less, T.J. Maxx, Sally Beauty Supply, Dollar Tree, Hobby Lobby, Big Lots, Staples, GameStop, Cricket Wireless, Payless Shoes, Starbucks, CiCi’s Pizza, Willies G’s, Baskin Robbins to list a few. Other area retailers include Sun & Ski Sports, Barnes & Noble, The Container Store, Jason’s Deli, HomeGoods Store, Randall’s and HEB Grocery.
Woods Retail Plaza is L-shaped and facing east on the north side of FM 1960. It conforms well to its lot and is a mirror image of a sister center that it faces and has reciprocal access and parking easements with it. The center also has a large pylon sign on FM 1960, which provides excellent tenant identification for the property. It has fourteen spaces, two of which are vacant, and it is 86.31 percent occupied.
The property is a proven location for FedEx, a tenant since 1995, who just renewed their lease for five years and made improvements to their 6,000 square foot space. There is a complimentary mix of both local/regional tenants all on NNN leases that pass through management fees. The vacancies consist of a 2,800 square foot space which is second generation and a 1,000 square foot space that is partially built out.
The property has traffic counts of over 60,000 cars per day on FM 1960. The demographics surrounding the property are also impressive. In a one mile radius, there is a population of 15,450 people and in a three mile radius, there is a population of 107,988 people. Average households incomes are $79,492 and $92,928 respectively. The property is being offered at $2,450,000 which represents an 8.0 percent CAP rate based on actuals at 86 percent occupancy. There is the potential to realize a pro forma 9.2 percent CAP rate based on leasing up the vacant spaces to 95 percent.
- CAP Rate: 8.00%