Cap Rate: 6.11%
Size: 18,947 SF
Lot Size: 1.52 Acres
Marcus & Millichap is pleased to offer Grove Heights (“Property”) for your consideration. Consisting of an 18,947 square foot shopping center on a 1.52 acre parcel, Grove Heights is 94% occupied by an appealing mix of service-oriented tenants. Tenants include Sola Salon Studios, Domino’s Pizza, I Love Kickboxing, and the renowned Kojak’s Fine Foods. All of the leases are NNN and provide for reimbursement of a management fee.
Grove Heights is well located in Houston’s Inner Loop and fronts on West 18th Street near the sought-after Heights and Oak Forest / Garden Oaks neighborhoods. As a result, demographics are outstanding with average household income exceeding $110,000 in a one-mile radius. An extensive renovation of the Property was completed in 2018 which, coupled with the Property’s below market rent of $22.54 per square foot, should provide downside protection and the opportunity for future upside.
- 18,947 Square Foot Shopping Center | 1.52 Acre Parcel
- 94% Occupancy | NNN Leases | Recent Renovation
- Excellent Central Location in Houston’s Inner Loop
- Frontage on West 18th Street near the Heights and Oak Forest / Garden Oaks
- Outstanding Demographics | AHI Exceeds $110,000 in a 1-Mile Radius
- Below Market Rent Averaging $22.54 Per Square Foot | Value Add Opportunity