$ 3,600,000
Under Contract
Cap Rate: 8.13%
Size: 26,500 SF
Lot Size: 2.63 Acres
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Marcus & Millichap is pleased to offer Mars Plaza (“Property”) in Beaumont, Texas for your consideration. The property consists of two buildings totaling 26,500 SF that sit on just over two and a half acres of land. The Property was built by the current owner in 2013 and offers 240 feet of frontage on College Street. All are tenants on gross leases, providing the opportunity for future upside by way of transitioning to a NNN lease structure. A future owner can increase yield by leasing current vacancy totaling 4,600 square feet.
Situated in the heart of Beaumont, Mars Shopping Plaza is positioned one mile east of the College Street and I-10 interchange with close proximity to major regional, national and international retailers. This dense retail corridor is the main thoroughfare that connects I-10 to Downtown Beaumont and provides access to a bustling daytime population of over 100,000 within a 3-mile radius. Mars Plaza features affordable rent, roughly averaging only $16 gross per square feet per year. The property also benefits from its convenient location one block from Baptist Hospitals of Southeast Texas and Memorial Hermann Baptist. Beaumont and the surrounding areas are at the center of a 54 billion dollar petroleum expansion, which is going to create thousands of new jobs.
Investment Highlights
- 26,500 Square Foot Shopping Center | 2.63 Acres of Land
- Upside by Leasing Vacancy & Converting Gross Leases to NNN
- Centrally Located Less Than 2 Miles From Downtown and 1 Mile From I-10
- 5-Mile Daytime Population of 148,000+
