Cap Rate: 7.80%
Size: 32,011 SF
Lot Size: 5.83 Acres
Marcus & Millichap is pleased to offer Parkway Plaza (“Property”) in Alvin (Houston MSA), Texas for your consideration. Consisting of a 32,011 square foot shopping center on a large 5.83 acre corner parcel, Parkway Plaza was constructed in 2019. The Property is 96 percent leased to an appealing mix of essential businesses and service-oriented retailers, all of which have NNN leases insulating an investor from operating expense increases. The lease roll is staggered and the average base rent is a modest $20.75/SF providing downside protection and the potential for upside.
The Property has excellent visibility and access due to its frontage on the TX-35 Loop. Major retailers line the corridor and are just to the south of Parkway Plaza. These include Home Depot, Walmart Supercenter, McDonald’s, NTB, Starbucks, and Olive Garden among others.
Offered for $8,052,000, Parkway Plaza provides an exceptional opportunity to acquire a brand new, stabilized shopping center for a 7.80 percent CAP rate.
- Brand New 32,011 Square Foot Shopping Center
- Large 5.83 Acre Corner Parcel Fronting TX-35 Loop
- 96% Occupied | NNN Leases
- Staggered Lease Roll | Modest Base Rents Provide Downside Protection
- Major Retailers in Immediate Area Including Walmart Supercenter and Home Depot
- $8,052,000 | 7.80% CAP