Cap Rate: 6.00%
Size: 17,865 SF
Lot Size: 1.73 Acres
Marcus & Millichap is pleased to offer TimberHeights Center (“Property”) in Houston, Texas for your consideration. Consisting of a 17,865 square foot shopping center on a large 1.73 acre parcel, the Property fronts on high-traffic TC Jester inside Houston’s inner loop. TimberHeights Center benefits from its stellar location in the center of some of Houston’s most sought-after neighborhoods including the Heights, Timbergrove, Garden Oaks, and Oak Forest. Accordingly, retailers flock to this area seeking access to these neighborhoods’ high income residents. Average household income exceeds an impressive $108, 960 in a one, three & five mile radius.
The Property is 100% occupied by an appealing mix of service-oriented tenants. It is anchored by the famed King’s Bierhaus, and its other tenants include AshleyCakes, Tea & Victory, and EggHaus Gourmet. All of the tenants have NNN leases, and four of the five tenants have structured rent increases in their primary terms providing built-in upside and a hedge against inflation. Rents in the Property range from 13.60/SF to $31.00/SF providing the opportunity to increase the significantly below market rent and bolster an investor’s return.
TimberHeights Center has attractive existing nonrecourse CMBS debt to be assumed that is interest only for the entire term of the loan. This unique feature meaningfully strengthens the yield generated from the Property further enhancing the opportunity provided by this offering.
- 17,865 Square Foot Shopping Center | 1.73 Acre Parcel Fronting TC Jester
- Stellar Location in Center of Highly Sought-After Neighborhoods
- Average Household Income Exceeds $108,960 in a One, Three & Five Mile Radius
- 100% Occupancy | NNN Leases | Service-Oriented Tenants
- Upside Opportunity by Increasing Below Market Rent
- Exceptional Assumable, Interest Only Nonrecourse Debt