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13660-13670 Westheimer Rd
Houston, TX 77077
AW Plaza · Retail Property For Sale
Executive Summary
Partners is pleased to present AW Plaza, a +/-15,570 square foot retail plaza on a +/-1.08 acre site at the hard corner of busy Westheimer Road & Panagard Drive, between Highway 6 and Eldridge Parkway. This exciting retail opportunity presents investors with a potential value add opportunity by simply bringing all tenants to the current market rate established by other tenants in the center and surrounding retail. The center abuts a wide variety of rooftops, ranging from $200k up to $2.5M homes within less than a mile. It is within a close proximity of many major retailers, including Target, Petsmart, Floor & Décor, West Oaks Mall and more.
Currently the property is 83.1% occupied with additional revenue generated from the on-site billboard. Most tenants have lease expirations more than 2 years out, while one remaining tenant is on month to month (although willing to sign an extension) – allowing for flexibility for a new owner.
This retail project provides an investor with a day one 7.1% CAP rate, with most leases containing annual rental escalations to further increase NOI. Adjustments to current tenancy or a property improvement plan could easily push future returns higher with modest adjustments.
Currently the property is 83.1% occupied with additional revenue generated from the on-site billboard. Most tenants have lease expirations more than 2 years out, while one remaining tenant is on month to month (although willing to sign an extension) – allowing for flexibility for a new owner.
This retail project provides an investor with a day one 7.1% CAP rate, with most leases containing annual rental escalations to further increase NOI. Adjustments to current tenancy or a property improvement plan could easily push future returns higher with modest adjustments.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Auto Repair
Building Size
15,824 SF
Building Class
C
Year Built
1980
Price
$3,300,000
Price Per SF
$208.54
Cap Rate
7.10%
NOI
$234,300
Percent Leased
83%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.34
Lot Size
1.08 AC
Zoning
N/Ap Houston
Parking
30 Spaces (1.9 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Corner Lot
- Pylon Sign
Property Taxes
| Parcel Number | 1005290000038 | Improvements Assessment | $198,907 |
| Land Assessment | $1,412,520 | Total Assessment | $1,611,427 |
Property Taxes
Parcel Number
1005290000038
Land Assessment
$1,412,520
Improvements Assessment
$198,907
Total Assessment
$1,611,427
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