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488 W Main St
Van, TX 75790
Van Plaza · Retail Property For Sale
Investment Highlights
- High traffic
- Strip Center
- New Roof
Executive Summary
Multi-tenant retail building producing great income and facing Main Street. Great opportunity for a value-add investor and/or great opportunity to push rents.
New roof in 2024
Square Footage Breakdown:
488 W Main has 7 spaces (12,213 SF)
540 W Main has 1 space (3,563 SF)
Triple Net Leases!
• 7,143 SF has been converted to Triple Net (0% Landlord Responsibility)
• 5,610 SF available and will be leased as Triple Net
• 1,673 SF expires Sep 2026 and will be converted to NNN
Seller is also selling 2585 I-20, Van, TX and would consider packaging both properties together.
New roof in 2024
Square Footage Breakdown:
488 W Main has 7 spaces (12,213 SF)
540 W Main has 1 space (3,563 SF)
Triple Net Leases!
• 7,143 SF has been converted to Triple Net (0% Landlord Responsibility)
• 5,610 SF available and will be leased as Triple Net
• 1,673 SF expires Sep 2026 and will be converted to NNN
Seller is also selling 2585 I-20, Van, TX and would consider packaging both properties together.
Property Facts
Sale Type
Investment
Sale Conditions
Property Type
Building Size
15,776 SF
Building Class
C
Year Built/Renovated
1976/2005
Price
$1,000,000
Price Per SF
$63.39
Cap Rate
6.54%
NOI
$65,425
Percent Leased
65%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.28
Lot Size
1.29 AC
Zoning
Retail - Retail
Parking
62 Spaces (3.93 Spaces per 1,000 SF Leased)
Amenities
- Pylon Sign
- Signage
Property Taxes
| Parcel Number | R000020213 | Improvements Assessment | $208,400 |
| Land Assessment | $194,300 | Total Assessment | $402,700 |
Property Taxes
Parcel Number
R000020213
Land Assessment
$194,300
Improvements Assessment
$208,400
Total Assessment
$402,700
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