510 Gray St
Houston, TX 77002
Midtown Crossing · Retail Property For Sale
Investment Highlights
- Stable Investment – Weighted Average Lease Term of 3.87 Years
- Flexible Deal with Motivated Sellers
- Plenty of Parking Available
- 5,000 Apartment Units in Midtown - 3,000 Apartment Units will come online by 2022
- High Barriers to Entry due to Construction Pricing and Market Rents
Property Facts
Amenities
- Corner Lot
- Dedicated Turn Lane
- Restaurant
- Signage
- Signalized Intersection
- Air Conditioning
About 510 GRAY ST , HOUSTON, TX 77002
Midtown Crossing is 92.9% occupied by a dynamic mix of national, regional and local retailers including Buffalo Wild Wings, Gyu-Kaku Japanese BBQ, One Dim Sum and a local taco shop. Midtown retail is characterized by small freestanding developments. Retailers are typically local boutiques and restaurants/bars, as well as the imminent arrival of the areas first Whole Food’s. The restaurant and service tenants ideally cater to the surrounding office and multifamily users by being a convenient, walk-able destination for residents and employees. Midtown has a high density of apartment units, which is great for all tenants in the property. Retail demand is further increasing as 3,000 more units are being developed in Midtown by 2022. Midtown Crossing has an infill location adjacent to downtown in Midtown. Real Estate in this exclusive area benefits from high barriers of entry to limit future competition. The scarcity of available land for new developments and retail developers being outbid by multifamily and office further limit competition.
Property Taxes
| Parcel Numbers | Improvements Assessment | $2,141,515 | |
| Land Assessment | $4,076,400 | Total Assessment | $6,217,915 |
Property Taxes
