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2303 Smith St - Midtown Urban Retail Investment Opportunity
42,970 SF Retail Building Offered at $15,130,000 at a 5.5% Cap Rate in Houston, TX
- Top MSA
- Houston's Most Walkable Urban "Cool Street" District
- Epicenter of the Midtown Entertainment & Nightlife Scene
- New Long Term Leases In-Place
- Dynamic & High-Income Demographics
- Grocery Shadow-Anchored Asset
|Price||$15,130,000||Gross Leasable Area||42,970 SF|
|Sale Type||Investment||No. Stories||3|
|Cap Rate||5.50%||Year Built||1961|
|Property Type||Retail||Parking Ratio||0.23/1,000 SF|
|Building Class||C||APN / Parcel ID||0081910000007|
|Lot Size||1.09 AC|
ABOUT 2303 Smith St , Houston, TX 77006
Cushman & Wakefield is pleased to present Midtown Houston (the “Property”), a generational investment opportunity located in the heart of Midtown (the “District”), one of the fastest and most dynamic submarkets in the Houston MSA. The Property is one of Midtown’s most popular nightlife destinations, generating nearly 25% of all alcohol sales in the District (approximately $9 million). Midtown Houston is currently 95% leased to six high quality tenants in nearly 43,000 square feet of leasable area on just over an acre of land, providing a relatively low 0.9 floor area ratio (FAR). This is considerably lower than the new mid-to-high rise developments occurring in the District, which include 27 to 29 story residential high rises. This phenomenon has created a unique opportunity to capitalize on a low-density, cash-flowing asset in a high-density environment.
Talent Base and Commute Times
Major Tenant Information
|Tenant||SF Occupied||Lease End Date|
|Howl At The Moon||6,500|
|Collection Street||Cross Street||Traffic Vol||Year||Distance|
|Smith St||Hadley St, NE||23,451||2014||0.03 mi|
|Louisiana St||Hadley St, NE||25,692||2014||0.03 mi|
|Milam St||13,375||2014||0.09 mi|
|Louisiana St||20,660||2018||0.12 mi|
|Mc Ilhenny St||Milam St, N||10,822||2013||0.13 mi|
McGowen Transit Stop
|2 min||8 min||0.4 mi|
Downtown Transit Center
|2 min||9 min||0.5 mi|
Bell Transit Stop
|3 min||15 min||0.7 mi|
Ensemble/HCC Transit Stop
|3 min||18 min||0.9 mi|
Main Street Square Transit Stop
|3 min||20 min||1.0 mi|
William P. Hobby Airport
|25 min||12.1 mi|
Houston George Bush Intercontinental Airport
|27 min||20.8 mi|
Ellington Field Airport
|38 min||22.0 mi|
The LoopNet service and information provided therein, while believed to be accurate, are provided "as is". LoopNet disclaims any and all representations, warranties, or guarantees of any kind.
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