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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

Highlights

  • 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

The Offering

  • Listing ID: 17407757
  • Date Created: 10/9/2019
  • Last Updated:

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.

TRADE AREAS

Talent Base and Commute Times

1 mile 1 mi 3 mile 3 mi 5 mile 5 mi
1 Mile
3 Mile
5 Mile
Total Population
24,335
208,610
483,721
2010 Population
19,723
166,060
397,882
2024 Population
26,117
223,633
517,383
Employees
90,087
260,149
554,846
Total Businesses
4,459
17,940
36,508
Average Household Income
$106,307
$114,184
$104,274
Median Household Income
$82,350
$79,948
$68,195
Total Consumer Spending
$344.14M
$2.5B
$5.3B
Median Age
37.1
36.7
36.0
Households
13,855
94,051
207,056
Percent College Degree or Above
34%
26%
23%
Average Housing Unit Value
$397,313
$462,859
$437,027

Major Tenant Information

Tenant SF Occupied Lease End Date
Howl At The Moon 6,500
Pub Fiction 8,383
1-800-Lucky 15,000
Elevate Strength 3,008
3rd Floor 7,900

Traffic

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

Transit/Subway

Drive Walk Distance
McGowen Transit Stop
Harris County Metropolitan Transit Authority METRO Rail
Redline
2 min 8 min 0.4 mi
Downtown Transit Center
Harris County Metropolitan Transit Authority METRO Rail
Redline
2 min 9 min 0.5 mi
Bell Transit Stop
Harris County Metropolitan Transit Authority METRO Rail
Redline
3 min 15 min 0.7 mi
Ensemble/HCC Transit Stop
Harris County Metropolitan Transit Authority METRO Rail
Redline
3 min 18 min 0.9 mi
Main Street Square Transit Stop
Harris County Metropolitan Transit Authority METRO Rail
Redline
3 min 20 min 1.0 mi

Airport

Drive Distance
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
Walk Score ®
86
Very Walkable
Transit Score ®
89
Excellent Transit
Bike Score ®
63
Bikeable
What is a Walk Score®, Transit Score® & BikeScore®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

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