Walgreens Houston MSA 8.50 CAP Infill Demos | 11038 Westheimer Rd
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Walgreens Houston MSA 8.50 CAP Infill Demos 11038 Westheimer Rd
13,650 SF Retail Building Houston, TX 77042 $8,180,195 CAD ($599 CAD/SF) 8.50% Cap Rate
Investment Highlights
- Infill Houston MSA demographics with ±500,000 people in ±189,000 residences with an average HH income of $80,0134 in a 5-mile radius.
- Highly visible and trafficked signalized corner with a combined traffic count of ±74,416 vehicles per day.
- The lease operates on an absolute net leased basis and there are no landlord responsibilities whatsoever.
- Directly across the corner from an emergency room connected to the HCA Houston Hospital System.
- There are ±37 multi-housing complexes with over 11,500 units and 15 hotels with over 1,200 rooms all within a 1-mile radius.
- Located in Westchase Business District, home to large corporations like Honeywell, Chevron, Dow Chemical with ±16M SF of office space in 4-mi radius.
Executive Summary
Pharma Property Group is pleased to market for sale the Walgreens property located at 11038 Westheimer Road in Houston, Texas (“The Property”). Walgreens has been successfully operating at this location for 21 years and has 3 years and 4 months of firm term remaining before 10 (5-year) option periods on an absolute net lease with no landlord obligations whatsoever.
The Property is strategically located in a densely populated Westheimer Road corridor with over 28,000 residents in a 1-mile radius of the Property. Within the 1-mile radius, there are 37 apartment complexes, totaling approximately 11,555 units. In addition to the permanent residents, the Property has 15 hotels in a 1-mile radius (1,240 rooms) to accommodate individuals traveling to Westchase Business District for work.
Surrounded by over 1,500 employers, the Property is situated in the heart of the Westchase Business District. There are over 16.3 million square feet of office space, anchored by major employers such as BMC Software, Chevron, Phillips 66, Dow Chemical, Petrochina, and Jacobs Engineering, within a 4-mile radius of the Property.
The Property is located on the signalized hard corner of Westheimer Road and Wilcrest Drive with combined traffic counts of 75,000 vehicles per day. Westheimer Road serves as the main retail corridor in the area with numerous complimentary national retail tenants neighboring the Property including Whole Foods, Petco, Ross Dress For Less, McDonalds, Office Depot, and Wendy's.
Listed in conjunction with Brian Brockman, Bang Realty, 513-898-1551, wg@bangrealty.com, TX DRE Lic. #701472.
The Property is strategically located in a densely populated Westheimer Road corridor with over 28,000 residents in a 1-mile radius of the Property. Within the 1-mile radius, there are 37 apartment complexes, totaling approximately 11,555 units. In addition to the permanent residents, the Property has 15 hotels in a 1-mile radius (1,240 rooms) to accommodate individuals traveling to Westchase Business District for work.
Surrounded by over 1,500 employers, the Property is situated in the heart of the Westchase Business District. There are over 16.3 million square feet of office space, anchored by major employers such as BMC Software, Chevron, Phillips 66, Dow Chemical, Petrochina, and Jacobs Engineering, within a 4-mile radius of the Property.
The Property is located on the signalized hard corner of Westheimer Road and Wilcrest Drive with combined traffic counts of 75,000 vehicles per day. Westheimer Road serves as the main retail corridor in the area with numerous complimentary national retail tenants neighboring the Property including Whole Foods, Petco, Ross Dress For Less, McDonalds, Office Depot, and Wendy's.
Listed in conjunction with Brian Brockman, Bang Realty, 513-898-1551, wg@bangrealty.com, TX DRE Lic. #701472.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Drug Store
Building Size
13,650 SF
Building Class
C
Year Built
2002
Price
$8,180,195 CAD
Price Per SF
$599 CAD
Cap Rate
8.50%
NOI
$695,317 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.23
Land Acres
1.38 AC
Parking
40 Spaces (2.93 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Pylon Sign
- Drive Thru
Walk Score ®
Very Walkable (78)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 1230120010002 | Improvements Assessment | $1,794,942 CAD |
| Land Assessment | $3,390,279 CAD | Total Assessment | $5,185,222 CAD |
PROPERTY TAXES
Parcel Number
1230120010002
Land Assessment
$3,390,279 CAD
Improvements Assessment
$1,794,942 CAD
Total Assessment
$5,185,222 CAD
-
Jason Pongsrikul -
Chris Barry -
Pharma Property Group- Drugstore Specialists
(619) 297-0055
x302
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Walgreens Houston MSA 8.50 CAP Infill Demos | 11038 Westheimer Rd
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