Investment Offering
Houston, TX - Tesla & Local Storage
9633 Westheimer Road | Houston, TX 77063
$23,681,000
Price5.34%
Cap Rate82,000 SF
± SF Building SizeDescription
SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a two-tenant retail building and a freestanding quick-service restaurant pad (currently available for lease) located in Houston, Texas. The primary building is currently occupied by Tesla and Self Storage, where each tenant has over 9 years remaining in their initial term with 2 (5-year) options to extend. Each tenant operates under a NNN lease, limiting expense leakage for a new investor.
Location
The subject property is strategically located at the signalized, hard corner intersection of Westheimer Road and South Gessner Road, averaging a combined 95,000 vehicles passing by daily. The site benefits from excellent visibility via significant street frontage and a large pylon sign situated along Westheimer Road. The quick-service restaurant pad will be equipped with a drive-thru, providing ease and convenience for customers. On average, stores with drive-thrus experience higher sales than those without. Located within a dense retail corridor, the asset is within close proximity to a variety of national/credit tenants including Walmart Supercenter, The Home Depot, Target, Ross Dress for Less, Office Depot, Big Lots, Walgreens, LA Fitness, and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for the site. In addition, the asset is surrounded by several apartment complexes including The Fields Woodlake Square (256 units), The Park at Woodlake (564 units), Woodlake Townhomes (315 units), Woodchase (270 units), and more, providing a direct residential consumer base from which to draw. The 5-mile trade area is supported by more than 570,000 residents and 373,500 daytime employees with a healthy average household income of $93,239.
Documents & Links
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 Offering Memorandum |  |  |