AW Plaza 13660-13670 Westheimer Rd 15,824 SF 83% Leased Retail Building Houston, TX 77077 $4,688,310 CAD ($296.28 CAD/SF) 7.10% Cap Rate

Partners is pleased to present AW Plaza, a +/-15,570 square foot retail plaza on a +/-1.08 acre site at the hard corner of busy Westheimer Road & Panagard Drive, between Highway 6 and Eldridge Parkway. This exciting retail opportunity presents investors with a potential value add opportunity by simply bringing all tenants to the current market rate established by other tenants in the center and surrounding retail. The center abuts a wide variety of rooftops, ranging from $200k up to $2.5M homes within less than a mile. It is within a close proximity of many major retailers, including Target, Petsmart, Floor & Décor, West Oaks Mall and more.
Currently the property is 83.1% occupied with additional revenue generated from the on-site billboard. Most tenants have lease expirations more than 2 years out, while one remaining tenant is on month to month (although willing to sign an extension) – allowing for flexibility for a new owner.
This retail project provides an investor with a day one 7.1% CAP rate, with most leases containing annual rental escalations to further increase NOI. Adjustments to current tenancy or a property improvement plan could easily push future returns higher with modest adjustments.