614 W 7th Ave
Corsicana, TX
Price:
$1,172,000
Cap Rate:
6.75%
NOI:
$79,111
Building Size:
Approx. 5,000 Sq. Ft.
Lot Size:
Approx. 0.45 Acres
Type:
Multi-Tenant / Retail
Sub Category:
Retailer
Year Built:
1992
Offering Agent
Investment Overview
- Below Market Rents – At an Average Base Rental Rate of Only $17.14/Sf, the Offering Presents a Major Upside Opportunity Through Gradual Rental Escalations to Meet the Market Rate of ~$22.00–$24.00/Sf
- H-E-B Proximity – Located Less Than a Block SW of H-E-B, the Site Benefits From It’s Proximity to One of the Largest and Most Successful Grocer Chains
- Long-Term Tenant Retention – The Site Benefits From Its Stability w/ 50% of the Rent Roll (TitleMax) Occupying Their Space for 10+ Yrs, and the Other Half (Armstrong McCall) for 7+ Yrs.
- Gross Lease Structure – An Investor Can Realize Additional Upside Through the Eventual Conversion (or Replacement) of Armstrong McCall From a Gross to a NNN Lease Structure.
- High-Traffic Location – Positioned Directly off W. 7th St., the Site Benefits From Exposure to 25,000+ VPD.
- Priced Below Replacement Cost – At an Asking Price of Just $234/Sf.
- Recent Roof Replacement – The Roof Was Replaced in 2019 With TPO Material That Includes a 15-Yr Warranty.
