10931 Ocean City BlvdHouston, TX 77070

For Sale
$3,500,000

High-demand location, strong income potential

Overview

Added:
Dec 11, 2024
Days on market:
93
This exceptional Houston retail property, located at 10931 Ocean City Blvd, offers 16,483 square feet on a 1.72-acre lot. The property features a two-story building, renovated in 2023, with two units totaling 15,124 net rentable square feet. Currently, one 10,000 square foot unit is leased to Burden Auto Care, generating $35,000 in monthly rent under a 5-year lease commencing February 1, 2025. A vacant 5,124 square foot unit is available for lease, offering significant upside potential with estimated annual rent ranging from $17.50 to $22.50 per square foot. The property boasts 52 parking spaces and is situated in a high-growth area of Houston, easily accessible via SH 249 and US 290, near major residential developments, and significant commercial activity. The property is classified as Class B, with a multi-tenant occupancy and a Net Lease (NNN) structure. The property's location benefits from proximity to key commercial centers, industrial zones, and high-traffic corridors. With an anticipated net operating income (NOI) of $357,000 and a 7% capitalization rate, this redevelopment opportunity presents a compelling investment prospect. The property's address is 10931 Ocean City Blvd, Houston, TX 77070, with APN 120-708-001-0001. The property is currently vacant, with an occupancy date of January 1, 2025.

Highlights

  • Prime location near Hwy 290 and Hwy 249, offering convenient access to major commercial centers, residential areas, and industrial zones.
  • 10,000 SF pre-leased to Burden Auto Care at $35,000/month, commencing February 1, 2025, under a 5-year lease.
  • 5,124 SF vacant unit available for lease, with estimated annual rent of $17.50 to $22.50/SF.
  • High-demand location with strong market absorption projected at 95% by Fall 2025.
  • Attractive financials: $357,000 projected NOI and a 7% capitalization rate.

Property Details for 10931 Ocean City Blvd

Property type
Lifestyle centers, Power centers
Square Feet
16,483 SF
Class
B
Year Renovated
2023
Buildings
1
Stories
2
Lot Size (sq. ft)
74,923 SF
Units
2

Location Insight

City
Houston
County
Harris
State
Texas
Latitude
29.9567004
Longitude
-95.5840427
10931 Ocean City Blvd, Houston, Texas

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10931 Ocean City Blvd
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