7301-7401 Matlock RdArlington, TX 76002

For Sale
$5,100,000

14-Tenant Shopping Center, High NOI

Overview

Added:
Dec 11, 2024
Days on market:
92
Matlock Plaza, a Class B shopping center in Arlington, Texas, presents a compelling investment opportunity. This stabilized, multi-tenant retail property boasts 21,975 square feet across two single-story buildings on a 3.38-acre lot at 7301-7401 Matlock Rd, zip code 76002. Built in 2006, the center features 14 units with an average size of 1,570 square feet, currently enjoying 100% occupancy under a gross lease structure with a remaining lease term averaging 3.5 years. The property benefits from a new roof and multiple access points, situated along a high-traffic corridor with over 38,000 vehicles passing daily. The asking price is $5,100,000, representing a price per square foot of $232.08 and a 7.00% cap rate, with a current Net Operating Income (NOI) of $357,057. The property's location offers strong demographics, with average household incomes within a 3, 5, and 10-mile radius exceeding $90,000. Current below-market rents present significant upside potential through gradual increases. The mix of lease structures and small, highly leasable suites further enhances the investment appeal. This property offers a unique opportunity to acquire a well-positioned retail asset with substantial long-term growth potential in a thriving market. The property's strong tenant retention, with a significant portion of leases extending beyond 4 years, ensures stable cash flow.

Highlights

  • Below-market rents: Average rent is $16.04/SF, significantly below the $25+/SF market rate, offering substantial upside potential.
  • Strong tenant retention: 37.21% of leases are for 4+ years, 22.76% for 7+ years, and 11.38% for 9+ years.
  • Mix of NNN and gross leases: Provides opportunity to convert gross leases to NNN, increasing revenue.
  • Highly leasable suite sizes: Average suite size is 1,570 SF, highly desirable in the market.
  • Long-term leases: 68% of occupancy is secured through 2028, ensuring stable cash flow.
  • Below replacement cost pricing: Priced at $232/SF, below replacement cost.

Property Details for 7301-7401 Matlock Rd

Property type
Lifestyle centers, Power centers
Square Feet
21,975 SF
Class
B
Year Built
2006
Buildings
2
Stories
1
Lot Size (sq. ft)
147,233 SF
Units
14

Location Insight

City
Arlington
County
Tarrant
State
Texas
Latitude
32.6261143
Longitude
-97.1145316
7301-7401 Matlock Rd, Arlington, Texas

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7301-7401 Matlock Rd
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