11038 Westheimer RdHouston, TX 77042

For Sale
$6,387,096

High-yield Walgreens, absolute NNN lease

Overview

Added:
Dec 11, 2024
Days on market:
95
This Houston retail property offers a compelling investment opportunity with a Walgreens tenant under an absolute NNN lease expiring March 31, 2028, with ten 5-year renewal options. The 13,650 square foot building, constructed in 2002, sits on a 1.38-acre lot at a high-traffic intersection in the Westchase Business District, boasting a combined daily traffic count of 75,000 vehicles. The property benefits from a dense population, with over 28,000 residents and 11,555 apartment units within a one-mile radius, along with 15 hotels totaling over 1,240 rooms. The strong tenant, Walgreens, provides a 100% occupancy rate and a substantial net operating income (NOI) of $495,000, resulting in an attractive 7.75% cap rate. The asking price is $6,387,096, translating to $467.92 per square foot. The property's prime location near major employers, including BMC Software, Chevron, Phillips 66, Dow Chemical, Petrochina, and Jacobs Engineering, further enhances its investment appeal. This is a fee-simple ownership opportunity with significant upside potential due to the strong tenant, favorable lease terms, and prime location in a thriving Houston submarket. The property is situated on the signalized corner of Westheimer Road and Wilcrest Drive, surrounded by complementary national retail tenants such as Whole Foods, Petco, Ross Dress for Less, McDonald's, Office Depot, and Wendy's.

Highlights

  • Strong demographics: ±500,000 people and ±189,000 residences within a 5-mile radius, with an average household income of $80,013.
  • High visibility: Signalized corner with ±74,416 vehicles per day.
  • Dense residential and hospitality: Over 11,500 multifamily units and 1,200+ hotel rooms within 1 mile.
  • Absolute NNN lease: No landlord responsibilities; Walgreens tenant.
  • Prime Westchase location: Near major employers including Chevron, Dow Chemical, and Phillips 66, with ±16M square feet of office space within a 4-mile radius.

Property Details for 11038 Westheimer Rd

Property type
Other retail properties, Individual retail properties
Square Feet
13,650 SF
Year Built
2002
Lot Size (sq. ft)
60,113 SF

Location Insight

City
Houston
County
Harris
State
Texas
Latitude
29.737082439037
Longitude
-95.571542747083
11038 Westheimer Rd, Houston, Texas

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11038 Westheimer Rd
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