15301 Gulf FwyHouston, TX 77034

For Sale
$5,000,000

High-Cap Rate Event Venue, Houston TX

Overview

Added:
Dec 11, 2024
Days on market:
94
This exceptional investment opportunity presents the Palms Event Center, a thriving 10,780-square-foot bar and restaurant located at 15301 Gulf Fwy, Houston, TX 77034. Currently leased to D'Gala Event Centers, a reputable Houston-based event venue operator with multiple locations, this property boasts a strong 7.20% cap rate and a substantial net operating income (NOI) of $360,000. The lease, a NNN (Net, Net, Net) agreement, runs until December 31, 2026, offering a remaining term of approximately 2.1 years. Built in 1996, the property sits on a 1.632-acre lot and includes 135 parking spaces, ensuring ample convenience for patrons. The building features a fully equipped kitchen and upscale interior finishes, perfectly suited for its current use as a premier wedding and event venue. The property benefits from excellent visibility, situated along the Gulf Freeway with exposure to over 124,000 vehicles daily. The lease includes rent bumps, providing future income growth potential. This is a rare chance to acquire a high-performing, well-located commercial property in a thriving Houston market. The asking price is $5,000,000.

Highlights

  • 10,780 SF bar & restaurant on 1.632 acres at 15301 Gulf Fwy, Houston, TX 77034.
  • NNN lease to D'Gala Event Centers through 12/31/2026 (approx. 2.1 years remaining).
  • 7.20% cap rate, $360,000 NOI.
  • 135 parking spaces.
  • Asking price: $5,000,000.

Property Details for 15301 Gulf Fwy

Property type
Other specialty properties, Other retail properties
Square Feet
10,780 SF
Year Built
1996
Lot Size (sq. ft)
71,090 SF

Location Insight

City
Houston
County
Harris
State
Texas
Latitude
29.58895769
Longitude
-95.18626788
15301 Gulf Fwy, Houston, Texas

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15301 Gulf Fwy
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