11311 Fondren RdHouston, TX 77035

This exceptional Houston retail investment opportunity presents a compelling mix of established tenants and redevelopment potential. The portfolio comprises three buildings totaling 3,300 square feet situated on 1.3 acres of land at 11311 Fondren Rd and 6675 & 6671 W Bellfort Ave, Houston, TX 77035. The property features a McDonald's restaurant operating under a ground lease with a remaining term of approximately 5 years, including a 5-year option with a rent increase. The current annual rent for McDonald's is $58,320. A Walgreens pharmacy occupies a fee-simple building, boasting a strong lease with four 5-year options and rent increases, extending the lease to 11/9/2029. The current annual rent for Walgreens is $308,002.50, reflecting a rate of $19.50 per square foot. The Walgreens building, constructed in 1999, encompasses 15,795 square feet. Additionally, a 3,300-square-foot vacant bank building offers significant redevelopment potential. The entire property benefits from a high-traffic location with daily traffic counts exceeding 52,000 at the intersection of Fondren Road and West Bellfort Street. The average household income within a 3-mile radius surpasses $82,000. The asking price for this fee simple and ground lease ownership opportunity is $6,950,000, representing a 5.27% cap rate and a net operating income (NOI) of $366,323. The buildings were constructed in 1999 and 2009. This portfolio offers a blend of secure income streams and future development prospects in a prime Houston location. The McDonald's location features dual drive-thru lanes, while the Walgreens location also includes a dual drive-thru lane, and the vacant bank building has six drive-thru lanes. There are no height restrictions for new construction.