The property encompasses two adjacent tracts with a total of 29,207 SF (.6705 of an acre).
The first tract is undeveloped with ~80.66’ frontage on Wallisville Road. The second tract has the 2 buildings with ~126.06’ frontage on Sheldon Road. The property wraps around a corner convenience store.
7,808 SF of paved parking providing parking for about 39 vehicles and existing signage on Sheldon Road significantly enhance property value.
HIGHLIGHTS
(1) Proforma 1st year performance based on Traditional Realtor Model: $34,346 Net Operation Income (“NOI”), $24,358 cash flow and 9.08% cap rate.
(2) Proforma 1st year performance based on Prudent Investor Model: $21,381 NOI, $13,157 cash flow and 5.36% cap rate.
(3) At a 1-mile radius, top 3 retail opportunities average $5M+ in annual revenues, top 5 average $4M+ and top 10 average $2.3M+.
(4) $3.8M+ unmet 2008 GAFO demand at 1-mile radius, $7.0M+ at 2-miles and $8.7M+ at 3-miles.
(5) 2009 average daily traffic estimated at 11,600.
(6) Outstanding highway proximity. 2.2 mi. south of the Crosby Freeway, 2.3 mi. west of the Beltway and 2.9 mi. north of I 10.
(7) Excellent air service and port access. 15.1 mi. to Port of Houston, 20 mi. to Houston Hobby and 24.5 mi. to Bush Intercontinental.
(8) Located in the Houston CBSA. Houston was rated the #1 place in the US to live and work in 2008 by Forbes.
(9) $1B+ local 2008 economy at a 3-mile radius projected to exceed $1.25B by 2013.
(10) Channelview CDP annual percent growth in families with at least $100K annual income is 124% higher than Houston and 145% higher in families with at least $250K annual income.
CONTACT INFORMATION
Call 979.421.9996 ask for Jorge Verar to set up an appointment, request additional information or answer any questions.
PROFORMA
Traditional Realtor Model Proforma First Year Performance
(1) Net operating income. $36,242.
(2) Cash flow. $24,358.
(3) Cap rate. 9.08%.
PROPERTY
((1) Overview. Located at the intersection of Sheldon Road & Wallisville Road in the Channelview CPD, the property has two buildings with a total of 3,232 SF. The property encompasses two adjacent tracts with a total of 29,207 SF (.6705 of an acre). (2) Frontage on two roads. The current buildings have frontage on Sheldon Road and the additional tract has frontage on Wallisville Road. The property wraps around a corner convenience store. (3) Rent increase in place. There is a $200 monthly increase per unit for CAM agreed to effective January 1, 2009. (4) Building # 1. CBS construction with a brick veneer. It operates as a pay day loan & quick cash business combined with a convenience store (without gasoline). Built in 1989, it is in very good condition. It has an open floor plan with a private office and built in, walk in cooler. (5) Building # 2. CBS construction with a brick veneer. It operates as a restaurant. Built in 2002, it is almost new condition. It has an open floor plan plus an extensive kitchen with an array of equipment and fixtures that remain with the building.
(6) Paved parking. The two buildings share an estimated 7,808 SF of paved parking. We estimate the parking capacity of 39 vehicles.
(7) Signage included. The property has very visible and flexible signage on Sheldon Road.
LOCATION
(1) The property is located in the Channelview census-designated place (“CDP”).
(2) Oil refinery suburb of Houston. The Handbook of Texas describes Channelview as "an oil refinery suburb of metropolitan Houston." Channelview is eight miles east of Downtown Houston.
(3) Houston is #1 place in USA to live and work in 2008. The Channelview CDP is in the Houston Core Based Statistical Area (“CBSA”). In July 2008, Forbes magazine name Houston as the #1 best place to live and work in 2008.
(4) Excellent proximity to major highways. 2.2 miles south of the Crosby Freeway (new east-west connector highway from the Beltway to U Highway 90 East), 2.3 miles west of the Beltway and 2.9 miles north of Interstate 10.
(5) Easy access to Houston destinations and major interchanges. 5.0 miles to I 10 and the Beltway, 11.2 miles to I 10 and I 610 Loop, 17.9 miles to downtown, 18 miles from I 45 and Beltway, 19.4 miles I 45 and I 610 Loop, 25.6 miles to the Galleria Mall and 29 miles from TX 288 and the Beltway.
(6) Excellent access to commercial air service and the port. 15.1 miles to the Port of Houston, 20 miles to Houston Hobby International and 24.5 miles to Houston Bush Intercontinental.
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