11330 Homestead RdHouston, TX 77016

Property Details for 11330 Homestead Rd

Year built

1968

Lot size

4.00 AC

Property size (Sq ft)

43,200 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This 43,200 square foot shopping center in Houston, Texas, presents a compelling value-add investment opportunity. Located at 11330 Homestead Rd, in Harris County, this Class B property boasts 7 units with 83.8% occupancy, generating a current NOI of $281,638 and a pro-forma NOI of $361,406. Built in 1968 and renovated in 2019, the center sits on 4-4.5 acres and benefits from an absolute NNN lease type. The property features a 7-year remaining lease term and an attractive 8.30% cap rate. Situated in an Opportunity Zone and EB5 TEA zone, with convenient access to Homestead Rd and the 59 North Freeway, this multi-tenant retail center offers significant potential for increased rental income through lease rate adjustments and property improvements. The existing tenants provide a stable income stream, while the available pad offers the potential for expansion. The property's location within a densely populated neighborhood provides a strong foundation for future growth and profitability. Occupancy is projected to reach 100% by April 25, 2024.

Location Insight

City

Houston

County

Harris

State

Texas

Latitude

29.8844

Longitude

-95.2995

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