3398 1St StAbilene, TX 79603

Property Details for 3398 1St St

Year built

1960

Lot size

0.99 AC

Property size (Sq ft)

14,988 SF

Property type

Commercial real estate

APN

51200022000

APU

51200022000

Description

The Shops at Northpark, a 40,919-square-foot multi-tenant retail center in Abilene, Texas, presents a compelling value-add opportunity. Currently 46% occupied, this property boasts five tenants, a mix of internet-resistant and service-oriented businesses, including Planet Smokie & Vape, Kung Fu China, Payment One Financial, Creative Cakes, and Pam's Pet Store. Situated on 2.7 acres at a signalized intersection with over 39,700 vehicles daily, the center benefits from high visibility and ample parking. Recent renovations totaling approximately $1.5 million include exterior façade improvements, parking lot repaving, new LED lighting, and updated signage. Built in 1955, the property offers significant upside potential through lease-up of vacant spaces and lease conversion to triple-net terms. The current asking price is $2,995,000 ($73.19/sq ft), with a pro-forma cap rate of 14.78% and a pro-forma NOI of $442,630. The property's location near Abilene High School and a densely populated area (108,078 residents within a five-mile radius) further enhances its appeal. Proximity to Dyess Air Force Base and several universities adds to the strong economic base of the area. This property offers a rare chance to acquire a well-located retail center with substantial growth potential in a thriving Texas market. The property consists of one building with ten units.

• CAP approach

  CAP return

  Valuation

  6%

  $4,679,670

  6.5%

  $4,319,700

  7%

  $4,011,150

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,703,340

  Geo Method

  $4,487,260

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $8,537,380

  Retail / Commercial

  $4,371,490

  Mixed-Use / Specialty

  $4,350,830

  Hospitality / Lodging

  $3,185,460

  Office

  $4,319,700

  Institutional / Educational

  $4,521,290

  Residential Income

  $5,289,910

  Multifamily

  $6,372,570

  Automotive / Energy

  $3,875,390

  Parking / Income-Based Land

  $1,342,360

  Restaurant / Food Service

  $2,252,070

  Healthcare / Senior Housing

  $4,466,900

Location Insight

City

Abilene

County

Taylor

State

Texas

Latitude

32.452

Longitude

-99.7629

CBSA code

10180

CBSA name

ABILENE, TX METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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