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Off Market
1/4

510 Gray St
Houston, TX 77002


HIGHLIGHTS

  • Stable Investment – Weighted Average Lease Term of 3.87 Years
  • 5,000 Apartment Units in Midtown - 3,000 Apartment Units will come online by 2022
  • Flexible Deal with Motivated Sellers
  • High Barriers to Entry due to Construction Pricing and Market Rents
  • Plenty of Parking Available

OVERVIEW

Midtown Crossing is 92.9% occupied by a dynamic mix of national, regional and local retailers including Buffalo Wild Wings, Gyu-Kaku Japanese BBQ, One Dim Sum and a local taco shop. Midtown retail is characterized by small freestanding developments. Retailers are typically local boutiques and restaurants/bars, as well as the imminent arrival of the areas first Whole Food’s. The restaurant and service tenants ideally cater to the surrounding office and multifamily users by being a convenient, walk-able destination for residents and employees. Midtown has a high density of apartment units, which is great for all tenants in the property. Retail demand is further increasing as 3,000 more units are being developed in Midtown by 2022. Midtown Crossing has an infill location adjacent to downtown in Midtown. Real Estate in this exclusive area benefits from high barriers of entry to limit future competition. The scarcity of available land for new developments and retail developers being outbid by multifamily and office further limit competition.

FOR SALE DETAILS

PRICE

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CAP RATE

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% LEASED

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TENANCY

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BUILDING DETAILS

PROPERTY NAME

Midtown Crossing

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Freestanding

TOTAL BUILDING SIZE

14788

STORIES

1

YEAR BUILT

2004

SPRINKLERS

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PARKING SPACES

61

LAND DETAILS

LAND ACRES

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LAND SF

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ZONING

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APN/PARCEL ID

1246820010001,1246820010002