Building
Summary
- NOI $203,098
- Sales Price $2,750,000
- Cap Rate 7.39%
- Occupancy Apartments - 100% | Retail - 66%
Investment Overview
Oldham Goodwin is pleased to present the Heritage Center, a mixed-use retail and student housing property in Kingsville, Texas for your consideration. The Heritage Center, constructed in 2016, is situated at a gateway entry to Texas A&M Kingsville (over 6,500 students), at the corner of University Boulevard and King Avenue. The property has a 12,000 SF retail footprint on the first floor, and 20 student housing rental units on the second floor. Heritage Center offers stable in-place income and significant upside through retail lease-up and rent growth.
Highlights
- — Excellent location near Texas A&M Kingsville
- — Excellent location at the corner of University Blvd and King Avenue
- — Less than ½ a mile from Texas A&M Kingsville, fall 2023 enrollment of over 6,500 students
- — Prominent visibility and exposure, with frontage and access on three sides
- — Mixed use property with diversified income stream
- — 12,000 SF of retail on the first floor, 20 apartment units on the second floor.
- — Apartments are 100% occupied with a waiting list for move-ins.
- — Retail space is 66% leased, NNN leases with over 4 years of WALT
- — Upside income potential through lease-up and rent growth
- — Consistent rent growth on apartments and continued strong demand.
- — Three unoccupied retail suites in vanilla shell condition are available.
- — One unoccupied, finished out, end cap suite with a take-out window available.
- — Tight retail market with little vacant retail space available near campus.
- — Newer construction property in excellent condition
- — Well maintained property built in 2016.
- — Low maintenance steel construction.
- — On-site management staff provides attention to detail for absentee owners.
