11110 West Airport Blvd

Marcus & Millichap is pleased to exclusively list for sale 11110 West Airport Boulevard in Stafford, Texas. The subject property includes 2.75 acres of land and 20,026 square feet of improvements. 11110 West Airport Boulevard is offered at a price of $5,900,000. This offering presents the opportunity to acquire a single-tenant, net-leased retail property at the value of the underlying land ($49.32 per square foot land value), while enjoying income from a long-time local fitness concept at a 6.54 percent cap rate. The adjacent Whitewater Car Wash land site sold for a very similar valuation as the price of 11110 West Airport Boulevard.

11110 West Airport is situated in a high-growth corridor, adjacent to Chick-fil-A, Walmart, Waffle House, and a Whitewater Car Wash that is under construction. Across the street, at the southeast corner of Interstate 69 and West Airport Boulevard, is The Grid, a 192-acre mixed-use development. The Grid features 350,000 square feet of retail to be built, along with 500,000 square feet of office, and 1,500 residential units. 11110 West Airport benefits from the thousands of new residents across the street and millions of visits to The Grid each year, while enjoying frontage to the primary thoroughfare to access and exit The Grid.

The property is leased by Kinetix Fitness, a proven gym operator that outgrew its previous location at 4799 Lexington Boulevard in Missouri City. The triple-net lease has five years remaining, expiring in May 2031 and benefits from annual rent increases of approximately 2.8 percent per year. The average cap rate over the primary lease term at the purchase price is 6.8 percent.