Plaza on FM 529
$2,802,000
13250 FM 529, Houston, TX 77041
Cap Rate
7.24%
Square Feet
10660
Year Built/Renovated
2002
INVESTMENT HIGHLIGHTS
• Destination Anchor With a Regional Following: Athena’s Greek Kitchen was named the best place to eat in Texas on Yelp’s 2023 Top 100 list. The restaurant offers a full catering business for events.
• Contractual Rent Growth Built Into the Rent Roll: Three tenants have future rent increases within current lease terms, adding $12,271 annually by June of 2029.
• Value-Add Through Lease Conversion: Five tenants are on triple-net leases | Athena’s Greek Kitchen (25 percent of GLA) is on a gross lease, an opportunity to move to triple-net at renewal.
• Needs-Based, Internet-Resistant Tenant Mix: 100 percent occupied by seven tenants | Food and grocery users occupy nearly 60 percent of GLA, alongside dental, salon and pawn services.
• Highly Trafficked Location Between Industry and Rooftops: Fronts FM 529 (50,320 VPD) near North Eldridge Parkway (32,409 VPD). | Next to North Eldridge Business Park and an industrial employment corridor that drives weekday lunch traffic. | More than 115,000 residents within three miles; $110,137 average household income within three miles. | Nearby retailers include Family Dollar, La Michoacana Meat Market, Burger King and Domino’s.
• Seller Reports Recently Replaced TPO Roof: There is no known deferred maintenance.
PROPERTY DESCRIPTION
Marcus & Millichap is pleased to exclusively offer for sale Plaza on FM 529, a 10,660-square-foot, fully occupied multi-tenant retail center at 13250 FM 529 Road in Houston, Texas. Built in 2002 on 0.75 acres, the center fronts FM 529 (50,320 VPD) just west of its intersection with North Eldridge Parkway (32,409 VPD). That places it at the meeting point of a dense industrial employment corridor and established residential neighborhoods in Northwest Houston.
The center is 100 percent occupied by seven tenants with a needs-based, internet-resistant mix. The anchor tenant, Athena’s Greek Kitchen, was named Yelp’s best place to eat in Texas in 2023 and draws diners from across the region. Its lease runs through March 2030, at which point an investor could convert the gross lease to triple-net.
Five tenants are on triple-net leases, offering minimal exposure to increases in operating expenses. Additionally, there is contractual rent growth built into the existing leases for the majority of tenants.
The surrounding area has more than 115,000 residents within three miles and nearly 281,000 within five miles, with an average household income of $110,137 within three miles. The North Eldridge Business Park and the industrial users along FM 529 add a steady daytime workforce that supports the center’s restaurants and service tenants.
Plaza on FM 529 is offered at $2,802,000 ($263/SF), representing a 7.24 percent cap rate on underwritten NOI of $202,848.
Scott Jones
ASSOCIATE DIRECTOR INVESTMENTS
713-452-4359
Gus N. Lagos
SENIOR MANAGING DIRECTOR INVESTMENTS
713-452-4257
Alex Wolansky, CCIM
MANAGING DIRECTOR INVESTMENTS
