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Mars Plaza

2949 College St, Beaumont, TX 77701, USA
$3.74M

Description

Marketing Description
Marcus & Millichap is pleased to offer Mars Plaza (“Property”) in Beaumont, Texas for your consideration. The property consists of two buildings totaling 26,500 SF that sit on just over two and a half acres of land. The Property was built by the current owner in 2013 and offers 240 feet of frontage on College Street. All are tenants on gross leases, providing the opportunity for future upside by way of transitioning to a NNN lease structure. A future owner can increase yield by leasing the current vacancy totaling 4,600 square feet.
Situated in the heart of Beaumont, Mars Shopping Plaza is positioned one mile east of the College Street and I-10 interchange with close proximity to major regional, national and international retailers. This dense retail corridor is the main thoroughfare that connects I-10 to Downtown Beaumont and provides access to a bustling daytime population of over 100,000 within a 3-mile radius. Mars Plaza features affordable rent, roughly averaging only $16 gross per square feet per year. The property also benefits from its convenient location one block from Baptist Hospitals of Southeast Texas and Memorial Hermann Baptist. Beaumont and the surrounding areas are at the center of a 54 Billion Dollar petroleum expansion, which is going to create thousands of new job.

Investment Highlights
26,500 Square Foot Shopping Center | 2.63 Acres of Land
Upside by Leasing Vacancy & Converting Gross Leases to NNN
Centrally Located Less Than 2 Miles From Downtown and 1 Mile From I-10
5-Mile Daytime Population of 148,000+

Detail

Updated on September 11, 2019 at 9:23 am

  • Property ID: 19629
  • Price: $3.74M
  • Property Size: 26500 sqft
  • Year Built: 2013
  • Property Type: Retail
  • Property Status: For Sale
  • Price Per/Sf: 141.13
  • Lot Size (acres): 2.63
  • Tenancy: Multi

Additional details

  • Pro-Forma Cap Rate: 7.74%
  • Occupancy: 82%
  • Pro-Forma NOI: 289,539
  • Address: 2949 College St, Beaumont, TX 77701, USA
  • City: Beaumont
  • State/county: Texas
  • Zip/Postal Code: 77701

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What's Nearby?

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Education

  • Shorkey Education & Rehabilitation Ctr of S E Texs (0.48 mi)
    1 reviews
  • Vista College - Beaumont (0.95 mi)
    2 reviews
  • Christus HWC (1.81 mi)
    19 reviews

Food

  • The Greek Restaurant (0.02 mi)
    1 reviews
  • Sam's Southern Eatery (0.02 mi)
    20 reviews
  • La Real Michoacana (0.03 mi)
    7 reviews

Health & Medical

  • Collins W Edward MD (0.26 mi)
    1 reviews
  • Memorial Hermann Baptist Beaumont Hospital (0.26 mi)
    7 reviews
  • Walgreens Pharmacy at Baptist Beaumont (0.28 mi)
    1 reviews

Real Estate

  • Kathlyn Curtis - Why I Love Houston Properties (85.87 mi)
    4 reviews

Contact info

Justin Miller<br/>First Vice President Investments at Marcus & Millichap
Justin Miller
First Vice President Investments at Marcus & Millichap
(713) 452-4287(713) 452-4210

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