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$4,950,000
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| | Land Acres | 3.40 | |
| | GLA | 41,248 | |
| | Building S.F. | 41,248 | |
| | Percent Occupied | 89.26 % | |
| | Cross Street | Anderson Square | |
| | Tax Parcel Number | 0237-100-311 | |
| | Market | Austin | |
| | Sub Market | Northern Austin | |
| | No. of Buildings | 1 | |
| | No. Stories | 1 | |
| | No.Tenants | 15 | |
| | No. of Parking Spaces | 163 | |
| | Year Built | 1984 | |
| | Corner | Yes | |
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8120 Research Blvd Austin, TX 78758
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Property Description
Subject property has a great unit mix and the existing leases are NNN. In addition, the subject property's rents are below market, leaving plenty of upside in rent increases. The most upside would be Suite 100 (Cap City Comedy - 9,000 sf), which is paying well below market at $0.77/sf and their lease will expire in 2010 giving an opportunity for the investor to increase the rent to $1.50/sf.
Landlord is in the process of leasing suites 101 & 110. If either of those spaces do not lease by close of escrow, then Seller will guarantee rent for 1 year.
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Location Description
This 41,248 Square foot retail shopping center is located off of Highway 183 in an established community of northwest Austin. Situated in an established retail corridor, the subject property is surrounded by national tenants such as Mervyn's, Albertson's, Big Lots, Family Dollar, Dairy Queen, 7-Eleven, KFC, Blockbuster, McDonald's, and CVS Pharmacy, as well as many others.
Austin's unemployment rate is 26% below the US rate and 14% below the Texas unemployment rate (Source: the Bureau of Labor Statistics Oct. 2008). Not surprisingly Austin is at the top of Forbes' 2008 list of America's Fastest Growing Metros. The magazine ranked Austin No. 1 among the nation's 100 largest metropolitan areas. In 2008 Austin was ranked America's 2nd hottest labor market behind only Houston by bizjournals.com.
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