Coldwell Banker Commercial Southwest
www.coldwellbusiness.com
Property ID: 62444
Property Type: Retail
Property Address:
610-622 US HWY 290
Giddings, TX 78942
County: Lee
Price: $599,941
Property Size: 8,179 Sq. Ft.
Lot Size: 11,500 Sq. Ft. |
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Property Description
The Investment Property Division of Coldwell Banker Commercial in Brenham (“CBC Brenham”) is proud to present the AUSTIN HIGHWAY MARKETPLACE in Giddings (the “Marketplace”).
The Marketplace is two contiguous buildings with 8,179 SF. (1) Marketplace # 1 has 2,134 SF and fronts the Austin Highway, US Highway 290. (2) Marketplace # 2 has 6,045 SF and fronts Titus Street. The Marketplace is located on a downtown corner with 190’ of frontage including 97’ of frontage on US 290 with 2,976 SF of owned paved parking. They are offered for sale, rent or lease:
-for rent or lease as is at $1,500 per month ($0.18 per month per SF)
-lease build to suit or tenant allowance based on terms and qualifications
-for sale at $599,941 with 100% FINANCING AVAILABLE
We believe the location, frontage, dedicated parking, flexible lease terms, extremely competitive rent rate and 100% FINANCING AVAILABLE make the Pavilions a persuasive alternative for retail, professional or service entrepreneurs.
HIGHLIGHTS
(1) 8,179 SF available for rent, lease or sale with 212’ of frontage: 97’ on US Highway 290.
(2) Available in three offerings:
(a) For rent “as is” at $1,500 per month ($0.18 per month per SF)
(b) For lease build to suit or with tenant allowance based on terms and qualifications
(c) For sale at $599,941.
(3) Up to 100% FINANCING available including land, new construction, improvements and capital equipment.
(4) 50 miles from Austin and 89 miles from Houston.
(5) Six retail opportunities with unmet 2008 local retail demand in excess of $2,000,000 per year at a 3-mile radius and in excess of $1,000,000 per year at a 1-mile radius.
(6) Full service restaurant opportunity, within a 3-mile radius, estimated at $5.2 million opportunity based on $3.2 million current unmet demand + $2 million in growth in local consumer spending through 2012.
(7) Clothing and accessories opportunity, within a 3-mile radius, estimated at $4.2 million based on $2.9 million in current unmet local demand and $1.2 million in growth in local consumer spending through 2012.
(8) Outstanding Lee County economy ranks # 1 in six key demographic and econometric indicator and # 2 in four key indicators compared to all contiguous rural counties (Burleson, Fayette, Milam and Washington County).
Call 979.421.9810 to contact any member of the Bahia Team: Diane Alexander, Tootie Lyons, George Alexander or Chris DeAlmeida.
You can also contact the Bahia Team by email at AustinHighwayPavilionsTeam@ColdwellBusiness.com.
FLEXIBLE RENT OR LEASE TERMS
The Marketplace is available for rent, “as is”, at $1,500 per month.
They are available for lease to one or more credit worthy tenants. Depending on your qualifications and terms, the owners will build out to suit or provide a tenant allowance to assist you in building to your specifications.
FINANCING
With a unique combination of loan alternatives including subordinated owner financing, you can take advantage of 100% financing.
Financing can include land, new construction, improvements and capital equipment.
Considerations:
A decision on subordinated owner financing is at the complete discretion of the owner. Factors that may be considered include qualifications, terms, equity structure, site and/or development plan and others.
Terms:
The interest on the subordinated mortgage is two percent or 200 basis points above your first mortgage. For example, the first mortgage is at 6.25%. The subordinated mortgage will be at 8.25%. If the first mortgage adjusts, the subordinated mortgage adjusts at the same time.
Amortization Schedule:
Payments based on a 30-year amortization schedule.
Balloon:
The final balloon payment is due in five-years. It is immediately payable if the first loan is refinanced or otherwise replaced.
PROPERTY
The Marketplace is comprised of two distinct, contiguous buildings.
Marketplace # 1:
Marketplace # 1 has 2,134 SF. It has 97’ of frontage on Austin Street (US Highway 290) and 22’ of frontage on Titus Street. It has large windows facing Austin Street and additional windows on both sides providing excellent display capacity combined with visibility and natural light.
The prior tenant was a restaurant. The current floor plan is based on an open design with a large seating area, enclosed kitchen and preparation areas and two restrooms.
Marketplace # 1 is ideal for retail or professional entrepreneurs.
Marketplace # 2:
Marketplace # 2 has 6,045 SF. It has 93’ of frontage on Titus Street. It has large windows and doors opening to the Dedicated Parking Area.
It is ready to be built out to your specifications.
Marketplace # 2 is ideal for retail, professional or service entrepreneurs.
Dedicated Paved Parking:
The Marketplace property value is significantly enhanced with 2,976 SF dedicated paved parking. If you acquire the Pavilions rather than leasing, this space also provides you with flexibility to increase usable square footage.
CONCEPTUAL PLAN FOR Marketplace # 2
Alexander Tiffany, LLC (“AT”) developed a conceptual sight plan for Marketplace # 2 to demonstrate the flexibility and value to a potential tenant or new owner.
This plan defines 5 Marketplace suites ranging from 975 SF to 1,625 SF based on the following:
(1) Two 975 SF suites
(2) One 1,170 SF suite
(3) One 1,300 SF suite
(4) One 1,625 SF suite
Assuming competitive market rental rates, AT estimates annualized gross potential rental income in 2008 of $49,218. AT anticipates appropriate rental increases can be achieved in future years.
LOCATION
(1) Directly on US Highway 290, the primary corridor between Houston and Austin.
(2) Corner lot at US Highway 290 and Titus Street.
(3) By 2009, traffic count expected to exceed 20,000 with
continued growth expected.
(4) 21 miles from La Grange. 23 miles from Round Top. 32 miles from Brenham.
(5) 38 miles from Interstate 10.
(6) 50 miles from Interstate 35.
(7) 50 miles from Austin, Texas.
(8) 89 miles from Houston, Texas.
MICRO DEMOGRAPHIC AND ECONOMETRIC KEY INDICATORS
Alexander Tiffany, LLC (“AT”) performed micro demographic and econometric analysis to evaluate the immediate area using ¾-mile, 2-miles and 3-miles (“Immediate Area”) as benchmarks.
While you may be concerned about the demographics and econometrics of a downtown location in a historic community, the key indicators for the Immediate Area are competitive with the greater Giddings community.
The following summarizes these findings:
(1) Annual percentage of population growth projected at 1.06% to 1.18% in the Immediate Area between 2008 and 2012 compared to Giddings at 1.22%
(2) 2008 average household incomes range from $43,389 to $43,592 in the Immediate Area compared to Giddings at $43,998
(3) Annual percentage of household income growth projected at 1.57% to 1.70% in the Immediate Area between 2008 and 2012 compared to Giddings at 1.71%
(4) Annual percentage of consumer spending growth projected at 4.98% to 5.20% in the Immediate Area between 2008 and 2012 compared to Giddings at 5.26%
(5) 2008 effective household incomes range from $50,929 to $51,143 in the Immediate Area compared to Giddings at $51,412
(6) Annual percentage of household effective buying income growth projected at 1.74% to 1.85% in the Immediate Area between 2008 and 2012 compared to Giddings at 1.89%
(7) Percent of 2008 household with annual incomes of at least $100,000 at 9.40% to 9.68% in the Immediate Area compared to Giddings at 9.63%
(8) Percent of 2012 household with annual incomes of at least $100,000 at 11.30% to 11.65% in the Immediate Area compared to Giddings at 11.14%
(9) Percent of 2008 household with annual incomes of at least $150,000 at 2.76% to 2.90% in the Immediate Area compared to Giddings at 3.17%
(10) Percent of 2012 household with annual incomes of at least $150,000 at 3.21% to 3.34% in the Immediate Area compared to Giddings at 3.53%
COMPARATIVE RURAL COUNTY MARKET DEMOGRAPHIC AND ECONOMETRIC ANALYSIS
AT performed preliminary analysis of key demographic and econometric indicator comparing lee County to the four rural contiguous counties: Burleson, Fayette, Milam and Washington County (“Comparative Counties”).
In this analysis Lee County economy ranks # 1 in six key econometric and demographic indicators and # 2 in four key indicators compared to the Contiguous Counties. The following are highlights of these findings:
(1) #1 in annual percentage of total economic growth
(2) # 1 in population percentage growth
(3) #1 in annual percentage growth in consumer spending
(4) #1 in average household income
(5) #1 in effective household income
(6) #1 in percentage of families with annual incomes of at least $100,000 in 2012
(7) #2 in annual percentage growth in average household income
(8) #2 in percentage of families with annual incomes of at least $100,000 in 2008
(9) #2 in annual percentage growth in families with average household incomes of at least $150,000
(10) #2 in annual percentage growth in families with average household incomes of at least $150,000
RETAIL GAP ANALYSIS
AT performed retail gap analysis to identify unmet local consumer demand for businesses.
3-Mile Radius:
AT identified six distinct opportunities that each have unmet local retail demand in excess of $2,000,000 per year. Another two opportunities each have unmet demand in from $1,000,000 to $1,250,000. The following are the top 10 categories:
(1) Clothing and accessories at $2.9+ million
(2) Health and personal care (excluding medical and physicians) at $2.9+ million
(3) General merchandise at $2.8+ million
(4) Home center (mini-“Home Depot” excluding appliances) at $2.7+ million
(5) Restaurant (excluding alcohol) at $2.6+ million
(6) Pharmacy at $2.4+ million
(7) Family clothing only at $1.2+ million
(8) Consumer electronics and appliances at $1.1+ million
(9) Special foods (excludes restaurants, fast food, limited service and alcohol) at $600+ thousand
(10) Shoes only at $500+ thousand
1-Mile Radius:
AT identified six distinct opportunities that each have unmet local retail demand in excess of $1,000,000 per year. The following are the top 10 categories:
(1) Health and personal care (excluding medical and physicians) at $1.6+ million
(2) Clothing and accessories at $1.5+ million
(3) Home center (mini-“Home Depot” excluding appliances) at $1.4+ million
(4) General merchandise at $1.4+ million
(5) Pharmacy at $1.4+ million
(6) Restaurant (excluding alcohol) at $1.2+ million
(7) Family clothing only at $600+ thousand
(8) Consumer electronics and appliances at $500+ thousand
(9) Special foods (excludes restaurants, fast food, limited service and alcohol) at $300+ thousand
(10) Shoes only at $250+ thousand
Note this is local demand only and does NOT include demand from travelers.
GROWTH IN CONSUMER SPENDING
From 2008 through 2012, Lee County projected annual growth in total consumer spending projected at 5.71% and the City of Giddings projected at 5.26%. Projections in the immediate area range from 4.81% at a ½-mile radius to 5.20% at a 3-mile radius.
Top Categories by Annual Dollar Projected Growth:
The following are the top 10 categories, excluding categories that do not fit the property such as a gas station/convenience store or big box stores, ranked by annual dollar growth in consumer spending at a 3-mile radius:
(1) Health and personal care (excluding medical and physicians) at $700+ thousand
(2) Prescriptions at $550+ thousand
(3) Dining out at $475+ thousand
(4) Food at home at $375+ thousand
(5) Apparel and accessories at $300+ thousand
(6) Used autos at $250+ thousand
(7) Consumer electronics at $225+ thousand
(8) Lunch out at $175+ thousand
(9) Vehicle maintenance and repair at $150+ thousand
(10) Tuition and school supplies at $150+ thousand
Top Categories by Annual Percentage Growth:
The following are the top 10 categories, excluding categories that do not fit the property such as a gas station/convenience store or big box stores, ranked by annual percentage growth in consumer spending at a 1-mile radius:
(1) Prescriptions at 11.3%
(2) Snacks and non-alcoholic beverages at 8.9%
(3) Breakfast out at 8.1%
(4) Tuition and school supplies at 7.0%
(5) Appliances at 6.8%
(6) Used autos at 6.7%
(7) Consumer electronics at 6.6%
(8) Lunch out at 6.5%
(9) Alcohol at home at 6.3%
(10) Pet related at 5.6%
Note this is local consumer spending only and does NOT include spending by travelers.
TWO RETAIL EXAMPLES OF $4 TO $5 MILLION REVENUE OPPORTUNITIES
AT performed further analysis presented by unmet consumer demand with projected growth in consumer spending through 2012.
(1) $5.2 million opportunity for a full service restaurant
(2) $4.2 million opportunity for a clothing and accessories store
LEE COUNTY ECONOMY
The Lee County economy compares very favorably to its contiguous rural counties (Burleson, Fayette, Milam and Washington County), in key demographics and econometrics. Robust economy projected to grow by 5.7%+ per year and exceed $500 million in 2013.
ADDITIONAL INTERNET LINKS
(1) Dedicated Website:
http://property.loopnet.com/15607235
(2) Link to listing website with all graphics and pictures utilized in the Pavilions offerings in PDF or JPG files for easy downloading:
http://listing.loopnet.com/15607235
(3) Link to all demographic and econometric reports utilized in Pavilions offering in PDF files for easy downloading:
http://www.coldwellbusiness.com/ListingReports.610WAustin.html
DIRECTIONS
FROM AUSTIN (Interstate 35 and US Highway 290 E interchange), it is 50.0 miles and about 57 minutes.
(1) Go east on US Highway 290 East for 50.0 miles.
(2) As you enter downtown Giddings, Titus Street is a cross street on your right.
(3) The property is on your right with a CBC Brenham sign.
FROM HOUSTON (Beltway and US Highway 290 E interchange), it is 89.8 miles and about 1 hour and 33 minutes.
(1) Go west on US Highway 290 East for 56.8 miles through Brenham.
(2) As you are leaving Brenham, merge onto US Highway 290 toward Austin, for 32.9 miles.
(3) As you enter downtown Giddings, you come to a red light for Texas Highway 77. Continue through the light for four blocks.
(4) Titus Sreet is on your left.
(5) The property is on your left with a CBC Brenham sign.
EMAIL TO YOU WHEN WE LIST NEW PROPERTIES THAT MEET YOUR SPECIFICATIONS
We offer immediate email contact when we list properties in categories you have expressed an interest.
Please send an email to PriorityListings@ColdwellBusiness.com with your specifications.
DISCLOSURES & COPYRIGHTS
CBC is a wholly owned franchise of Alexander Tiffany Southwest, LLC. Analysis is preliminary, based on proprietary systems and models, is time sensitive and based on assumptions- stated and unstated. Graphics are only renderings. Measurements are only estimates. No warranties are expressed or implied. All content is protected by copyright laws, is only for prospects or legal representatives, and should not replace buyers own due diligence and analysis. Any other use is prohibited. |
Financial Summary
100% financing available. |
Attached Documents
Document 1
Document 2
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Contact Information
Company: Coldwell Banker Commercial Southwest
Name: Administrator
Email: Click Here to Email
Phone: 979.421.9996
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