12805 Cullen Blvd
Houston, TX 77047
Cullen Commons Shopping Center · Retail Property For Sale

Marcus & Millichap is pleased to exclusively list Cullen Commons Shopping Center, located at 12805 Cullen Boulevard. The subject property consists of a 17,500 square foot neighborhood retail center built in 2010 on 1.76 acres. Cullen Commons is offered for $3,100,000, which offers an investor a 7.75 percent CAP rate today. With proposed financing, an investor would yield 10.37 percent after debt service. Cullen Commons and its sister property adjacent to the subject property are the dominant retail centers in this submarket. Cullen Boulevard is heavily trafficked with an average of 16,646 vehicles per day. Over 62,000 people live within three miles of the property. Cullen Commons offers an investor a unique opportunity for upside in the Net Operating Income, by leasing a 1,200 square foot vacancy and by collecting NNN expense reimbursements as indicated in each tenant’s lease. All tenants are on NNN leases, which provide for each tenant to reimburse in full for CAM, insurance, taxes, and management expenses. The current landlord voluntarily collects partial expense reimbursements for some tenants and does not collect for reimbursements for others. By leasing the 1,200 square foot suite at market rent of $17.50 per square foot on a NNN lease and following the terms in all of the leases by passing through all expenses to the tenants, an investor may increase the Net Operating Income by $85,000. Doing so would yield an investor a proforma CAP rate of 10.5 percent.