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23015 Colonial Pky - Katy Asian Town III- Building A

5,987 SF Retail Condo Unit in Katy, TX 77449

Investment Highlights

  • Newly constructed retail center located in a 125-acre master-planned community anchored by two new college campuses.
  • Purposefully developed off I-10 in a densely populated retail hub, situated 30 minutes West of Downtown Houston.
  • The community is heavily influenced by Asian-inspired restaurants and eateries and nationally acclaimed retailers, including JCPenney and Sephora.
  • The location benefits from heavy daytime foot traffic from the newly built Houston Community College and the University of Houston.
  • 4 High-Visibility Retail Units with Fully Lease, the expected annual base rent is from $292K, Avg.Annual Escalation:2.5%+
  • The surrounding area benefits from an average household income of $117,895 and a total consumer spending of $3.4 billion in a five-mile radius.

Executive Summary

KAT Elite Center, located at 23015 Colonial Parkway, is purposefully developed in the 125-acre University Center, an expansive, all-encompassing, mixed-use campus featuring office, medical, retail, residential, and educational facilities. The property is situated in a premier, highly sought-after destination location in the Houston market. Positioned at the northeast corner of I-10 and Grand Parkway 99, KAT Elite Center boasts unrivaled visibility, walkability, and regional access. The property is accessible to over 35,000 vehicles traveling along Grand Parkway and over 144,000 vehicles per day traveling along I-10, providing passengers with direct entrance to a unique theme center. The campus’ robust tenant roster is centered around the Asian culture bolstered by diverse and authentic national, regional, and local retailers. 23015 Colonial Parkway is ideally located between the new college campuses supporting excellent foot traffic in front of the storefronts. The University of Houston-Victoria at Katy Campus opened in 2019 and has nearly 5,000 students enrolled. Houston Community College Campus is scheduled to open its new location at University Center in Spring 2022 with an anticipated enrollment of 2,000 students in the first year. Nearby destinations, including the Texas Medical Center (West Campus) and Katy Mills Mall, are just a 10-minute drive, the Premium Outlet is a 16-minute drive, and the George Bush Intercontinental Airport is a 42-minute drive. With easy accessibility and astronomical commercial growth in the area, this new retail section of KAT Elite Center shall continue the sphere of influence and promising businesses within the University Center. Katy is the ideal market for retail users, establishing itself as one of the fastest-growing cities in the country with a population growth of 53.9% over the last decade, over eight times the national average of 6.3%.

Property Facts

Unit Size 5,987 SF
No. Units 1
Total Building Size 22,742 SF
Property Type Retail (Condo)
Property Subtype Storefront Retail/Office
Sale Type Investment
Building Class B
Floors 1
Typical Floor Size 22,742 SF
Year Built 2021
Lot Size 0.80 AC
Parking Ratio 6.32/1,000 SF

1 Unit Available

Unit .

Unit Size 5,987 SF
Condo Use Retail
Sale Type Investment
Sale Notes

Can be purchased with other units.

DEMOGRAPHICS

Demographics

1 Mile 1 Mi. 3 Miles 3 Mi. 5 Miles 5 Mi.
1 Mile
3 Mile
5 Mile
15 min drive
2024 Population
8,027
123,036
290,221
420,600
2029 Population
8,143
128,460
310,957
459,032
2024-2029 Projected Population Growth
1.5%
4.4%
7.1%
9.1%
Median Age
38.7
35.8
35.9
35.5
College Degree + Higher
38%
39%
43%
30%
Daytime Employees
5,070
39,400
76,756
128,876
Total Businesses
529
5,551
11,491
16,932
Average Household Income
$92,353
$101,544
$113,935
$119,514
Median Household Income
$72,325
$84,172
$92,611
$97,469
Total Consumer Spending
$95.8M
$1.4B
$3.4B
$5.1B
2024 Households
3,099
42,230
94,812
135,947
Average Home Value
$223,863
$274,926
$318,077
$339,625

Amenities

  • 24 Hour Access
  • Property Manager on Site
  • Restaurant
  • Security System
  • Tenant Controlled HVAC
  • Air Conditioning

Nearby Major Retailers

Happy Lemon
Meet Fresh
L & L Hawaiian Barbecue
La Madeleine
Red Robin
Gloria's Latin Cuisine
Kura Sushi
Bubba's 33
Hooters
Landry's Seafood House
  • Listing ID: 30691686

  • Date on Market: 1/18/2024

  • Last Updated:

  • Address: 23015 Colonial Pky, Katy, TX 77449

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