Florence of McKinney | 4051 S Custer Rd
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Florence of McKinney 4051 S Custer Rd
23,343 SF 100% Leased Retail Building McKinney, TX 75070 $11,787,000 ($505/SF) 6.65% Cap Rate
Investment Highlights
- 2024 Construction, 100% Leased Retail Asset Located in the High-Growth, Affluent Northern DFW Submarket of McKinney, Texas
- Average Household Income Exceeds $157,400 & $169,100 in a 1 & 3 Mile Radii, Respectively
- New Leases with Weighted Average Base Lease Term of 10 Years; All Tenants have Annual Escalations & Renewal Options
- Part of Modern Mediterranean-Themed Mixed Use Project; Featuring 260+ apartments, 5,000 SF Amenity Center, Roof Top Terraces, Dog Parks, Walking Trail
- McKinney Recently Ranked #1 as The Best Real Estate Market in the Country in 2023 (WalletHub)
- Close Proximity to a Variety of Schools, Retail Destinations, Employment Centers & Social Attractions
Executive Summary
Florence of McKinney is a 23,343 square foot retail asset situated in the high-growth, affluent northern DFW submarket of McKinney, Texas. The Property is well positioned off the heavily trafficked thoroughfare of Custer Road, approximately 35 minutes north of Downtown Dallas and minutes from US 380. Built in 2024, Florence of McKinney is 100% leased to a relevant mix of restaurant and service users. All tenants have brand new leases that commence in 2023 with a weighted average base lease term of 10 years, average lease term expiration of August 2034, annual rent escalations and renewal options. The Property sits on a large 1.34-acre parcel and benefits from a highly visible monument sign, shallow bay depth, parallel frontage to Custer Road and cross access to neighboring multifamily including Discovery at Craig Ranch (366 units).
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront Retail/Office
Building Size
23,343 SF
Building Class
B
Year Built
2024
Price
$11,787,000
Price Per SF
$505
Cap Rate
6.65%
NOI
$783,836
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
0.40
Land Acres
1.34 AC
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | R-6662-000-0180-1 | Improvements Assessment | $2,243,097 |
| Land Assessment | $7,107,424 | Total Assessment | $9,350,521 |
PROPERTY TAXES
Parcel Number
R-6662-000-0180-1
Land Assessment
$7,107,424
Improvements Assessment
$2,243,097
Total Assessment
$9,350,521
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Florence of McKinney | 4051 S Custer Rd
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