Krum Old Town Property FM 1173

The property is located in Old Town Krum very close to the main intersection in this city, FM 156 & FM 1173. TX DOT will be expanding the roadway mainly to the east of this location to accommodate all the traffic and future traffic being generated by the fast housing growth in this area. Krum, .Krum is located in Denton county, one of the fastest growing counties in the United States. New residents are moving to this area given the many new subdivisions underway. The high school is currently 5A and growing towards 6A in the next year or two. Although considered a rural area today, that will be changing in the future with the booming economy and proactive city government. Growth is taking place in all four directions. The property location falls under Commercial, Old Town zoning which allows most uses. Residential Zoning is also allowed as a combination in this area of the city. The city recently approved vertical buildings up to 6 stories for Old Town which should generate upscale apartments and condo units. There could be an opportunity to expand this site up to 5 stories based on the new zoning. (if the structure allows) The future opportunity of rebuilding the retail floor and adding 4 more floors above is real.
The property is currently cut into 4 units. Two retail/office spaces with the storefront along FM 1173 and 2 apartments with separate garages in the rear of the property. The 2 residential units have been leased out at below market rents for monthly rental income. One of the 2 retail/office spaces in the front of the property has been leased to a Cash/Loan type store. The left hand side of the retail/office space is available for lease and it will need some finish out work prior to occupancy. My understanding is that the owner has kept the lease terms short if a new owner does not want to keep the existing tenants in their location.
The current retail area is cut into 2 spaces approximately 1,300sf each and the apartments are approximately 890sf each with a garage for each unit. Garages are not included in the square footage calculation. Head in public parking along the street is available for the storefront area now however this may be converted into parallel parking once the highway department modifies the major intersection close by. Not to worry, the city built a public parking lot across the street and it is my understanding that once the police department relocates out of their current facility 1 block away, that the city plans to convert that into additional parking for the area. Redevelopment of the property is also an option. The retail/office area could be combined to approx. 2,600sf by removing the partition wall or up to approx. 4,375sf by taking out the residential units in the back and adding them to the store front area. Located downtown with the Post Office and City Event Center 1 block away, the area should remain strong as we move forward into the future. The property is located at the only major intersection in town with North/South and East/West Highway connecting less than one block away. The store front is visible from 3 of the 4 directions at this intersection which is scheduled to be a controlled signal light intersection once the road work begins. The ability to use 4,375sf of space with nice high ceilings for quick income by accepting the existing rent or releasing the spaces will provide income while retaining an excellent future redevelopment location with many possibilities. Major growth in the area and the improved highways will increase traffic in this city. The downtown draw and future housing within walking distance of this location should keep the traffic flowing in all four directions. Future vertical build area is an added plus for future income. The general area around this property is expecting to see more residential growth with condo’s and apartments planned given the new vertical height of 5 stories. This location may be able to be converted into a restaurant use. Porto Fino's Italian restaurant a couple of doors from this location draws customers from Sanger to the west and Justin, Texas to the southwest 20 miles away.