Fully Occupied Retail
For Sale
$2,993,000
1626 Pat Booker Rd, Universal City, TX 78148
Stabilized retail center in Universal City, 100% occupied.
Property Size16,800 SF
Price / SF$178.15
Days on Market143
Property Features for 1626 Pat Booker Rd
General Information
Standard status
Active
Size
16,800 SF
Property subtype
Shopping Strip
Amenities
Fully Stabilized, Multi-Tenant Retail Center
Service-Oriented Tenant Mix
Average Rents are Well Below Market
Durable Design Elements Including Metal Roof and Awnings
Strategic Location in Densely Populated Corridor Near Randolph Air Force Base
Building Details
Building Size
16,800 SF
Year Built
1968
Listing Agency:
Marcus & Millichap - Dallas
(972) 755-5225
Listed By:
Philip Levy · License #License(s): TX: 0522087-SA
(972) 755-5225
Source:
Marcusmillichap
Added: Apr 3
Changed: Aug 8
Last Checked: Aug 22 at 3:41AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Marcus & Millichap - Dallas
Investment Insights
Based on property information with market context.
Pat Booker Retail Center is a fully stabilized, 16,800-square-foot multi-tenant retail asset. The property is 100 percent occupied, with all tenants operating under triple-net lease structures. Anchored by Meineke Car Care Center, the center has a diverse mix of service-oriented businesses, including World Finance, Humble Roots Brazilian Jiu-Jitsu, Goddess Ink & Tattoo, Kenpo Karate, Poca Mota, Rudy's Jewelry Repair, and a massage parlor. Pat Booker Retail Center is located in Universal City, a growing northeast suburb of San Antonio, positioned along Pat Booker Road—one of the area's busiest commercial corridors. Traffic counts in front of the property are approximately 23,552 vehicles per day. Numerous national and regional retailers are in the surrounding area, such as Planet Fitness, O'Reilly Auto Parts, Walmart, Kohl's, Ikea, Target, and Best Buy.
Key Highlights
- 100% Occupied with Triple‑Net Leases: Enjoy immediate and stable cash flow.
- Anchored by Meineke Car Care Center: Benefit from consistent customer traffic.
- High Traffic Location: Excellent visibility on Pat Booker Road with approximately 23,552 vehicles per day.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$223,534
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.47%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,470,680
$4.5M
Cap Rate 7%
$3,193,343
$3.2M
Cap Rate 9%
$2,483,711
$2.5M
Market Conditions
NOI Build-Up for 16,800 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$332.6K $19.80/SF
− Vacancy
−$13.3K −$0.79/SF
EGI
$319.3K $19.01/SF
− OpEx
−$95.8K −$5.70/SF
NOI
$223.5K $13.31/SF
Area
Bexar County, TX
Vacancy
4.00%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,470,680
Cap Rate 7%
$3,193,343
Cap Rate 9%
$2,483,711
Alternative Uses
Best Use
Retail
$3.19M
$2.79M – $3.73M
NOI $223,534 @ 7.0% cap · market cap 7.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.55M
$3.98M – $5.30M
NOI $318,291 @ 7.0% cap · market cap 10.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
768
Businesses Nearby
177k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 57%
Dining 21%
Shops & Services 19%
Beauty & Spa 2%
Walmart
Superstores
99,982 visits/mo
0.3 miles
Murphy USA
Shops & Services
14,253 visits/mo
0.3 miles
Taco Cabana
Dining
8,039 visits/mo
0.1 miles
Chipotle Mexican Grill
Dining
7,579 visits/mo
0.3 miles
SUBWAY
Dining
6,558 visits/mo
0.5 miles
Demographics for 78148, TX
21,569
Population
8,597
Households
2.5
Avg Household Size
37
Median Age
34%
College-Educated
96%
High-School Grad
9.6 sq mi
ZIP Area
2,247
Density / Sq Mi
$75,395
Median Household Income
$40,850
Median Earnings
$1,252
Median Rent
$249,400
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Stabilized retail center in Universal City, 100% occupied.
Where is this strip mall located?
The property is located at 1626 Pat Booker Rd Universal City, TX.
What is the asking price?
The asking price for this property is $2,993,000.
What are key features of this property?
This property features: 100% Occupied with Triple‑Net Leases: Enjoy immediate and stable cash flow.; Anchored by Meineke Car Care Center: Benefit from consistent customer traffic.; High Traffic Location: Excellent visibility on Pat Booker Road with approximately 23,552 vehicles per day.
