Multi-Tenant Retail Center with
For Sale
$8,032,000
26440 FM 1093, Richmond, TX 77406
Multi-tenant NNN retail center built in 2013 with flexible suites and an end cap featuring covered patio areas.
Property Size22,497 SF
Lot Size1.94 Acres
Price / SF$357.03
Days on Market143
Property Features for 26440 FM 1093
General Information
Standard status
Active
Size
22,497 SF
Lot size
1.94 Acres
Property subtype
Shopping Strip
Occupancy
100%
Additional Details
Cap Rate
7.3%
Amenities
100% Leased on Triple-Net Terms
Diverse Mix of Restaurants and Service-Based Retailers
Average Rents are Below Market with Staggered Lease Expirations
Explosive Affluent Demographic Growth
Building Details
Building Size
22,497 SF
Year Built
2013
Tenancy
Multi
Listing Agency:
Dallas Office
(972) 755-5225
Listed By:
Philip Levy · License #TX: 0522087
(972) 755-5225
Source:
Marcusmillichap
Added: Apr 3
Changed: Aug 22
Last Checked: Aug 14 at 8:03AM
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 Dallas Office
Investment Insights
Based on property information with market context.
Shoppes at Westpark is a 22,497-square-foot, multi-tenant retail center on a 1.94-acre parcel, built in 2013. The property is fully occupied by eight service and restaurant tenants operating on triple-net (NNN) leases. Suites offer flexible configurations, with available spaces stated to range from 1,000 to 6,080 square feet. Texas Borders is an end cap suite and includes playground and covered patio areas for outdoor dining. The building features a metal roof. The landlord reports recent improvements including exterior painting, monument signage painting, and landscaping/hardscaping upgrades.
The center is positioned along the FM 1093 / Westpark Tollway corridor in Fort Bend County. The immediate area includes several national retailers listed in the remarks, and the corridor is described as supporting ongoing and planned retail development, including The Oaks of District West with construction anticipated to begin in 2026 and delivery targeted for 2027.
This offering presents a fully leased, multi-tenant NNN retail investment with a mix of service and restaurant tenants and unit sizes suited to a range of retail configurations.
The center is positioned along the FM 1093 / Westpark Tollway corridor in Fort Bend County. The immediate area includes several national retailers listed in the remarks, and the corridor is described as supporting ongoing and planned retail development, including The Oaks of District West with construction anticipated to begin in 2026 and delivery targeted for 2027.
This offering presents a fully leased, multi-tenant NNN retail investment with a mix of service and restaurant tenants and unit sizes suited to a range of retail configurations.
Key Highlights
- 22,497 SF multi‑tenant retail center built in 2013 on a 1.94‑acre parcel in Richmond, TX
- Fully occupied by eight service and restaurant tenants on triple‑net (NNN) leases
- Suite sizes range from 1,000 to 6,080 SF, offering flexible unit configuration
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
$304,728
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
3.79%
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%
$6,094,560
$6.1M
Cap Rate 7%
$4,353,257
$4.4M
Cap Rate 9%
$3,385,867
$3.4M
Market Conditions
NOI Build-Up for 22,497 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
$461.6K $20.52/SF
− Vacancy
−$26.3K −$1.17/SF
EGI
$435.3K $19.35/SF
− OpEx
−$130.6K −$5.81/SF
NOI
$304.7K $13.55/SF
Area
Fort Bend County, TX
Vacancy
5.70%
Lease Rate
$20.52 /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%
$6,094,560
Cap Rate 7%
$4,353,257
Cap Rate 9%
$3,385,867
Alternative Uses
Best Use
Retail
$4.35M
$3.81M – $5.08M
NOI $304,728 @ 7.0% cap · market cap 3.79%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$280.26M
$245.23M – $326.97M
NOI $19,618,034 @ 7.0% cap · market cap 244.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
407
Businesses Nearby
76k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 86%
Shops & Services 9%
Electronics 5%
Whataburger
Dining
23,967 visits/mo
0.5 miles
Taco Bell
Dining
12,059 visits/mo
0.2 miles
Panda Express
Dining
8,430 visits/mo
0.4 miles
Freddy's Frozen Custard & Steakburgers
Dining
8,264 visits/mo
0.3 miles
Spring Creek Barbeque
Dining
6,994 visits/mo
0.3 miles
Demographics for 77406, TX
58,703
Population
22,096
Households
2.7
Avg Household Size
37
Median Age
49%
College-Educated
95%
High-School Grad
57.6 sq mi
ZIP Area
1,019
Density / Sq Mi
$143,023
Median Household Income
$65,609
Median Earnings
$1,986
Median Rent
$383,400
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?
Shopping center - Multi-tenant NNN retail center built in 2013 with flexible suites and an end cap featuring covered patio areas.
Where is this shopping center located?
The property is located at 26440 FM 1093 Richmond, TX.
What is the asking price?
The asking price for this property is $8,032,000.
What are key features of this property?
This property features: 22,497 SF multi‑tenant retail center built in 2013 on a 1.94‑acre parcel in Richmond, TX; Fully occupied by eight service and restaurant tenants on triple‑net (NNN) leases; Suite sizes range from 1,000 to 6,080 SF, offering flexible unit configuration
