Drive-Thru End Cap Strip
For Sale
Contact for pricing
Pending
635 University Blvd, Round Rock, TX 78665
Built in 2021, this Class A strip center combines NNN leases with a drive-thru end cap and convenient University Blvd access.
Property Size11,462 SF
Days on Market102
Property Features for 635 University Blvd
General Information
Standard status
Pending
Size
11,462 SF
Class
A
Property subtype
Retail
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Additional Details
Traffic Count
35,127 vehicles/day
Building Details
Year Built
2021
Buildings
1
Units
6
Tenancy
Multi
Listing Agency:
Summit Real Estate
Listed By:
Jason Vitorino · License #TX 512565
(469) 844-8884
Source:
Crexi
Added: May 27
Changed: Aug 31
Last Checked: Aug 29 at 4:47AM
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 Summit Real Estate
Investment Insights
Based on property information with market context.
Shops at University is a Class A, six-tenant strip center built in 2021, offered as a fully occupied retail property with NNN leases. The center includes a drive-thru end cap and features a service-oriented tenant mix spanning national, regional, and local operators. Parking is plentiful, with an indicated 5.06 spaces per 1,000 SF, and the site provides multiple points of ingress and egress.
The property fronts University Blvd in Round Rock, Texas, one of the area’s primary retail corridors, with 35,127 vehicles per day cited in the materials. Additional location context referenced in the remarks includes a Round Rock retail environment with 96.7% retail occupancy and dense surrounding retail activity.
For investors or operators evaluating an NNN retail asset, this property is positioned with a 5.5-year weighted average lease term (WALT) and materials note embedded rent growth across 75% of the GLA. The current rents are described as approximately 15% below market, with the remarks also indicating meaningful mark-to-market opportunity where leases are not yet at current market levels. The existing occupancy and lease structure make it suitable for those seeking a stabilized, service-oriented retail strip center with a drive-thru component.
The property fronts University Blvd in Round Rock, Texas, one of the area’s primary retail corridors, with 35,127 vehicles per day cited in the materials. Additional location context referenced in the remarks includes a Round Rock retail environment with 96.7% retail occupancy and dense surrounding retail activity.
For investors or operators evaluating an NNN retail asset, this property is positioned with a 5.5-year weighted average lease term (WALT) and materials note embedded rent growth across 75% of the GLA. The current rents are described as approximately 15% below market, with the remarks also indicating meaningful mark-to-market opportunity where leases are not yet at current market levels. The existing occupancy and lease structure make it suitable for those seeking a stabilized, service-oriented retail strip center with a drive-thru component.
Key Highlights
- Built in 2021, Class A 6‑tenant retail strip center in Round Rock, TX
- Fully occupied property with NNN leases and a service‑oriented tenant mix
- Drive‑thru end cap plus multiple ingress/egress points off University Blvd
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
$213,917
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
3.15%
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%
$4,278,340
$4.3M
Cap Rate 7%
$3,055,957
$3.1M
Cap Rate 9%
$2,376,856
$2.4M
Market Conditions
NOI Build-Up for 11,462 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
$316.4K $27.60/SF
− Vacancy
−$10.8K −$0.94/SF
EGI
$305.6K $26.66/SF
− OpEx
−$91.7K −$8.00/SF
NOI
$213.9K $18.66/SF
Area
Round Rock, TX
Vacancy
3.40%
Lease Rate
$27.60 /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%
$4,278,340
Cap Rate 7%
$3,055,957
Cap Rate 9%
$2,376,856
Alternative Uses
Best Use
Retail
$3.06M
$2.67M – $3.57M
NOI $213,917 @ 7.0% cap · market cap 3.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.63M
$3.18M – $4.24M
NOI $254,181 @ 7.0% cap · market cap 3.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
35,127 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
861
Businesses Nearby
Explore this area
Business Placement
Demographics for 78665, TX
61,577
Population
24,678
Households
2.5
Avg Household Size
35
Median Age
52%
College-Educated
97%
High-School Grad
24.1 sq mi
ZIP Area
2,555
Density / Sq Mi
$117,240
Median Household Income
$58,138
Median Earnings
$1,945
Median Rent
$438,700
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 - Built in 2021, this Class A strip center combines NNN leases with a drive-thru end cap and convenient University Blvd access.
Where is this strip mall located?
The property is located at 635 University Blvd Round Rock, TX.
What is the asking price?
The asking price for this property is $6,800,000.
What are key features of this property?
This property features: Built in 2021, Class A 6‑tenant retail strip center in Round Rock, TX; Fully occupied property with NNN leases and a service‑oriented tenant mix; Drive‑thru end cap plus multiple ingress/egress points off University Blvd
