Downtown Houston Retail
For Sale
Contact for pricing
Pending
909 Franklin St, Houston, TX 77002
Retail condominium in Downtown Houston with established restaurant tenant.
Property Size3,865 SF
Days on Market251
Property Features for 909 Franklin St
General Information
Standard status
Pending
Size
3,865 SF
Property subtype
Retail
Occupancy
100%
Lease Type
NNN
Building Details
Tenancy
Single
Listing Agency:
Marcus & Millichap - Houston
Listed By:
James Bell · License #TX 0382650
(713) 452-4266
Source:
Crexi
Added: Jan 29
Changed: Aug 8
Last Checked: Aug 8 at 6:33AM
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 - Houston
Investment Insights
Based on property information with market context.
This 3,865 square foot retail condominium is located in Downtown Houston, specifically within the Bayou Lofts Condominium building at the corner of Franklin Street and Main Street. Originally constructed as an office building between 1910 and 1920, the building was converted to condominiums in 1997. The property is currently occupied by La Calle, an Authentic Mexican Street Taco restaurant that opened its first location here and expanded into the adjacent space. The restaurant benefits from its Downtown location, which draws significant traffic. The area has a high daytime population due to numerous large office buildings, with over 184,600 people within a one-mile radius. The property's location on the Metro rail line provides convenient ground transportation to various destinations. The Harris County courthouses are located just two blocks away, and Minute Maid Park, Toyota Center, and BBVA Stadium generate nighttime traffic. The average household income within one mile exceeds $106,000.
Key Highlights
- High daytime population (over 184,600 within one mile) drives traffic to the tenant.
- Located in Downtown Houston at the corner of Franklin Street and Main Street.
- Tenant (La Calle) is an established and successful Authentic Mexican Street Taco restaurant.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$59,482
Cap Rate
4.48%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,189,640
$1.2M
Cap Rate 7%
$849,743
$849.7K
Cap Rate 9%
$660,911
$660.9K
Market Conditions
NOI Build-Up for 3,865 SF
Gross rent
$83.5K $21.60/SF
− Vacancy
−$4.2K −$1.08/SF
EGI
$79.3K $20.52/SF
− OpEx
−$19.8K −$5.13/SF
NOI
$59.5K $15.39/SF
Area
Houston, TX
Vacancy
5.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,189,640
Cap Rate 7%
$849,743
Cap Rate 9%
$660,911
Alternative Uses
Best Use
Specialty Retail
$849.7K
$743.5K – $991.4K
NOI $59,482 @ 7.0% cap · market cap 4.48%
Second Best
Retail
$748.7K
$655.1K – $873.5K
NOI $52,408 @ 7.0% cap · market cap 3.95%
Theoretical Best
Office A
$993.9K
$869.6K – $1.16M
NOI $69,570 @ 7.0% cap · market cap 5.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
9,220
Businesses Nearby
Explore this area
Business Placement
Demographics for 77002, TX
19,844
Population
8,960
Households
2.2
Avg Household Size
34
Median Age
37%
College-Educated
86%
High-School Grad
2.0 sq mi
ZIP Area
9,922
Density / Sq Mi
$85,436
Median Household Income
$54,755
Median Earnings
$1,860
Median Rent
$286,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Houston, TX
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Frequently Asked Questions
What type of property is this?
Retail space - Retail condominium in Downtown Houston with established restaurant tenant.
Where is this retail space located?
The property is located at 909 Franklin St Houston, TX.
What is the asking price?
The asking price for this property is $1,327,500.
What are key features of this property?
This property features: High daytime population (over 184,600 within one mile) drives traffic to the tenant.; Located in Downtown Houston at the corner of Franklin Street and Main Street.; Tenant (La Calle) is an established and successful Authentic Mexican Street Taco restaurant.
