1000 Prairie St Houston, TX 77002

Property Details for 1000 Prairie St

Property size

26,973 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This exceptional three-story, 26,973 square foot shopping center is located at 1000 Prairie St, Houston, TX 77002, in the heart of the Central Business District. Priced at $9,936,000, this represents a compelling investment opportunity with an 8.00% cap rate and a strong net operating income (NOI) of $794,890. Currently boasting 100% occupancy with a diverse mix of restaurant and office tenants, this property offers significant diversification of income streams. The building benefits from a modified lease structure and is situated on a prominent corner lot at Main and Prairie Streets. Its prime location offers unparalleled access to Houston's METRORail, less than 200 feet away, and major bus routes, ensuring convenient commuting for employees and customers. The surrounding area is a vibrant hub of corporate offices, banks, and legal firms, presenting excellent potential for future commercial or office tenants. Furthermore, the property's proximity to Minute Maid Park and the Toyota Center, along with a diverse array of nearby restaurants, bars, and shopping options, enhances its appeal and potential for growth. Adding to its financial strength, the building features cell tower leases with AT&T and T-Mobile on the roof, generating additional recurring revenue. This irreplaceable piece of Houston real estate presents a rare opportunity for a savvy investor seeking a high-performing, centrally located asset with significant upside potential. The property is offered with a zero-year remaining lease term.

Location Insight

City

Houston

County

Harris

State

Texas

Longitude

-95.3619

Latitude

29.7605