909 Franklin St Houston, TX 77002
- Retail properties
Current Use by Public Records
- La Calle / Mexican Restaurant / Sports Bar
Property Details for 909 Franklin St
- Year built
- 1912
- Property type
- Retail properties
- Property subtype
- Restaurants
Description
This exceptional investment opportunity presents a 3,865-square-foot retail condominium in Houston's vibrant downtown, part of the Bayou Lofts building at Franklin and Main Streets. The property, built between 1910 and 1920 and converted to condominiums in 1997, currently houses a successful Mexican restaurant operating under a 10-year NNN lease with annual rent increases. The tenant, established in 2016, has expanded within the building and opened two additional locations, demonstrating strong business performance. The location benefits from high daytime traffic due to proximity to numerous large office buildings (over 184,600 within a one-mile radius) and convenient access to the Metro rail line. Evening traffic is further boosted by nearby Minute Maid Park, Toyota Center, and BBVA Stadium. The property's strong demographics include average household incomes exceeding $106,000 within a one-mile radius. The asking price is $1,350,000, offering a 6.85% cap rate and a net operating income (NOI) of $92,508. The tenant has even requested an early lease extension, highlighting their commitment and the property's desirability. This first-floor retail space within a nine-story residential condominium building sits on a 4,356-square-foot lot and offers a compelling 7.56% average return over the lease term. The property's location, one block from the University of Houston Downtown, further enhances its appeal.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Houston
- County
- Harris
- State
- Texas
- Longitude
- -95.3606
- Latitude
- 29.7634
