6850 Highway 6 Missouri City, TX 77459

Property Details for 6850 Highway 6

Year built

2021

Lot size

1.32 lot acres

Property size

12,420 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

Fairview Plaza, a Class A, 12,420 square-foot shopping center in Missouri City, Texas, is for sale at $5,200,000. This single-story, 2021-built property boasts a 6.19% cap rate (6.73% pro-forma) and a strong NOI of $322,000 ($350,200 pro-forma). Currently 90% occupied (as of December 19, 2023), the center features six diverse tenants including Candy Shake Daiquiri, Hanguk Taekwondo, Michealux's Southern Cuisine, India Palace, G's Vape Shop, and Premium Cut, all under NNN leases with 3% annual rent bumps. The property sits on a 1.321-acre lot with 51 parking spaces and is strategically located on Highway 6, a major thoroughfare with over 58,000 vehicles daily, providing exceptional visibility. Situated near affluent neighborhoods like Riverstone, Sienna, and Lake Olympia, the center benefits from high traffic and strong demographics. One 1,053 square-foot unit remains available, presenting an opportunity for additional income. The property's prime location is further enhanced by its proximity to major retailers including Kroger, Lowe's, Target, Walmart, Kohl's, Hobby Lobby, Home Depot, Aldi, HEB, and CVS. This investment offers a compelling combination of strong current performance and significant upside potential.