11038 Westheimer Rd Houston, TX 77042-3206

Property Details for 11038 Westheimer Rd

Year built

2002

Construction

STEEL FRAME

Lot size

1.39 lot acres

Property size

14,106 SF

Property type

Drug stores

APN

1230120010002

APU

1230120010002

Description

This Houston retail property offers a compelling investment opportunity with a Walgreens tenant under an absolute NNN lease expiring March 31, 2028, with ten 5-year renewal options. The 13,650 square foot building, constructed in 2002, sits on a 1.38-acre lot at a high-traffic intersection in the Westchase Business District, boasting a combined daily traffic count of 75,000 vehicles. The property benefits from a dense population, with over 28,000 residents and 11,555 apartment units within a one-mile radius, along with 15 hotels totaling over 1,240 rooms. The strong tenant, Walgreens, provides a 100% occupancy rate and a substantial net operating income (NOI) of $495,000, resulting in an attractive 7.75% cap rate. The asking price is $6,387,096, translating to $467.92 per square foot. The property's prime location near major employers, including BMC Software, Chevron, Phillips 66, Dow Chemical, Petrochina, and Jacobs Engineering, further enhances its investment appeal. This is a fee-simple ownership opportunity with significant upside potential due to the strong tenant, favorable lease terms, and prime location in a thriving Houston submarket. The property is situated on the signalized corner of Westheimer Road and Wilcrest Drive, surrounded by complementary national retail tenants such as Whole Foods, Petco, Ross Dress for Less, McDonald's, Office Depot, and Wendy's.

Location Insight

City

Houston

County

Harris

State

Texas

Longitude

-95.5713

Latitude

29.7373

CBSA code

26420

CBSA name

HOUSTON-SUGAR LAND-BAYTOWN, TX METROPOLITAN STATISTICAL AREA

Property Tax & Assessments