15301 Gulf Fwy Houston, TX 77034
- Specialty properties
- 10,987 SF
- 1.63 lot acres
Current Use by Public Records
- Palms Event Center / Banquet Hall / Event Venue
- The Palms Event Center / Event Venue
Property Details for 15301 Gulf Fwy
- Year built
- 1997
- Construction
- CONCRETE BLOCKS
- Lot size
- 1.63 lot acres
- Property size
- 10,987 SF
- Property type
- Specialty properties
- APN
- 1189670010001
- APU
- 1189670010001
Description
This exceptional investment opportunity presents the Palms Event Center, a thriving 10,780-square-foot bar and restaurant located at 15301 Gulf Fwy, Houston, TX 77034. Currently leased to D'Gala Event Centers, a reputable Houston-based event venue operator with multiple locations, this property boasts a strong 7.20% cap rate and a substantial net operating income (NOI) of $360,000. The lease, a NNN (Net, Net, Net) agreement, runs until December 31, 2026, offering a remaining term of approximately 2.1 years. Built in 1996, the property sits on a 1.632-acre lot and includes 135 parking spaces, ensuring ample convenience for patrons. The building features a fully equipped kitchen and upscale interior finishes, perfectly suited for its current use as a premier wedding and event venue. The property benefits from excellent visibility, situated along the Gulf Freeway with exposure to over 124,000 vehicles daily. The lease includes rent bumps, providing future income growth potential. This is a rare chance to acquire a high-performing, well-located commercial property in a thriving Houston market. The asking price is $5,000,000.
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
- -95.1858
- Latitude
- 29.5895
- CBSA code
- 26420
- CBSA name
- HOUSTON-SUGAR LAND-BAYTOWN, TX METROPOLITAN STATISTICAL AREA
