15301 Gulf Fwy, Houston, TX 77034
- Specialty properties
- 10,987 SF
- 1.63 lot acres
Current Use by Public Records
- Palms Event Center / Wedding Service
- The Palms Event Center / Hotel & Motel / Resort
Property Details for 15301 Gulf Fwy
- Year built
- 1997
- Construction
- CONCRETE BLOCKS
- Lot size
- 1.63 lot acres
- Property type
- Specialty properties
- APN
- 1189670010001
- APU
- 1189670010001
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Aug 7, 2012 | — | Green Bk | Trustee Of Harris County | Trustees Deed · related | — |
| — | — | Wmf Investments INC | — | Deed Of Trust · related | $1.2M · Texas Citizens Bk NA |
| — | — | Spring Er-gulf Freeway LLC | — | Deed Of Trust · related | $1.2M · Green Bank |
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 Estimations
-
Alternative Use
- Use
- Estimation
- CLUBS, LODGES, PROFESSIONAL ASSOCIATIONS
- $1,355,000 Current use
- COMMERCIAL (GENERAL)
- $1,485,000 Change: +9% Conversion: Difficult
Get a detailed, property-specific estimation — fast and free
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
