1903 Crestridge Dr Mesquite, TX 75149

Property Details for 1903 Crestridge Dr

Year built

1980

Construction

TILT-UP CONCRETE

Lot size

0.36 lot acres

Property size

2,400 SF

Zone code

Z97

Property type

Retail space

APN

38137500300200500

APU

38137500300200500

Description

This exceptional investment opportunity presents a single-tenant, 2,600 square foot coin laundry storefront in Mesquite, Texas. Located at 1903 Crestridge Dr, 75149, this stabilized property boasts a new 5-year lease (commencing June 15, 2024, and expiring May 15, 2029) with a reputable coin laundry tenant who recently completed a full remodel, including new washers, dryers, and two HVAC units. The property features a new TPO roof (installed June 2024), 15 parking spaces, and sits on a 15,681 square foot lot. The lease is a NNN structure, with the tenant responsible for all taxes, insurance, common area maintenance, and utilities. Base rent is $3,300 per month for years one and two, increasing to $3,500 per month for years three through five. The property offers a strong 6.60% cap rate based on a current Net Operating Income (NOI) of $39,600. The tenant also holds a right of first refusal on a potential purchase. This fee-simple property is zoned for retail (Retail - THN) and presents a low-risk, high-return investment opportunity with built-in rent bumps and two five-year renewal options. The property benefits from high traffic counts on Galloway Ave. The tenant has occupied the building for over 20 years, demonstrating a long-term commitment to the location. This is a turnkey investment ready for immediate cash flow.