Red Wing Shoes
106 W Highway 332
Lake Jackson (Houston MSA), TX 77566
Price: $1,180,000Cap Rate: 6.05%NOI: $71,400Building SF: 2,550 SFLot Size: 20,051 SFYear Built: 1984/2016Status: Available
Lake Jackson’s Major Retail Corridor
- The subject property is ideally located in the heart of Lake Jackson’s retail corridor with numerous national tenants in a one block radius including Home Depot, Lowe’s, WalMart, Academy Sports, Target and others.
Outparcel to Brazos Mall
- Red Wing Shoes sits at the entrance to Brazos Mall, a 682,831 SF regional mall anchored by AMC movie theater, Ross, Dillards and numerous other national retailers
High Traffic Counts
- Easy access to Highway 288, the major North-South highway in Lake Jackson with nearly 40,000 cars per day and direct access to Houston
- Red Wing Shoes benefits from its location on W. Highway 332 with 27,490 cars per day passing by the property
Below Market Rent, Upside Opportunity
- There is tremendous security, and potential upside at $71,400 annual rent. Red Wing Shoes is paying significantly lower rent than other tenants within the same center (see enclosed Sales Comp data)’
- In the event Red Wing Shoes does not renew their lease in 6 years, an investor will have the ability to increase their overall return and value of the property by releasing to a national credit tenant who would love to be in this vibrant trade retail corridor
- Red Wing Shoes just signed a brand-new lease last year, providing an investor nearly 6 years on the primary term plus a 5-year option thereafter
Strong Growth and High Incomes
- Between 2016 to 2021, population within the one mile radius is expected to grow by 2.21% annually, a significant increase compared to 1.63% in the State and 0.84% nationally.
- Households are expected to grow by 2.27% annually compared to 1.58% in the State and 0.79% nationally.
- Average household incomes in 2016, in the 3-mile radius, were $91,178.