Loan amount
$5,625,000
Loan type
Purchase
{Fix&Rent}
After Repair Value
$8,000,000
{PP:$8,000,000}
ARV
70%
{ARV}
Property type
Retail/Strip Mall
Borrower Details
Credit score
566
Deal experience
None
This loan scenario was submitted by a Broker
No
Property Details
City
Houston
State
Texas
Loan Details
Purchase price
$8,000,000
Down payment
$2,400,000
Cost of improvements
$25,000
Estimated property value after repairs
$8,000,000
Additional Loan Information
Hope things are good.
Please review the Property Highlights for the Walgreens in Houston, Texas;
Walgreen's - Store #5035
8301 Broadway Street
Houston, Texas
Built 1999 / 13,905 SF / 1.4 Acres / Drive Thru Lanes
Hard Corner / Signalized Intersection
7+ years remaining
(8) 5 year Option Periods
NN Lease - Landlord has Roof & Structure (new Roof in 2015 with (20) year Warranty)
Reported Sales - $2.9M+ last (3) years / $10M+ Actual Sales
127,000+ - (3) mile Population
$55,000+ - (3) mile Average Household Income
50,000+ - Vehicles Per Day
$275, 400 - Annual Rent ($19.81 psf) - Flat Rent throughout the Lease & Option Periods
$8,000,000- Asking Price
$5,600,000- Loan amount-70% LTV
Opportunity to acquire a high-performing Walgreens in Houston very close to Hobby international Airport.
This is a very fairly priced deal with the Essential Retailer demand, shortage of quality deals,
strong credentials, being in the Houston market, the low Rent PSF, and being a No Income Tax State.
Walgreen's extended the Prime Term of the Lease by (10) years back in 2015
Kind Regards,
Purpose Over Pleasure LLC
Please review the Property Highlights for the Walgreens in Houston, Texas;
Walgreen's - Store #5035
8301 Broadway Street
Houston, Texas
Built 1999 / 13,905 SF / 1.4 Acres / Drive Thru Lanes
Hard Corner / Signalized Intersection
7+ years remaining
(8) 5 year Option Periods
NN Lease - Landlord has Roof & Structure (new Roof in 2015 with (20) year Warranty)
Reported Sales - $2.9M+ last (3) years / $10M+ Actual Sales
127,000+ - (3) mile Population
$55,000+ - (3) mile Average Household Income
50,000+ - Vehicles Per Day
$275, 400 - Annual Rent ($19.81 psf) - Flat Rent throughout the Lease & Option Periods
$8,000,000- Asking Price
$5,600,000- Loan amount-70% LTV
Opportunity to acquire a high-performing Walgreens in Houston very close to Hobby international Airport.
This is a very fairly priced deal with the Essential Retailer demand, shortage of quality deals,
strong credentials, being in the Houston market, the low Rent PSF, and being a No Income Tax State.
Walgreen's extended the Prime Term of the Lease by (10) years back in 2015
Kind Regards,
Purpose Over Pleasure LLC
Status
Closed
Created
February 24, 2022 - 5:08pm
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