7.50% Current Cap | 9.80% Stabilized | Abilene Value Add Retail
$2,026,126
3398 North 1st Street, Abilene, TX 79603
17,570 sqft
Building Size
1.25 acres
Lot Area
Details:
Highlights:
- Attractive $115/SF acquisition basis
- $151,943 current NOI and 7.50% going-in cap rate
- Projected $198,539 stabilized NOI and 9.80% pro forma cap rate
- Clearly identifiable lease-up opportunity totaling approximately 3,588 SF
- Incoming restaurant tenant completing improvements
- Modernized façade, upgraded parking areas, LED lighting and site enhancements
- NNN leases structured to reimburse operating expenses
- 2.71-acre site with approximately 230 feet of North 1st Street frontage
- Established service-retail corridor near healthcare, education and employment drivers
- Approximately 109,427 residents within five miles, with projected continued household growth
- Abilene economic expansion supported by healthcare, education, military and AI infrastructure investment
- Suitable for private investors, family offices and 1031-exchange buyers
Description:
The Shops at Northpark – Abilene offers investors the opportunity to acquire a recently renovated, 17,570-square-foot neighborhood retail center at an attractive basis of approximately $115 per square foot. The property generates approximately $151,943 in current NOI, representing a 7.50% going-in cap rate, with a defined lease-up strategy projected to increase stabilized NOI to approximately $198,539 and the cap rate to 9.80%.
The center benefits from 230 feet of frontage along North 1st Street, a 2.71-acre site, NNN reimbursement structures and significant improvements completed in 2023. Approximately 3,588 square feet remains available for lease, while an incoming restaurant tenant is completing its buildout, creating near-term momentum and additional income-growth potential.
Nearby retailers:
7-Eleven
Dollar General
Harbor Freight
O'Reilly
United Supermarkets
Sonic
CVS
Walgreens
H-E-B
McDonald's
Transportation
Highlight:
I-20 access
US 83/84
Highway 277
Regional airport
Consumer Draw
The center serves:
Daily commuters
Healthcare employees
Students
Neighborhood residents
Service businesses
Regional visitors
Signalized corner
Documents:
| Title | ||
|---|---|---|
| 3398_N_1st_St_OM.pdf |
Location
Gallery
