Mira Vista Shopping Center

Highlights:

• 2024 Annual Net Income of $402,725.00
• A great investment with a CAP rate of about 6.5% at $6,200,000.
• Escalating leases with great escalating renewal options
• All the center expenses are paid by the tenants. Landlord's is responsible for the roof and main structure.
• The roof and the air-conditioning units are in excellent shape
• This property offer will not last long...first come first serve...1031 exchanges are welcomed.
• Owner retiring because of age related matter.

Description:

Mira Vista Shopping Center is a great looking, one story retail shopping center located in the heart of the most rapidly developing area in the southwest of Lubbock. It was built in 2004-2006, on the South side of 82nd Street, between Frankford Avenue and Milwaukee-one of the best retail corridors in Lubbock, Texas. Lubbock is home to the Texas Tech University, with over 41,000 students and 1,675 faculty & staff members. . The 25,560 SF center is located on a 3.3 Acres piece of land. It is, presently, 95% occupied with escalating NNN leases and renewal options. The center has a great variety of internet-resistant tenant mix, that includes : Yamagata Japanese Steak House, Le Chic Boutique, Locker Room Haircuts, The Soda Shack, Papa John's Pizza, Asian Food Market, A+ Massage, Expo Nails & Spa, Adam & Eve, and 4 other small retail shops. The center has great curb and street appeal, with its easy access to the 320 feet of frontage, and its 193 parking spaces. It neighbors several banks, food stores, restaurants, pharmacies, and several retail shopping areas. The immediate vicinity of the center boasts over 68,269 cars per day in traffic count. The center, which has a very nice Monument sign, including tenants' names, is in the heart of growth of the 10th largest city in the State of Texas. The Center is within a short distance from Loop 289, which connects the main thoroughfares in all directions; and I-27, which connects the city with 2 major East-West interstate systems, I-20 and I-40.

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