Private Investor Acquires CVS Drugstore In Katy With Zach Harrison As Seller's Rep
322 Cane Island Pkwy, Katy, TX, 77494
Building Size
14,698 SF
Asset Type
Commercial
Closing
Nov 22, 2023
AI
The property at 322 Cane Island Pkwy, Katy, TX, 77494, is a commercial asset that spans 14,698 square feet. It was sold to a private investor at an approximate 4.50 percent cap rate. The seller's representative for this transaction was Zachary (Zach) Harrison from Compass.
Summary of transaction details:
- Property Type: Commercial
- Transaction Amount: Not provided
- Market: Katy
- Buyer: Private Investor
- SF: 14698
- Seller's Rep: Zachary (Zach) Harrison(Compass)
The sales of the drugstore at 322 Cane Island Parkway achieved record-low cap rates for CVS sales in Texas. The transaction was spearheaded by Zach Harris of Stan Johnson Company. The property was acquired by a non-1031 exchange-driven private investor, indicating the high demand for retail assets in Texas.
Players
Katy Commercial Market Snapshot
Boundary boundary · Commercial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93