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322 Cane Island Pkwy, Katy,...

Private Investor Acquires CVS Drugstore In Katy With Zach Harrison As Seller's Rep
SOLDCommercial

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

Zachary Harrison

Compass

Broker

$8M

vol

5 deals

Broker

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