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4329 South Congress Avenue

SomeraRoad Inc. Acquires 42,000 SF Commercial Property In Austin From Maker Bros
SOLDCommercial

SomeraRoad Inc. Acquires 42,000 SF Commercial Property In Austin From Maker Bros

4329 South Congress Avenue

Building Size

42,000 SF

Asset Type

Commercial

Closing

Nov 17, 2023

AI

SomeraRoad Inc. has acquired a property in Austin located at 4329 South Congress Avenue. The commercial asset spans 42,000 square feet and is situated in the bustling Austin market. The buyer, represented by Brock Kenyon from SomeraRoad Inc., plans to convert the space into a bar and arcade. The property is fully leased by Pins Mechanical Co. and 16-Bit Bar+Arcade and will feature bowling lanes and arcade games. Construction is set to begin later this year, with an expected opening in 2024.

Summary of transaction details:

  • Property Type: Commercial
  • Transaction Amount: Not mentioned
  • Square Footage: 42,000
  • Address: 4329 South Congress Avenue
  • Market: Austin

Notable individuals involved in this deal include the buyer, SomeraRoad Inc., represented by Brock Kenyon. The seller, Maker Bros, was represented by Justin Bailey. The acquisition of this property by SomeraRoad Inc. demonstrates their plans to transform it into a unique bar and arcade experience, catering to the vibrant Austin market.

Players

SI
SomeraRoad IncBuyer

Austin 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