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
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