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RMM Properties Acquires Property From Community Commercial Properties II LLC For $39,038 With Representation By Kelley Workman And Dakota Workman

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SOLD
$39,038

Texas

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SOLD

RMM Properties Acquires Property From Community Commercial Properties II LLC For $39,038 With Representation By Kelley Workman And Dakota Workman

11030 Kingspoint Rd, Houston, TX, 77...

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Retail
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Summary

TEXAS
Asset Type:Retail
Transaction Type:Sale

RMM Properties LLC has purchased the retail center located at 11030 Kingspoint Rd, Houston, TX. The transaction was completed for a total amount of $39,038. The property, known as Centre South, encompasses 39,038 square feet and was constructed in 1970, later undergoing renovation in 2018. At the time of the sale, the property was 79 percent leased to various tenants including Sherwin-Williams, Brown Sugar BBQ, and Club Rumba. New leases were also signed in 2020 with Southside Driving School, Internet Café, and event planning firm La Fleur of Houston.

Summary of transaction details:

  • Property Type: Retail Center
  • Transaction Amount: $39,038
  • Address: 11030 Kingspoint Rd, Houston, TX
  • Market: Houston
  • Buyer: RMM Properties LLC
  • Seller: Community Commercial Properties II LLC
  • Buyer's Representative: Kelley Workman-New Quest Properties
  • Seller's Representative: Dakota Workman-New Quest Properties

Kelley Workman, along with Dakota Workman and David Luther from NewQuest Properties, represented the seller in this transaction. Kelley Workman also sourced and represented the buyer, RMM Properties LLC, contributing to the successful completion of the deal.

Players

Dakota Workman
13 deals$39K volume
BROKER

Kelley Workman
NewQuest Properties
5 deals$39K volume
BROKER

SELLER

Details

SOLD
IMAGE: 11030 Kingspoint Rd, Houston, TX, 77... MARKET: Houston BUYER'S REP: Kelley Workman-New Quest Properties SELLER'S REP: Dakota Workman-New Quest Properties BUYER: RMM Properties SELLER: Community Commercial Properties II LLC PRICE: $39,038.00 SF: 0

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$2,082.02

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$138.70
Cash-on-Cash Return-1.27%
Monthly Debt Service$185.06
Annual Debt Service$2,220.72