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11030 Kingspoint Rd, Housto...

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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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...

$39,038

Building Size

Asset Type

Retail

Closing

Nov 19, 2023

AI

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

NewQuest Properties

Broker

$39K

vol

13 deals

Broker
CL
Community Commercial Properties II LLCSeller

Houston Retail Market Snapshot

Boundary boundary · Retail · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

406.35%

Cash-on-Cash

-116.14%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93