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2015 W 34th St, Houston, TX...

Braun Enterprises Leases School At 2015 W 34th St In Houston
LEASEDSchool

Braun Enterprises Leases School At 2015 W 34th St In Houston

2015 W 34th St, Houston, TX, 77018

Building Size

1,253 SF

Asset Type

School

Closing

Nov 20, 2023

AI

The property asset involves a 1,253-square-foot school located at 2015 W 34th St, Houston, TX, 77018. This property will serve as the first location for Code Wiz in Houston, a coding and robotics center designed for children ages 7 to 17. Code Wiz offers classes, camps, and competitions, with its first establishment launched in 2017 in Westford, Massachusetts, and has since expanded to 12 locations across the U.S. Braun Enterprises is the landlord of this asset.

Summary of transaction details:

Michael Burgower and Michael “Mike” Pittman II from Cushman & Wakefield represented the tenant, Code Wiz, in negotiating the lease. Harlan Simon represented the landlord, Braun Enterprises. Code Wiz is planning to expand further within the Houston market, aiming to open additional locations in the near future.

Players

Harlan Simon

Brown Harris Stevens

Broker

2 deals

Broker
BE
Braun EnterprisesLandlord

Houston School Market Snapshot

Boundary boundary · School · Lease 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