Bayside Value-Add Retail Building 1
Bayside Value-Add Retail Building 1 is a completely vacant, 8,100 square foot retail strip located at the entrance to the 142-acre, mixed use Bayside development in the affluent city of Rowlett, Texas. Built in 2021, the Property offers immense upside potential through finishing build out of the totally shell condition shop space and leasing the vacancies to retail, office or medical uses. Additionally, no suites have been demised allowing the market to dictate finish out and configuration of the building. Pro forma estimates contemplate achieving an 8.75% pro forma cap rate at list price through leasing the existing vacancies at an average of $25.00 PSF NNN*. Retail in the immediate area to the south is quoting over $35.00 PSF NNN. Additionally, Bayside Value-Add Retail Building 1 is priced below replacement cost at just $285.68 PSF to the building.