TITLE:
Shovel Ready - 2 Lots with Freeway Frontage in League City, Texas
CONTROL:
Exclusive
VALUE:
$6,706,184
LOAN:
$3,700,000
EQUITY:
$3,006,184
TYPE:
Land
HAVE:
Two lots are left out of the 15.89-acre mixed-use development, Grand Oak Village. This property is Located between Houston and Galveston Island on I-45 with 120,000 cars per day.
WEBSITE URL:
ADDRESS:
1121 Grand Oak Blvd, League City, Texas
BENEFITS TO NEW OWNER:
Utilities are in place, three adjacent buildings have been built and one is under construction. The managing member of the seller will stay in the deal.
OTHER FILES:
GROSS SCHEDULED INCOME:
$0
VACANCY LOSS:
$0
GROSS EFFECTIVE INCOME:
$0
EXPENSES:
$38,637
NOI:
$-38,637
DEBT SERVICE:
$325,081
CASH FLOW:
$-363,718
CAP RATE:
0.00%
ENCUMBRANCE
BALANCE
PAYMENT
RATE
DUE
ASSUMABLE
LOAN 1
$3,118,600
$265,081
9%
06/20/2027
No
LOAN 2
$600,000
$56,000
10%
12/31/2027
No
BENEFITS SOUGHT:
Sell the land, freeing up cash for other deals or recapitalize to pay off other partners leaving the managing member in place at a smaller ownership.
CAN ADD:
New partner(s) that I've spoken with would consider adding $700,000 or more depending on the deal. 2 nearby lots owned by others, valued at $2,032,915 w/$665k debt can be added.
COUNSELOR:
James Brockway
Brockway Commercial
2366 Calypso LN
League City, , 77573-0759
Phone: 2816846482
