Offering Memorandum
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THE GALLERIA | 2.4 MILLION SF WESTHEIMER ROAD 60,922 VPD 2400 McCue ALMI Uptown Dominion Condominiums 238 Units Plantation SAGE RD Post Oak Apartments 230 Units 192 Units SITE Carriage Square ±0.91 Acres Montierra 346 Units MCCUE ROAD Marquee Uptown | ±1.82 Acres Contact Glenn Dickerson For Information GUILFORD CT OFFERING MEMORANDUM CARRIAGE SQUARE 2320 MCCUE RD | HOUSTON, TX 77056 Glenn Dickerson Vice President Land Brokerage [email protected] 281.477.4384 LAND BROKERAGE AERIAL VIEW GABLES TANGLEWOOD SITE 2 AERIAL VIEW Camden Post Oak 356 Units Aspire Four Leaf Towers Hanover Post Oak Condominiums Post Oak 351 Units 355 Units Dominion Post Oak 230 Units St. Michael Catholic School MCCUE ROAD Montecito 299 Units ALMI Uptown 238 Units Marquee Uptown | ±1.82 Acres Contact Glenn Dickerson For Information 2400 McCue Condominiums SITE Carriage Square ±0.91ACRES 3 AERIAL VIEW THE GALLERIA | 2.4 MILLION SF WESTHEIMER ROAD 60,922 VPD 2400 McCue Plantation ALMI Uptown Condominiums Apartments Dominion 238 Units 192 Units Post Oak 230 Units SITE Carriage Square ±0.91 Acres Montierra 346 Units MCCUE ROAD GUILFORD CT Marquee Uptown | ±1.82 Acres Contact Glenn Dickerson For Information 4 Houston CBD AERIAL VIEW Dominion Post Oak POST OAK BLVD 230 Units ALMI Uptown 238 Units Montecito 299 Units MCCUE ROAD 2400 McCue SITE Condominiums Marquee Uptown | ±1.82 Acres Contact Glenn Dickerson For Information Montierra 346 Units Plantation Apartments 192 Units 5 PROPERTY PHOTOS 6 PROPERTY PHOTOS 7 EXECUTIVE SUMMARY • 40-unit apartment project on ±0.91 acres within walking 2320 MCCUE ROAD | CARRIAGE SQUARE APARTMENTS distance to the Galleria Mall with an estimated 30 million 2320 McCue Road ADDRESS visitors each year.* Houston, Texas 77056 • The asset has been renovated within the last ±8 years and PRICE Contact Broker for Pricing maintains a high rate of occupancy due to its location within the Uptown District. LAND AREA ±0.91 Acres • Dense daytime population with high average household ZONING Residential incomes of over $94,000 within a 5-mile radius. • Future uses for the property include senior living or a multi- family development. • The ±1.82-acre apartment project adjacent immediately to the south is also available for sale by the same owner. • One or both tracts can be purchased for a total of 2.73 acres. *Simon Property Group, 2020 8 INVESTMENT HIGHLIGHTS RARE VINTAGE APARTMENT ASSET HIGH INCOME NEIGHBORHOODS PROMINENT LOCATION The asset has been renovated within the Located in the heart of the Galleria/Uptown 0.91-acre site within walking distance to last 5 years and maintains a high rate of trade area with 187,000+ population and the Galleria, the center of Houston’s prime occupancy due to its location within the above average household income of daytime shopper and commuter area. Uptown District. $154,000 within a 3-mile radius. 9 PROPERTY DETAILS 2020 TAX RATES ADDRESS 2306 McCue Rd, Houston, TX 001 Houston ISD 1.1331 040 Harris County 0.39116 LATITUDE, LONGITUDE 29.743803, -95.464810 041 Harris County Flood Control 0.03142 TOTAL ACRES ±0.91 Acres 042 Port of Houston Authority 0.00991 FRONTAGE (APPROX.) 145.8 ft. on McCue Rd 043 Harris County Hospital District 0.16671 UTILITIES City of Houston 044 Harris County Educucation Dept 0.004993 048 Houston Community College 0.100263 SCHOOL DISTRICT Houston ISD 061 City of Houston 0.56184 IMPROVEMENTS 40 Apartment Units TOTAL 2.399396 YEAR BUILT 1960 2020 DEMOGRAPHICS 1 MILE 3 MILES 5 MILES ADDITIONAL PROPERTY DETAILS 2020 Estimated Population 29,242 197,998 538,691 PARCEL ID 0451400060146 Est. Population Growth 36% 20% 21% 2010-2020 OWNER McCue Road Properties, LLC Average Household Income $160,187 $154,270 $147,013 PROPERTY 2306 McCue Rd | Houston, TX 77056 % Renter-Occupied Housing 63% 63% 59% Units LEGAL TRS 15A & 42 ABST 836 W WHITE MEDIAN PRICING Contact Broker for Pricing HOUSEHOLD INCOME 1 MILE 3 MILES 5 MILES 2025 Projected Median HHI $131,551 $111,169 $108,359 2020 Estimated Median HHI $110,962 $97,338 $94,434 Due Diligence Information 2010 Census Median HHI $81,133 $77,025 $72,211 To access the due diligence information please contact 2000 Census Median HHI $71,500 $65,095 $57,906 Glenn Dickerson. PLEASE DO NOT DISTURB TENANT 10 FORT WORTH TEXAS OVERVIEW #1 In U.S. job growth market | 2020 #2 Top-moving destination | 2019 #4 Fastest-growing city in the nation Leads the country in employment and population growth | 2020 FORTUNE 500 RECESSION PROOF RANKED AMONG TOP COMPANIES DALLAS 95 CALL TEXAS HOME RECESSION-PROOF STATES IN AMERICA #6 Fastest-growing housing market | 2020 21 Fortune 500 companies 300 Corporate headquarters POPULATION 8,300 Californians move in area yearly ND 2 LARGEST Top 10 Hottest Job Markets | 2019 28,995,881 STATE ECONOMY IN THE U.S.A. HOUSTON #1 JOBS CREATOR #1 for Corporate Moves | 2020 #2 in Business Expansion | 2015-2020 IN THE NATION #3 in the World in “Cities of the Future” 342,800 JOBS #1 STATE FOR Analysis | 2020 ADDED IN 2019 1 BUSINESS CLIMATE #5 Best Places to Live in Texas | 2020 Most Diverse City in the Nation BUSINESS FACILITIES 23 Fortune 500 Companies #1 STATE IN MAGAZINE | 2020 Over 5M SF of industrial space opened or AMERICA secured by Amazon since 2018 TO START A BUSINESS AUSTIN #1 Fastest-growing major metro | 2020 BEST STATE #1 Best city to start a business | 2020 TOP STATE FOR FOR BUSINESS #2 Best city for young professionals | 2020 15TH YEAR IN A ROW #3 Fastest-growing city in the nation GROWTH Best place to live in the U.S. for the 14+ MILLION WORKERS 3rd year in a row | 2020 374,000 NEW RESIDENTS | 2020 Record-breaking $17.5B in Residential LARGEST Closings | 2020 NO STATE MEDICAL CENTER SAN ANTONIO 2ND LARGEST CANCER CENTER #2 Fastest-growing city in the nation INCOME TAX MD ANDERSON, HOUSTON #4 Best places to live in Texas | 2020 #34 Best places to live in America 66% OF THE POPULATION LIVES WITHIN NAMED THE #1 CORPORATE MOVE DESTINATION THE TEXAS TRIANGLE OF DALLAS, FOR THE 6TH YEAR IN A ROW HOUSTON, SAN ANTONIO, AND AUSTIN SOURCES: OFFICE OF THE GOVERNOR - ED, US CENSUS BUREAU, AND FORBES ; ADDITIONAL RESOURCES AVAILABLE UPON REQUEST WHY HOUSTON POPULATION & DEMOGRAPHICS • 7,233,951 POPULATON IN THE HOUSTON MSA • THE 4TH MOST-POPULOUS CITY IN THE NATION • HOUSTON HAS NO ETHNIC MAJORITY AND TODAY REPRESENTS THE RACIAL MAKEUP OF THE U.S FORTY YEARS FROM NOW NATIONAL & GLOBAL CONNECTIONS • 5,000+ HOUSTON-BASED BUSINESS OPERATE INTERNATIONALLY • $237 BILLION IN TRADE THROUGH HOUSTON’S CUSTOMS DISTRICTS • THE PORT OF HOUSTON IS THE LARGEST GULF COAST CONTAINER PORT BUSINESS & ECONOMY • 7TH LARGEST METRO ECONOMY IN THE NATION • 27TH-LARGEST ECONOMY IN THE WORLD (MORE THAN THE COUNTRY OF AUSTRIA) • 23 FORTUNE 500 COMPANIES LOCATED IN HOUSTON (#4 AMONG US CITIES) • OVER 5M SF OF INDUSTRIAL SPACE OPENED OR SECURED BY AMAZON SINCE 2018 • RANKED NO. 1 CITY FOR CORPORATE MOVES IN 2020 • RANKED NO. 2 ON U-HAUL’S ANNUAL LIST OF THE HOTTEST STATES FOR WHERE PEOPLE ARE MOVING FOR THE SECOND YEAR IN A ROW • THE HOUSTON ECONOMY IS BIGGER THAN THE ECONOMIES OF THIRTY-ONE STATES, AND IS GROWING IN 2021 THE TEXAS MEDICAL CENTER • THE LARGEST MEDICAL COMPLEX IN THE WORLD • VISITED BY 10 MILLION PATIENTS WITH APPROXIMATELY 180,000+ PROCEDURES PERFORMED ANNUALLY • 50 MILLION SF OF WORLD-CLASS HOSPITALS, RESEARCH FACILITIES, AND EDUCATIONAL INSTITUTIONS QUALITY OF LIFE • OVER 500 INSTITUTIONS DEDICATED TO ART/PERFORMANCE/HISTORY • THE HOUSTON MUSEUM DISTRICT IS ONE OF THE LARGEST IN THE COUNTRY WITH OVER 20 MUSEUMS • HOME TO OVER 60 HIGHER-EDUCATION INSTITUTIONS, INCLUDING TIER 1 SCHOOLS RICE UNIVERSITY, UNIVERSITY OF HOUSTON, AND TEXAS A&M • HOME TO MORE THAN 10,000 RESTAURANTS SHOWCASING MORE THAN 75 TYPES OF CUISINE • ONE OF ONLY A HANDFUL OF US CITIES WITH ALL FOUR MAJOR ARTISTIC COMPANIES IN RESIDENCE: THE HOUSTON BALLET, THE HOUSTON GRAND OPERA, THE ALLEY THEATER, AND THE HOUSTON SYMPHONY SOURCES: THE GREATER HOUSTON PARTNERSHIP AND VISIT HOUSTON 12 LOCATION HIGHLIGHTS As the fourth most populous metro area in the U.S., Houston houses roughly 7.2 million people in southeastern Texas. The market is composed of nine counties: Harris, Galveston, Brazoria, Fort Bend, Chambers, Montgomery, Austin, Liberty and Waller. The Gulf of Mexico, which borders the metro to the southeast, provides access to markets around the world via the Port of Houston, making it a prime location for exports. Local industries have diversified from oil to technology and healthcare. Many companies provide goods and services for the large population growth, which has sprawled, primarily to the north and west. The city of Houston is the largest in the metro with 2.3 million residents. METRO HIGHLIGHTS CORPORATE GROWTH Houston will remain a top destination for corporate relocations due to its business-friendly environment. More than 23 Fortune 500 companies are headquartered in the metro. HIGHER EDUCATION Over 40 post-secondary educational institutions are located in the metro. Nearly 31 percent of residents have attained a bachelor’s degree, with 11 percent also holding a graduate or professional degree. LOW COST OF LIVING, DOING BUSINESS Houston has a lower cost of living than many major metros, no state income tax and a median home price below the national level. 13 LOCATION DEMOGRAPHICS POPULATION 1 MILE 3 MILES 5 MILES HOUSTON, TEXAS 77056 - 5 MILE RADIUS 2025 Projected Population 27,241 196,648 534,454 2020 Estimated Population 26,265 187,232 510,462 POPULATION HOUSEHOLDS 2010 Census Population 20,531 165,775 451,377 510,462