336 North Main Street, Conroe, Texas 77301
Located in the heart of Conroe, Texas, the Carter Building has been a historical part of the city since 1913. Constructed by HC Addison, the building opened as a mercantile store until 1937 when Robert Carter converted the space into the Carter Drug Store, which operated well into the 1980s. Today, the building is a widely recognized location for legal, medical, and other professional offices. The area around the Carter Building is growing exponentially and the demand for downtown office space is only increasing. These spaces are consistently undergoing renovations to increase the value and use of the real estate, and the Carter Building is an ideal candidate for the future.
MHW’s ability to recognize the growing area and need for downtown professional space directed attention to the Carter Building and its proximity to the Conroe Courthouse. The team was able to negotiate an amenable purchase price which allows for the necessary repairs and renovations. After completing a thorough inspection, MHW created a working budget and strategy. MHW commits to acquiring new lease agreements and existing tenant lease terms, having already successfully procured a legal tenant to take 15% of the space once renovations are complete. When the building has been stabilized, MHW will work to refinance or sell the property. At that point, 75% of the equity raised will be available for investor return. Following the initial return, the expected return rate will be 17.40% per annum.
FOR INVESTMENT OPPORTUNITIES CONTACT:
MHW REAL ESTATE
25211 Grogans Mill Road, Suite 110, The Woodlands, TX 77380
Building Size: 10,700 Square Feet
Tenants: Max Turner Law Firm, Downtown Roots, Conroe House of Prayer, Stan Johnson Family Therapist, Carla Photography
Highlights: Historic building (Built 1913), Downtown location across street from Conroe Courthouse, Month-to-month leases, Legal tenants in tow for a lease
Purchase Price: $850,000
Construction Funds: $540,000
Acquisition Fees: $50,000
Equity Raise: $1,440,000
Profit Split: 70% Investor, 30% Sponsor
Expected Hold Period: 4 Years
Estimated Annual Return: 17.30%
Cash on Cash Return: 56.80
Current In-place NOI: $54,000
Price per square foot: $79.44
Estimated Return of Capital: Year 2 after refinance
MHW Real Estate is a commercial real estate business specializing in real estate investment, development, and property management. Our goal is to customize and build solutions for our investors and clients. Please call us today at 281.651.4898 or visit our website to speak with us.