The Hertz building is a 5,000 SF building that sits on 50,000 SF of land located in the world-renowned Galleria area of Houston on Loop 610 just north of Richmond. The site is leased to Hertz Rental in its entirety, and is used as a car rental facility and regional office. It is next door to a multi-level apartment complex called Post Afton Oaks updated in 2017 by Post Properties. Access to the property is good, and visibility to 610 West is excellent.
The property was bought out of foreclosure in 1995. A modest amount was invested in putting it into leasable condition.
The property is located in the Uptown District of Houston, contained by Memorial Park to the north and Hwy 59 to the south. The Uptown District of Houston contains 26 million SF of office space and includes many of the city’s top amenities, including the Galleria Mall and multiple luxury hotel properties. The geographic constraints make land availability finite and prices high. The property is large enough to support a standalone vertical development of any kind. Currently, the value of the property can best be realized by a vertical development of condos or offices.
Historically, the property has been leased without interruption at rates that make the investment pay for itself every three years.