Resolut RE presents the investment opportunity to acquire Santa Fe Plaza, a 100% NNN leased retail commercial strip center located at 8190-8214 Farm-to-Market 78 in Converse, Texas.
The plaza, constructed in 2020 and comprising 12,100 square feet on 1.5 acres, is offered at a 7.24% cap rate. The property is fully occupied by six tenants on NNN leases with staggered expirations and built-in rent escalations, producing over $302,000 in net operating income.
8190-8214 FM 78 is in a high-visibility location along FM 78 with 242 feet of frontage, visible to daily traffic counts exceeding 36,730 vehicles, and dual ingress/egress access points. The property benefits from strong surrounding retail density in the growing Converse submarket of northeast San Antonio.
Santa Fe Plaza has a diversified tenant roster across service, food, and medical uses, including The Light Dental, Tropicana, Converse Nails & Lounge, Elite 7 Game Room, Smokerz Paradise, and Split 78. All tenants are on NNN leases with renewal options ranging from one to two five-year extensions, providing long-term income stability. Minimal landlord management responsibility given the NNN lease structure, with tenants responsible for their pro-rata share of operating expenses. The current operating expense ratio is 24.6% of effective gross income, with a 4.60% general vacancy factor underwritten. Annual rent increases of 2-3% across the rent roll provide organic NOI growth.
Santa Fe Plaza features metal framing and stucco exterior construction, a TPO roof, and a slab foundation, making it a low-maintenance asset with years of remaining useful life. The site features 62 asphalt parking spaces at a 5.12/1,000-square-foot ratio, well above typical retail requirements, supporting strong tenant operations and customer accessibility.