Cullen Plaza - Houston, TX

Page 1

CULLEN PLAZA HOUSTON, TX


PRI CING & F INAN CI AL AN ALYSI S

C U LLE N P LAZ A

Cullen Plaza 14519 Cullen Blvd Houston, TX 77047

OFFERING SUMMARY Price Cap Rate Net Operating Income Price PSF Occupancy Year Built

$5,350,000 7.55% $404,035 $151.99 97.2% 2003/2010

Gross Leasable Area

35,200 SF

Lot Size

3.82 Acres

F I N A N C I A L A N A LY S I S

2


PRI CING & F INAN CI AL AN ALYSI S

C U LLE N P LAZ A

PROJECTED INCOME & EXPENSES Base Rent - Occupied Space GROSS POTENTIAL RENT

CURRENT 100%

PSF

EXPENSES

CURRENT

PSF

$465,033

$13.21

Real Estate Taxes

$80,272

$2.28

$465,033

$13.21

Insurance

$16,630

$0.47

CAM

Expense Reimbursements Real Estate Tax Recoveries

$47,183

$1.34

Utilities

$13,592

$0.39

Insurance Recoveries

$9,775

$0.28

Garbage Services

$7,840

$0.22

$30,020

$0.85

Repairs, A/C & Appliance

$14,200

$0.40

$0

$0.00

Yard Maintenance

$5,600

$0.16

Total Expense Reimbursements

$86,977

$2.47

Property Tax Services

$9,841

$0.28

EFFECTIVE GROSS REVENUE

$552,010

$15.68

$51,073

$1.45

$147,975

$4.19

CAM Recoveries Management Recoveries

Total CAM Total Expenses

Operating Expenses Total Real Estate Taxes

$80,272

$2.27

Total Insurance

$16,630

$0.47

Total CAM

$51,073

$1.45

Total Recoverable Expenses

$147,975

$4.19

Net Operating Income

$404,035

$11.48

For Financing Options, Please Contact: Greg Holley | Managing Partner High St Capital (O) 469-998-7200 | (C) 714.514.2990 gholley@highstcapital.com

F I N A N C I A L A N A LY S I S

3


RE NT RO L L Tenant

C U LLE N P LAZ A Suite

SQ FT

% of SQFT

Lease Dates

Minimum Rent

Recoveries

Total

Start

End

Annual

Monthly

PSF

Annual

PSF

Revenue

% of Revenue

Pearland Liquor

A

3,500

9.94%

01/04

12/23

$52,920

$4,410

$15.12

$0

$0.00

$52,920

9.59%

Hatz 2 Heelz

B

2,450

6.96%

04/20

03/22

$25,857

$2,155

$10.55

$10,299

$4.20

$36,156

6.55%

Angels Alterations

C

1,050

2.98%

04/04

04/24

$17,160

$1,430

$16.34

$0

$0.00

$17,160

3.11%

Tobacco & Accessory

D

1,050

2.98%

10/18

02/24

$14,796

$1,233

$14.09

$4,414

$4.20

$19,210

3.48%

Barber Shop

E

1,120

3.18%

07/12

08/20

$17,400

$1,450

$15.54

$0

$0.00

$17,400

3.15%

Flawless Nails

F

1,400

3.98%

11/03

01/23

$20,820

$1,735

$14.87

$5,885

$4.20

$26,705

4.84%

Cullen Dry Cleaner

G

1,050

2.98%

03/04

02/22

$15,996

$1,333

$15.23

$4,414

$4.20

$20,410

3.70%

Preferred Home Technologies

H

1,000

2.84%

07/18

07/20

$15,000

$1,250

$15.00

$0

$0.00

$15,000

2.72%

Accents Hats

I

1,400

3.98%

01/08

01/23

$16,920

$1,410

$12.09

$5,885

$4.20

$22,805

4.13%

1,800

5.11%

05/19

04/21

$26,400

$2,200

$14.67

$0

$0.00

$26,400

4.78%

Fit n Lit Dance Gifted & Talented Kids

B

4,340

12.33%

08/09

08/24

$60,972

$5,081

$14.05

$18,245

$4.20

$79,217

14.35%

Hair Braiding

E

1,400

3.98%

12/19

11/24

$22,920

$1,910

$16.37

$5,885

$4.20

$28,805

5.22%

Honesty Beauty Supply

F

1,800

5.11%

03/13

03/24

$21,540

$1,795

$11.97

$7,567

$4.20

$29,107

5.27%

Studio Express

G

1,000

2.84%

05/15

04/24

$13,200

$1,100

$13.20

$4,204

$4.20

$17,404

3.15%

Hookah Hideout

H

1,400

3.98%

07/19

07/23

$21,012

$1,751

$15.01

$5,885

$4.20

$26,897

4.87%

Lifestyle of Christ Church

K

5,060

14.38%

07/19

05/24

$62,400

$5,200

$12.33

$0

$0.00

$62,400

11.30%

980

2.78%

-

-

$0

$0

$0.00

$0

$0.00

$0

0.00%

3,400

9.66%

12/09

11/22

$39,720

$3,310

$11.68

$14,293

$4.20

$54,013

9.78%

Available Game Room Total Count/GLA

18

35,200

100%

Occupied

17

34,220

97.2%

Available

1

980

2.8%

Total Avg Rent

$13.59 34,220

Totals

$465,033 $38,753

$86,977

$552,010 100.00%

100.0%

1. Hatz 2 Heelz currently pays $2000 flat rate. Begins paying $10.55 PSF plus NNN on 4/1/2021 2. Hookah Hideout currently pays $13.00 PSF. Begins paying $15.00 7/15/2021 3. Lifestyle of Christ Church currently pays $10.20 PSF. Begins paying $12.33 PSF 1/1/2021 4. Seller will guarantee the difference between current NOI and NOI from our analysis date of 7/15/2021

F I N A N C I A L A N A LY S I S

4


E S TI MATED REIMBUR SEMEN T R EVEN U E Tenant

Suite

SQ FT

% of SQFT

C U LLE N P LAZ A Real Estate Taxes

Insurance

CAM

Total Recovery

Monthly

PSF

Monthly

PSF

Monthly

PSF

Monthly

PSF

Pearland Liquor

A

3,500

9.94%

$0

$0.00

$0

$0.00

$0

$0.00

$0

$0.00

Hatz 2 Heelz

B

2,450

6.96%

$466

$2.28

$96

$0.47

$296

$1.45

$858

$4.20

Angels Alterations

C

1,050

2.98%

$0

$0.00

$0

$0.00

$0

$0.00

$0

$0.00

Tobacco & Accessory

D

1,050

2.98%

$200

$2.28

$41

$0.47

$127

$1.45

$368

$4.20

Barber Shop

E

1,120

3.18%

$0

$0.00

$0

$0.00

$0

$0.00

$0

$0.00

Flawless Nails

F

1,400

3.98%

$266

$2.28

$55

$0.47

$169

$1.45

$490

$4.20

Cullen Dry Cleaner

G

1,050

2.98%

$200

$2.28

$41

$0.47

$127

$1.45

$368

$4.20

Preferred Home Technologies

H

1,000

2.84%

$0

$0.00

$0

$0.00

$0

$0.00

$0

$0.00

Accents Hats

I

1,400

3.98%

$266

$2.28

$55

$0.47

$169

$1.45

$490

$4.20

1,800

5.11%

$0

$0.00

$0

$0.00

$0

$0.00

$0

$0.00

Fit n Lit Dance Gifted & Talented Kids

B

4,340

12.33%

$825

$2.28

$171

$0.47

$525

$1.45

$1,520

$4.20

Hair Braiding

E

1,400

3.98%

$266

$2.28

$55

$0.47

$169

$1.45

$490

$4.20

Honesty Beauty Supply

F

1,800

5.11%

$342

$2.28

$71

$0.47

$218

$1.45

$631

$4.20

Studio Express

G

1,000

2.84%

$190

$2.28

$39

$0.47

$121

$1.45

$350

$4.20

Hookah Hideout

H

1,400

3.98%

$266

$2.28

$55

$0.47

$169

$1.45

$490

$4.20

Lifestyle of Christ Church

K

5,060

14.38%

$0

$0.00

$0

$0.00

$0

$0.00

$0

$0.00

980

2.78%

$0

$0.00

$0

$0.00

$0

$0.00

$0

$0.00

3,400

9.66%

$646

$2.28

$134

$0.47

$411

$1.45

$1,191

$4.20

35,200

100%

$3,932

Available Game Room TOTALS

$815

$2,502

$7,248

PROPERTY DESCRIPTION

5


L E A SE PROVIS ION S

Tenant

C U LLE N P LAZ A

Suite

Base Rental Increases

SQ FT

Renewal Options

Date

PSF

Options

Date

PSF

Pearland Liquor

A

3,500

-

-

2 x 10

1/1/2024 1/1/2034

15.88 16.67

Hatz 2 Heelz

B

2,450

-

-

-

-

-

Angels Alterations

C

1,050

-

-

2x5

5/1/2024 5/1/2029

10% increase or FMV 10% increase or FMV

Tobacco & Accessory

D

1,050

-

-

-

-

-

Barber Shop

E

1,120

-

-

-

-

-

Flawless Nails

F

1,400

-

-

-

-

-

Cullen Dry Cleaner

G

1,050

-

-

1x3

2/1/2022

FMV

Preferred Home Technologies

H

1,000

-

-

-

-

-

Accents Hats

I

1,400

-

-

-

-

-

1,800

-

-

-

-

-

Fit n Lit Dance Gifted & Talented Kids

B

4,340

-

-

1x5

9/1/2024

FMV

Hair Braiding

E

1,400

-

-

-

-

-

Honesty Beauty Supply

F

1,800

-

-

-

-

-

Studio Express

G

1,000

-

-

-

-

-

Hookah Hideout

H

1,400

-

-

1x4

7/15/2023

FMV

Lifestyle of Christ Church

K

5,060

1/1/2022

13.04

-

-

-

980

-

-

-

-

-

Game Room

3,400

-

-

-

-

-

TOTAL

35,200

Available

F I N A N C I A L A N A LY S I S

6


I N VE S TMENT HI GHLI GHT S

C U LLE N P LAZ A

• B elow Market Rents: The average rental rate at Cullen Plaza is only $13.59 psf while like-kind product in the immediate trade area is leasing from $20.00 to $30.00 psf. • E xcellent Positioning & Traffic Counts: The property is ideally located right off Beltway 8 on Cullen Blvd. Beltway 8 is a major thoroughfare with more than 125,000 vehicles daily, while Cullen Blvd has an excess of 16,300 vehicles per day. • H istorical Tenancy: Cullen Plaza currently has 8 tenants that have occupied space for over 10 years. This shows the tenants’ commitment to the site and ability to operate profitable businesses. • C onsumer Experience Tenant Base: The Property is virtually immune to the forces of the internet, as the tenants cater to an “in-person” experience. 78.35% of the property is leased to service-oriented tenants. • H igh Growth Trade Area: The population has increased nearly 50% within 1 mile of the center since 2010 and is expected to grow almost an additional 8% in the next five years. • H ighly Leasable Spaces: The average size space is 1,962 square feet. This makes the property extremely leasable as the tenant pool for this size space is the largest in the industry. PROPERTY DESCRIPTION

7


S I T E PL A N

C U LLE N P LAZ A

Game Room

Lifestyle of Christ Church

Hookah Hideout

Studio Express

Honesty Beauty Supply

Hair Braiding

Gifted & Talented Kids

Fit n Lit Dance

Accents Hats

Pref. Home Tech.

Cullen Dry Cleaner

Flawless Nails

Barber Shop

Tobacco & Accessory

Angels Alterations

Hatz 2 Heelz

Pearland Liquor

Available

CULLEN BLVD Tenant

SQ FT

Tenant

SQ FT

Pearland Liquor

3,500

Fit n Lit Dance

1,800

Hatz 2 Heelz

2,450

Gifted & Talented Kids

4,340

Angels Alterations

1,050

Hair Braiding

1,400

Tobacco & Accessory

1,050

Honesty Beauty Supply

1,800

Barber Shop

1,120

Studio Express

1,000

Flawless Nails

1,400

Hookah Hideout

1,400

Cullen Dry Cleaner

1,050

Lifestyle of Christ Church

5,060

Preferred Home Technologies

1,000

Available

Accents Hats

1,400

Game Room

980 3,400

PROPERTY DESCRIPTION

8


A E R I AL MA P

C U LLE N P LAZ A

125,028 VPD

CU LLE N B LV D 16,302 VP

114,338 VPD

D

NOLAN RYAN JR. HIGH SCHOOL MAREK ELEM. SCHOOL

GLENDA DAWSON HIGH SCHOOL

LAURA INGALLS WILDER ELEMENTARY SCHOOL CHALLENGER ELEMENTARY SCHOOL

GLENN YORK ELEM. SCHOOL SHIRLEY DILL BROTHERS ELEM. SCHOOL

SHADOW CREEK HIGH SCHOOL

BROADWAY ST

31,134 VPD

SILVERCREST ELEM. SILVERLAKE ELEM.

ROGERS MIDDLE SCHOOL BERRY MILLER JUNIOR HIGH SCHOOL

PROPERTY DESCRIPTION

9


L E A SE COMPA RABLES

Property

C U LLE N P LAZ A

GLA

Year Built/ Renovated

Occupancy

Major Tenants

Available SF

Rental Rates

NNN

35,320

2003

97.2%

Honesty Beauty Supply, Flawless Nails, Cullen Dry Cleaner, Pearland Liqour

980

$8.00 - $16.00

$4.19

Cullen Plaza

« 14519 Cullen Blvd

Houston, TX 77047

1

Shadow Creek Marketplace 11041 Shadow Creek Pkwy Pearland, TX 77584

28,347

2009

100.0%

Tutoring Club - Pearland, Shadow Creek Liqour Store, Kids & Teens Dental Place

0

$20.00 - $36.00

$10.50

2

The Crossing at 288 10645 Broadway St Pearland, TX 77584

21,855

2002

100.0%

Chipotle, Five guys, Castle Dental, Great Clips, Mattress Firm, Cold Stone Creamery

0

$26.00 - $31.00

$8.33

3

Y Shops at Beltway 8 4001 S Sam Houston Pkwy Houston, TX 77047

18,450

2012

88.6%

Loanstar Title Loans, Cullen Pawn, Happy China Café

2,100

$20.00 - $25.00

$8.00

4

Shadow Creek Center 11901 Shadow Creek Pkwy Pearland, TX 77584

35,000

2009

83.3%

La Vie Nails and Spa, VIP Cleaners, Masters Taekwondo Academy, Mosaic Church

5,836

$21.00-$28.00

$7.50

5

Cullen Crossing Shopping Center 8323 W Broadway St Pearland, TX 77584

34,730

2000

82.1%

Matrtress1 one, Subway, Pearland Postal Plus, Supercuts, Star Nails, Elite Cleaners, Cullen Dental Associates

6,221

$20.00 - $26.00

$7.72

PROPERTY DESCRIPTION

10


L E A SE COMPA RABLES

C U LLE N P LAZ A

Cullen Plaza 1

Shadow Creek Marketplace

2

The Crossing at 288

3

Y Shops at Beltway 8

4

Shadow Creek Center

5

Cullen Crossing SC

3

1 4

2

5

PROPERTY DESCRIPTION

11


LO C AL MA P

C U LLE N P LAZ A

PROPERTY DESCRIPTION

12


REG IONA L MA P

C U LLE N P LAZ A

PROPERTY DESCRIPTION

13


M A R KET S U MMARY

C U LLE N P LAZ A

Houston, TX

OVERVIEW Houston is the most populous city in the state of Texas and the fourth-most populous city in the United States, with an estimated 2018 population of 2,325,502. The seat of Harris County, Houston is the principal city of the Greater Houston metropolitan area, which is the fifth most populous MSA in the United States (2018 population estimate of 6,997,384). With a total area of 627 square miles, Houston is the eighth most expansive city in the United States.

where the Mission Control Center is located.

Houston was founded in 1836 on land near the banks of Buffalo Bayou (now known as Allen’s Landing) and incorporated as a city on June 5, 1837. The city was named after former General Sam Houston, who was president of the Republic of Texas and had commanded and won at the Battle of San Jacinto 25 miles (40 km) east of where the city was established. The burgeoning port and railroad industry, combined with oil discovery in 1901, has induced continual surges in the city’s population. In the mid-twentieth century, Houston became the home of the Texas Medical Center — the world’s largest concentration of healthcare and research institutions — and NASA’s Johnson Space Center,

Nicknamed the Space City, Houston is a global city, with strengths in business, international trade, entertainment, culture, media, fashion, science, sports, technology, education, medicine and research. The city has a population from various ethnic and religious backgrounds and a large and growing international community. Houston is considered to be the most diverse city in Texas and the United States. It is home to many cultural institutions and exhibits, which attract more than 7 million visitors a year to the Museum District. Houston has an active visual and performing arts scene in the Theater District and offers year-round resident companies in all major performing arts.

Houston is recognized worldwide for its energy industry (particularly for oil and natural gas) as well as for biomedical research and aeronautics. It is also leading in health care sectors and building oilfield equipment; only New York City is home to more Fortune 500 headquarters. The Port of Houston ranks first in the United States in international waterborne tonnage handled and second in total cargo tonnage handled.

Q U I C K S TAT S

1 2nd No. 3 4th 21 st

Most-Populous City in the State of Texas Second-Best U.S. Cities for Job Growth (CBS News) Third-Best American City of the Future (Financial Times)

Most-Populous City in the United States

Fortune 500 Companies Call Houston Home (Fortune)

PROPERTY DESCRIPTION

14


D E M OG RA PHIC STAT I ST I CS

C U LLE N P LAZ A

1 Mile

3 Mile

2025 Projection

5,269

60,900

215,722

2020 Estimate

4,916

56,463

199,793

2010 Census

3,345

42,969

155,619

Growth 2020-2025

7.18%

7.86%

7.97%

Growth 2010-2020

46.97%

31.40%

28.39%

1,331

12,514

53,303

White

1,520

21,240

88,874

Black

5 Mile

Population:

2020 Population Hispanic Origin

2020 Population by Race: 3,101

29,531

86,370

Am. Indian & Alaskan

30

406

1,494

Asian

180

4,230

19,210

Hawaiian & Pacific Island

6

39

158

Other

79

1,018

3,688

8

25

58

2025 Projection

1,870

21,225

72,863

2020 Estimate

1,744

19,701

67,500

2010 Census

1,185

15,189

52,904

U.S. Armed Forces:

Households:

Growth 2020 - 2025

7.22%

7.74%

7.95%

Growth 2010 - 2020

47.17%

29.71%

27.59%

Owner Occupied

1,410

15,037

48,563

Renter Occupied

334

4,664

18,937

2020 Avg Household Income

$84,373

$86,016

$90,960

2020 Med Household Income

$73,730

$69,812

$69,160

237

3,361

11,748

$25,000 - $50,000

317

4,076

13,688

$50,000 - $75,000

340

3,113

10,914

2020 Households by Household Inc: <$25,000

$75,000 - $100,000

361

3,113

8,927

$100,000 - $125,000

154

1,885

6,233

$125,000 - $150,000

182

1,548

4,761

$150,000 - $200,000

84

1,500

6,101

$200,000+

69

1,104

5,129

Demographic data © CoStar 2020

PROPERTY DESCRIPTION

15


CONFIDENTIALITY AGREEMENT The information contained in the following offering memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from STRIVE and it should not be made available to any other person or entity without the written consent of STRIVE. By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient further agrees that recipient will not photocopy or duplicate any part of the offering memorandum. If you have no interest in the subject property at this time, please return this offering memorandum to STRIVE. This offering memorandum has been prepared to provide summary, unverified financial and physical information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. STRIVE has not made any investigation, and makes no warranty or representation with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCBs or asbestos, the compliance with local, state and federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this offering memorandum has been obtained from sources we believe to be reliable; however, STRIVE has not verified, and will not verify, any of the information contained herein, nor has STRIVE conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Prospective buyers shall be responsible for their costs and expenses of investigating the subject property. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT STRIVE AGENT FOR MORE DETAILS.


Commercial Disclaimer STRIVE hereby advises all prospective purchasers of commercial property as follows: The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, STRIVE has not and will not verify any of this information, nor has STRIVE conducted any investigation regarding these matters. STRIVE makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided. As the Buyer of a commercial property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase. This Marketing Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. STRIVE expressly denies any obligation to conduct a due diligence examination of this Property for Buyer. Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property. The value of a commercial property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors. Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any commercial property to determine to your satisfaction with the suitability of the property for your needs. Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal and financial documents related to the property and tenant. While the tenant’s past performance at this or other locations is an important consideration, it is not a guarantee of future success. Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based on a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenants and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental or other conditions. Regardless of tenants history and lease guarantees, Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term leases, including the likelihood of locating replacement tenants if any of the current tenants should default or abandon the property, and the lease terms that Buyer may be able to negotiate with any potential replacement tenants considering the location of the property, and Buyer’s legal ability to make alternate use of the property. By accepting this Marketing Brochure you agree to release STRIVE and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this commercial property.


Information About Brokerage Services

Texas law requires all real estate license holders to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords. TYPES OF REAL ESTATE LICENSE HOLDERS: • A BROKER is responsible for all brokerage activities, including acts performed by sales agents sponsored by the broker. • A SALES AGENT must be sponsored by a broker and works with clients on behalf of the broker. A BROKER’S MINIMUM DUTIES REQUIRED BY LAW (A client is the person or party that the broker represents): • Put the interests of the client above all others, including the broker’s own interests; • Inform the client of any material information about the property or transaction received by the broker; • Answer the client’s questions and present any offer to or counter-offer from the client; and • Treat all parties to a real estate transaction honestly and fairly. A LICENSE HOLDER CAN REPRESENT A PARTY IN A REAL ESTATE TRANSACTION: AS AGENT FOR OWNER (SELLER/LANDLORD): The broker becomes the property owner’s agent through an agreement with the owner, usually in a written listing to sell or property management agreement. An owner’s agent must perform the broker’s minimum duties above and must inform the owner of any material information about the property or transaction known by the agent, including information disclosed to the agent or subagent by the buyer or buyer’s agent. AS AGENT FOR BUYER/TENANT: The broker becomes the buyer/tenant’s agent by agreeing to represent the buyer, usually through a written representation agreement. A buyer’s agent must perform the broker’s minimum duties above and must inform the buyer of any material information about the property or transaction known by the agent, including information disclosed to the agent by th e seller or seller’s agent. AS AGENT FOR BOTH - INTERMEDIARY: To act as an intermediary between the parties the broker must first obtain the written agreement of each party to the transaction. The written agreement must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker’s obligations as an intermediary. A broker who acts as an intermediary: • Must treat all parties to the transaction impartially and fairly; • May, with the parties’ written consent, appoint a different license holder associated with the broker to each party (owner and • buyer) to communicate with, provide opinions and advice to, and carry out the instructions of each party to the transaction. • Must not, unless specifically authorized in writing to do so by the party, disclose: ӽ that the owner will accept a price less than the written asking price; ӽ that the buyer/tenant will pay a price greater than the price submitted in a written offer; and ӽ any confidential information or any other information that a party specifically instructs the broker in writing not to disclose, unless required to do so by law. AS SUBAGENT: A license holder acts as a subagent when aiding a buyer in a transaction without an agreement to represent the buyer. A subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first. TO AVOID DISPUTES, ALL AGREEMENTS BETWEEN YOU AND A BROKER SHOULD BE IN WRITING AND CLEARLY ESTABLISH: • The broker’s duties and responsibilities to you, and your obligations under the representation agreement. • Who will pay the broker for services provided to you, when payment will be made and how the payment will be calculated. LICENSE HOLDER CONTACT INFORMATION: This notice is being provided for information purposes. It does not create an obligation for you to use the broker’s services. Please acknowledge receipt of this notice below and retain a copy for your records.

Regulated by the Texas Real Estate Commission

Information available at www.trec.texas.gov IABS 1-0


exclusively listed 469.844.8880

STRIVERE.COM


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