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Triton

1515 Studemont | Party Boy

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My friend is finally putting Party Boy on the market for $10,500,000. Quite a sizable lot in a good developing area. We'll have to see what comes of this.

 

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If a good developer scoops this up I'll be very happy. 

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Sounds expensive. HCAD has this property appraised at 2,721,116 (land - 2,268,072 , improvement - 453,044). I understand the potential development opportunity on 1.53 acres next to I10, but how could institutional investors justify a $10.5m price tag for this?

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43 minutes ago, rubberbandman said:

Sounds expensive. HCAD has this property appraised at 2,721,116 (land - 2,268,072 , improvement - 453,044). I understand the potential development opportunity on 1.53 acres next to I10, but how could institutional investors justify a $10.5m price tag for this?

 

He owns property all over Houston. He was the same person to sell his land off of N Main to White Oak Music Hall for quite a hefty price, so I think he understands the market pretty well. I would not be surprised if he got somewhere around this price for it. 

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Posted (edited)

A Loopnet listing for 1515 Studemont St in Houston. This is the site of party supply and costume store Party Boy. 

The listing was posted online in June.


https://www.loopnet.com/Listing/1515-Studemont-St-Houston-TX/14986896/  (archive link)


 

  • 27,730 SF Flex Building / Retail building
  • 1.71 AC of land with 27,000 SF
  • 500+-ft of Frontage on I-10
  • Year Built:1955
  • With over 700 feet of frontage, this property has excellent visibility along Katy Freeway.
  • This is a great opportunity for renovation with limitless development potential.

 

Edited by CrockpotandGravel

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6 hours ago, CrockpotandGravel said:


Endurance Properties is listed as the real estate company fired to sell the property.






 

 

Disaster struck the moment they signed that contract! ;) 

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1 hour ago, Purdueenginerd said:

 

Disaster struck the moment they signed that contract! ;) 

They didn't endure for too long.

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1 hour ago, Triton said:

They didn't endure for too long.

 

Firm deals and Party hard.

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Houston Chronicle's Real Estate section, late as usual, reports on the site of party supply and costume store Party Boy.  This is located at 1515 Studemont St.


Published today:


 

This October may be the last year the view south of I-10 across from the Heights is a giant orange pumpkin.
 

The property housing Party Boy at 1515 Studemont, where an inflatable pumpkin is displayed atop the building each Halloween, is up for sale.
 

The owner of the store, a go-to spot for spooky costumes and all manner of party supplies, is asking $10.5 million for the site, according to listing broker Jeff Trevino.
 

"It's an icon and 300,000 cars drive past it every day," said Trevino of Endurance Properties. "It has stayed high and dry through all of our high-water events."
 

The store's operations are housed in a two-story, 20,000-square-foot warehouse building and an adjacent 7,000-square-foot structure. The site is about 70,000 square feet -- or 1.6 acres.
 

This area just east of downtown has been booming. Party Boy has become surrounded by new developments and construction.
 

"It is probably one of the last high-profile corners in that corridor that is open and ready to change hands," Trevino said.



https://www.houstonchronicle.com/business/real-estate/article/Landmark-Party-Boy-property-hits-the-market-for-14299312.php

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Aerial view of  1515 Studemont St in Houston. This is the site of party supply and costume store Party Boy.  

From Houston Chronicle (article linked in post above)


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