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Houston Texas – Fannin Street

Property Description

Located in the heart of downtown Houston, Texas, this parking garage encompasses 90,750 square feet of space and 265 parking stalls. The garage is subject to a 10-year, double-net lease with revenue participation on gross receipts over a specific amount. The operator of the garage is iPark, a local Houston-based company.

Houston Texas - Fannin Street

Acquisition of Property

Address 611 Fannin St 
Houston, TX  
Acquisition Date May 28, 2015
Purchase Price $8,375,000
Number of Spaces: 265
Square Feet 90,750

Location Information

The garage sits directly across from 609 Main Street, where a previous full-block parking garage is now the site of an approximate 50-story, 1,057,000 square-foot tower undergoing construction. Where it sits, the garage has direct access to all metro light rail lines on Capital Street. In addition, there are more than 1,000 hotel rooms within just two blocks of the property, and over 100 restaurants within walking distance.

With more than 2.2 million metro residents, the Houston metro area boasts the fourth-largest city in the U.S. Downtown, you will find a number of sights and attractions, including professional resident companies in ballet, opera, symphony, and theatre. The city is known as the Energy Capital of the World, and is called home by 25 companies on the Fortune 500 list.

Houston Texas - Fannin Street
Houston Texas - Fannin Street
Houston Texas - Fannin Street

 

THIS LITERATURE MUST BE READ IN CONJUNCTION WITH THE PROSPECTUS IN ORDER TO FULLY UNDERSTAND ALL THE IMPLICATIONS AND RISKS OF THE OFFERING TO WHICH THE PROSPECTUS RELATES.THIS SALES AND ADVERTISING LITERATURE IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY SECURITIES. AN OFFERING IS MADE ONLY BY THE PROSPECTUS. A COPY OF THE PROSPECTUS MUST BE MADE AVAILABLE TO YOU IN CONNECTION WITH ANY OFFERING AND IS AVAILABLE WITHOUT CHARGE UPON WRITTEN REQUEST TO MVP REIT, INC., AT 8880 WEST SUNSET ROAD, SUITE 240, LAS VEGAS, NEVADA, 89148. THE PROSPECTUS IS ALSO AVAILABLE ON THE MVP REIT WEBSITE AT MVPREIT.COM/PROSPECTUS. PHONE INQUIRIES MAY BE DIRECTED TO (877) 684-6871. NEITHER THE SEC OR THE ATTORNEY GENERAL OF THE STATE OF NEW YORK NOR ANY OTHER STATE OR FEDERAL REGULATOR HAS APPROVED OR DISAPPROVED OF THE MERITS OF THIS OFFERING. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. THIS MATERIAL HAS BEEN PRECEDED BY OR IS ACCOMPANIED BY A PROSPECTUS. MVP AMERICAN SECURITIES, THE BROKER-DEALER SOLICITING MVP REIT SHARES, IS A MEMBER OF FINRA/SIPC.

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