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Black Rock Coffee, San Antonio, TX

Black Rock Coffee, San Antonio, TX


Investment Summary

Price $2,696,000
Cap Rate 5.75%
NOI $155,000
Lease Term 15 years
Lease Type Absolute NNN lease, with tenant responsible for all taxes, insurance, and maintenance
Rental Increases 10% rental increases every five (5) years
Year Built 2024
Building Size 1,980 SF
Lot Size 0.855 acres (37,249 SF)
Status Under Contract
Lead Brokers Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Jack Hinson
Brokerage
704.572.9921
j.hinson@cushwake.com
CA RE License #02059267

Vincent Aicale
Vice Chairman
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Vice Chairman
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

NEW 15-YEAR CORPORATE ABSOLUTE NNN LEASE TO GROWING COFFEE TENANT
» 15-year absolute NNN lease – 2024 construction
» 10% rental increases every five years, providing a hedge against inflation
» Four (4) five (5) year options, with 10% rental increases at the beginning of each option
» Black Rock Coffee Bar is a national premium coffee shop chain headquartered in Portland, Oregon. Founded in 2008, the company now operates over 100 locations in seven states

WELL-POSITIONED ASSET IN QUICKLY-GROWING AREA OF SAN ANTONIO
» Current five-mile population of 200,938 residents (expected to grow 20+% by 2028)
» Prominent location just off the four-way signalized intersection of Reid Ranch Road and Potranco Road, with visibility and access to a combined 34,614 vehicles per day
» Located within a brand-new retail development which includes a new McDonald’s, Salad and Go, Tommy’s Express Car Wash, Dollar Tree, and many others
» Immediately surrounded by multiple newly constructed residential subdivision developments with over 30,000 new lots in the immediate vicinity
» Proximity to other retail developments with tenants such as Costco Wholesale, Walmart, T.J. Maxx, PetSmart, Kohl’s, H-E-B, and many others
» Gateway to San Antonio (1.41 million residents), the second largest city in Texas and part of San Antonio MSA, home to 2.6 million people and experiencing robust growth

LOCATED IN HIGH-TRAFFIC COMMUNITY CENTER POISED FOR CONTINUOUS GROWTH
» Walking distance to Gregory Luna Middle School (1,400 students)
» Close proximity to Lackland Air Force Base (population 46,577) with an average household income of $127,766 within one mile (projected to grow more than 11% over the next five years)
» Surrounded by high-density single-family housing developments – population of 200,938 within five miles of the property, which is expected to grow by more than 40% over the next five years
» Minutes from Northwest Vista College (16,293 students) – Limited on-campus dining options: students rely heavily on off-campus restaurants and cafes

NEW 2024 CONSTRUCTION IN A TAX-FREE STATE
» Texas has no state income tax, estate tax, or inheritance tax

Property Description

Black Rock Coffee is located along Potranco Road in West San Antonio, TX. Potranco Road is major traffic artery within Western San Antonio, exceeding 26,000 vehicles per day, while also connecting Black Rock Coffee to multiple nearby major national retailers such as Costco Wholesale, Walmart, T.J. Maxx, PetSmart, Kohl’s, H-E-B, and many others. Black Rock Coffee resides within a newly constructed shopping center which services the nearly 205,000 people who live within five miles of the restaurant. Black Rock Coffee also enjoys being positioned in a very affluent area with a median household income exceeding $127,766 within a one-mile radius. Additionally, the site is near many high-density single-family housing developments and large apartment complexes, a strong traffic driver for the property.

The property is situated near various large employers, schools, and community areas. The Restaurant is within walking distance of three local schools, the largest being Gregory Luna Middle School which is home to 1,400 students. Black Rock Coffee is eight miles from Lackland Air Force Base (population 46,577) and JBSA-Lackland and Medina Training Annex. This property is located in a rapidly growing area of San Antonio, the second-largest city in Texas (1.4 million residents), and is located 20 miles from downtown, which welcomes 34 million visitors annually.

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