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Black Rock Coffee, Spring (Houston MSA), TX

Black Rock Coffee, Spring (Houston MSA), TX


Investment Summary

Price $2,478,000
Cap Rate
NOI
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 2023
Building Size 1,887 SF
Lot Size 0.81 acres (35,284 SF)
Status Closed
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

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 – 2023 construction
» Zero Landlord responsibilities, ideal for a passive or out of area investor
» 10% rental increases every five years, providing a reliable and passive income generator
» 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

LOCATED IN NEWLY DEVELOPED RETAIL CENTER IN AFFLUENT AREA
» Located within a new retail development which includes Subway, MOD Pizza, Taco Bell, AutoZone Auto Parts, McDonald’s, Popeyes, and many others
» Immediately surrounded by multiple newly constructed residential subdivision developments – Sugarberry Place, Gleannloch Farms, Inverness Estates, and Northpointe Homes
» Proximity to other retail developments with tenants such as Target, The Home Depot, Walmart, T.J. Maxx, Tractor Supply Co, Hobby Lobby, H-E-B, and many others
» High-traffic location on Grand Parkway with excellent visibility and access to 62,117 vehicles per day

HIGH TRAFFIC LOCATION NEAR MANY MAJOR COMMUNITY HUBS
» Walking distance to Frank Elementary School (608 students and 89 faculty)
» Thirteen miles from George Bush Intercontinental Airport which experiences nearly two million travelers each month
» Surrounded by high-density single-family housing developments – population of 218,000+ within five miles of the property
» Minutes from Lone Star College (68,415 students) – Limited on-campus dining options: students rely heavily on off-campus restaurants and cafes

NEW 2023 CONSTRUCTION IN A TAX-FREE STATE
» Located in newly constructed retail center occupied by other national tenants
» Texas has no state income tax, estate tax, or inheritance tax
» 25 miles from Downtown Houston, TX – population of 7.12 million within MSA

Property Description

SOLD

The property is conveniently located just off Grand Parkway (62,117 vehicles per day) and near Champion Forest Drive (29,431 vehicles per day). This Black Rock Coffee location is situated in a newly developed retail center, surrounded by high quality national tenants such as MOD Pizza, Taco bell, AutoZone Auto Parts, Regions Bank, McDonald’s, Popeyes, Smoothie King, and others. The property is immediately surrounded by high density single family residential developments including Sugarberry Place, Gleannloch Farms, Inverness Estates, and Northpointe Homes with a population of 218,000+ living within five miles of the subject site, further adding to the visibility of the storefront. Located on the east side of Spring, Texas, part of the Houston metropolitan area, Black Rock Coffee greatly benefits from a very affluent local population with a median household income exceeding $169,629 within a one-mile radius.

These residential developments surrounding Black Rock Coffee are highlighted by Gleannloch Farms, with 3,705 homes and Northpointe Homes with 3,879 homes. The Spring/Tomball area’s status as an emerging economic center has attracted wealthy professionals, making the submarket one of the richest in Houston to the region. The average household income within a one-mile radius of the property is 59% greater than the national average.

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