Investment Summary
Price | $1,860,000 |
Cap Rate | |
NOI | |
Lease Term | 15 Years |
Lease Type | Absolute NNN Ground Lease, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Including Roof, Structure, And Parking Lot |
Rental Increases | 10% Rental Increases Every Five (5) Years |
Year Built | 2021 |
Building Size | 871 SF |
Lot Size | ±0.777 acres (33,845 SF) |
Status | SOLD |
Lead Brokers | Vincent Aicale Executive Director 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Ryan Forsyth Executive Director 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 Michael T. Yuras, CCIM Executive Managing Director 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Scott Crowle Executive Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 |
Investment Highlights
NEW 15-YEAR ABSOLUTE NNN GROUND LEASE WITH SCHEDULED RENTAL INCREASES TO STRONG RETAIL TENANT
» New 15-year absolute NNN ground lease with corporate guarantee
» 10% rental increases every five years, providing a hedge against inflation
» Requires zero landlord management, ideal for an out-of-area investor
LOCATED IN A LARGE AND GROWING TEXAS RETAIL CORRIDOR
» High-visibility and easily accessible location near the signalized four-way intersection of University Avenue and 82nd Street (64,182 AADT)
» Convenient access to highly trafficked Texas thoroughfares, including State Route 289 and U.S. Route 87 (combined 135,148 AADT)
» Population of 180,314 within a five-mile radius of the location, creating an extremely large customer base for the site
» Average annual household income of $80,960 within three miles of the site
» Projected 10 percent average annual household income increase within five miles of the site in the next five years, poising Dutch Bros Coffee and Lubbock for concurrent growth
CENTRAL LOCATION NEAR LARGE EMPLOYERS, RETAILERS, AND COMMUNITY HUBS
» Irreplaceable infill location in a major Lubbock retail corridor
» Surrounded by a strong mix of local and national retailers, including Walgreens, Target, The Home Depot, Walmart Supercenter, Dollar General, Chick-fil-A, McDonald’s, Starbucks, and many more
» Community Federal Credit Union will be building a new branch on neighboring parcel
» 4.5 miles from Texas Tech University (36,551 students, $2.8 billion annual economic impact in Texas)
» Excellent location in a major Lubbock commuter corridor, with close proximity to several high-density single-family developments
» One mile from The Science Spectrum & OMNI Theater, which features over 250 interactive exhibits, live science shows, and the only aquarium in West Texas
NEW CONSTRUCTION IN INCOME TAX FREE STATE
» New construction featuring a dedicated drive-thru, providing additional customer convenience and boosting sales revenue
» Drive-thru can accommodate up to 35 vehicles at one time
» Features latest store designs and concepts
» Texas has no State Income Tax, Estate Tax, or Inheritance Tax
Property Description
SOLD
The site is conveniently placed in a highly visible and easily accessible location near the signalized four-way intersection of University Avenue and 82nd Street (64,182 AADT). The property has convenient access to highly trafficked Texas thoroughfares, including State Route 289 and U.S. Route 87 (combined 135,148 AADT). The site is located in a densely populated area, with a population of 180,314 within a five-mile radius of the location, creating an extremely large customer base for the site. With a projected 10 percent average annual household income increase within five miles of the site in the next five years, Dutch Bros Coffee and Lubbock are poised for significant concurrent growth.
The property is centrally located near large employers, retailers, and community hubs. Visibility is increased by the site’s irreplaceable infill location surrounded by a strong mix of local and national retailers, including Walgreens, Target, The Home Depot, Walmart Supercenter, Dollar General, Chick-fil-A, McDonald’s, Starbucks, and many more. The property is also 4.5 miles from Texas Tech University, which has an enrollment of 36,551 students and generates $2.8 billion in annual economic impact in Texas. The site features an excellent location in a major Lubbock commuter corridor, with close proximity to several high-density single-family developments. Additionally, the location resides one mile from The Science Spectrum & OMNI Theater, which includes over 250 interactive exhibits, live science shows, and the only aquarium in West Texas.