Raising Cane’s Ground Lease,
Houston, TX Investment Summary
| Price | $3,059,000 |
| 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 | 3,200 SF |
| Lot Size | 1.11 Acres (48,352 SF) |
| Status | Sold |
| Lead Brokers | Michael T. Yuras, CCIM Executive Managing Director 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Scott Crowle Managing Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 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 |
Investment Highlights
NEW 15-YEAR ABSOLUTE NNN GUARANTEED GROUND LEASE WITH SCHEDULED RENTAL INCREASES
» 15-year absolute NNN ground lease
» Four (4) five (5) year option periods
» Strong corporate guarantee – 530+ locations
» Absolute NNN ground lease requires no landlord management, ideal for passive investors
» Scheduled rental increases, providing a hedge against inflation
EASILY ACCESSIBLE LOCATION IN HIGHLY POPULATED AND GROWING AREA
» 258,368 residents within a five-mile radius of the property
» Easily accessibly location along Little York Road (31,375 AADT)
» Immediate access to Interstate 69/U.S. Route 59/Eastex Freeway (226,152 AADT), greatly increasing visibility and traffic to the location
» Projected eight percent average annual household income increase within three miles of the site in the next five years, poising Raising Cane’s and Houston for significant concurrent growth
CENTRAL LOCATION NEAR LARGE EMPLOYERS, RETAILERS, AND COMMUNITY HUBS
» Surrounded by a strong mix of well-established national tenants in a dense retail corridor, including Chipotle, Prosperity Bank, Chick-fil-A, Taco Bell, McDonald’s, Walgreens, and many more
» Only Raising Cane’s location within a 20-minute drive of the site
» Beneficial proximity to area hubs and attractions, including Keith-Wiess Park, Golf Club of Houston, and Brock Park Golf Course
» Nine miles from Downtown Houston, the fourth-most populous city in the U.S.
2021 CONSTRUCTION IN A TAX-FREE STATE
» Features latest Raising Cane’s prototype
» Includes a dual drive-thru window and outdoor patio seating
» Located in an income-tax free state
Property Description
SOLD
The property has an easily accessible location along Little York Road, with visibility and access to 31,375 vehicles per day. The property benefits from its central location in a highly populated area, with 258,368 residents living within a five-mile radius of the location. The site also has a beneficial location in near Interstate 69/U.S. Route 59/Eastex Freeway, which experiences a high traffic count of 226,152 AADT. With a projected eight percent average annual household income increase within three miles of the site in the next five years, Raising Cane’s and Houston are poised for significant concurrent growth.
The site benefits from its location near large employers, retailers, and community hubs. The property is surrounded by a strong mix of well-established national tenants in a dense retail corridor, including Chipotle, Prosperity Bank, Chick-fil-A, Taco Bell, McDonald’s, Walgreens, and many more. Visibility to the site is also increased by its central location as the only Raising Cane’s restaurant within a 20-minute drive of the site. The location maintains a beneficial proximity to major area hubs and attractions, including Keith-Wiess Park, Golf Club of Houston, and Brock Park Golf Course. The site also experiences increased activity from its proximity and easy access to Downtown Houston, the fourth most populous city in the U.S.
