Catylist ID:
#30864225
NNN Sale Portfolio w/Long-term Tenant - Central/West TX
Retail-Commercial
for Sale
| Catylist Listing ID: | 30864225 |
| Property Subtypes: | Free-Standing Building, Restaurant |
| Building Size (RSF): | 3,916 SF |
| Gross Building Area: | See Agent |
| Sale Price: | $11,500,000 |
| Unit Price: | $2,936 PSF |
| Is Quick-Service Restaurant? | Yes |
| Has Drive-Thru? | Yes |
| Property Use Type: | Net Leased Investment (NNN) |
| Sale Terms: | Cash to Seller, Sale/Leaseback |
| Last Updated: | 7/22/2024 |
Overview / Comments
|
Portfolio sale of 5 parcels and 1 land lease in Central/West Texas with long standing tenant Fazoli's, which is an Italian fast casual franchise concept with a loyal customer base. Fazoli’s 2023 average per unit sales $2.3M+. NOI $910,974, Cap Rate 7.9%. All locations are freestanding buildings with a drive thru. Leases expire in January 2031 and have three 5 year options to renew. Locations are in high traffic trade areas surrounded by retail and restaurants. Franchise business is for sale and must sell prior to selling the real estate. Parcel #1 Abilene, TX - 3,916SF built in 2002, renovated in 2020, on 1.73 acres Parcel #2 Midland, TX - 3,826SF built in 1998, renovated in 2019, on 1.14 acres Parcel #3 Lubbock, TX- 3,720SF built in 1997, renovated in 2020, on 0.87 acres Parcel #4 Lubbock, TX - 3,599SF built in 2000, renovated in 2018, on 1.13 acres Parcel #5 Amarillo, TX - 4,438SF built in 1997, renovated in 2019, on 1.47 acres Land Lease Odessa, TX - 3,360SF built in 2000, renovated in 2018, on 0.62 acres |
Current Tenants
| Tenant Business Name | Fazoli's |
| Industry Type | Accommodation and Food Services |
| Lease Expiration | 1/0007 |
| Options | 3 five year |
Additional Details
| Nearest MSA: | Abilene |
| County: | Taylor |
| Tax ID/APN: | 42807 |
| Zoning: | COMMERCIAL |
| Retail Clientele: | General, Family, Business, Traveler, Tourist, Recreation, Convention |
| Property Visibility: | Excellent |
| Tenancy: | Single Tenant |
| Parking Type: | Surface |
Demographic Statistics
| Proximity: | 1 mile | 3 miles | 5 miles |
|---|---|---|---|
| Total Population: | 11,235 | 60,170 | 108,113 |
| Median Age: | 40.78 | 36.09 | 34.39 |
| Households: | 5,102 | 24,513 | 41,738 |
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