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: 7/15/2024

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

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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

Contact

Photograph of Listing Agent

Stephanie L Gilezan

EXP Realty LLC KCREA Member
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