Family Dollar
| Price | $1,804,000 |
| Cap Rate | 7.00% |
| NOI | $126,302 |
| Lease Term | 10 Years |
| Lease Type | Net, with Tenant Responsible for all Taxes, Insurance, and Maintenance, Excluding all Exterior and Structural Portions of the Building |
| Rental Increases | 5% Rental Increases after Year 10 and Every Five (5) Years Thereafter |
| Year Built | 2019 |
| Building Size | 8,320 SF |
| Lot Size | 0.91 Acres (39,555 SF) |
| Status | Available |
| Lead Broker Information | Vincent Aicale Cushman & Wakefield 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Ryan Forsyth Cushman & Wakefield 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 Senior Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 Cushman and Wakefield Inc. LIC. # 00616335 This property is listed in conjunction with Florida-licensed real estate broker Cushman & Wakefield, Inc. |
Investment Highlights
CORPORATE GUARANTEED NET LEASE
» New 10-year lease with six five-year options
» Guaranteed by Family Dollar Stores, Inc., owned by Dollar Tree, Inc. (NASDAQ: “DLTR”)
» Scheduled rental increases, providing a hedge against inflation
HIGH-TRAFFIC LOCATION NEAR NOTABLE RETAILERS
» Excellent visibility and access to 19,495 vehicles per day directly in front of the property on Hiram Clarke Road
» Convenient access to U.S. Route 90 Alternate (92,032 AADT)
» Nearby retailers include CVS, Palais Royal, Fiesta Market, Popeyes, AutoZone, Advance Auto Parts, Home Depot, Rainbow, and Cricket Wireless, among others
RAPIDLY GROWING AREA WITH ROBUST DEMOGRAPHICS
» Ideally located within the Southwest Houston/Missouri City submarket, one of the fastest growing areas of Houston, with some of the top selling master planned communities in the country
» Core Houston location within Houston’s second loop
» 312,892 residents and nearly 100,000 daytime employees within a five-mile radius
» The population within five miles of the property— which grew by 16.7% between 2010 and 2018—is expected to increase an additional 8.3% by 2023
NEAR MAJOR EMPLOYERS AND CULTURAL AMENITIES
» Close to several of Houston’s primary business districts, including downtown Houston, the Texas Medical Center, Uptown Houston, and Greenway/Upper Kirby
» Near NRG Park, a 350-acre sports, convention, and entertainment complex that hosts over 500 events annually
Property Description
The property is strategically located on Hiram Clarke Road, with excellent visibility and access to 19,495 vehicles per day directly in front of the property. Hiram Clarke Road provides convenient access to U.S. Route 90 Alternate (92,032 AADT). Several notable retailers are located near the property, including CVS, Palais Royal, Fiesta Market, Popeyes, AutoZone, Advance Auto Parts, Home Depot, Rainbow, and Cricket Wireless, among others. Ideally located within the rapidly developing Southwest Houston/Missouri City submarket, the property benefits from a large, steadily increasing customer base. The submarket is one of the fastest growing areas of Houston, with some of the top selling master planned communities in the country. Currently, 312,892 residents live within a five-mile radius of the property. The population within five miles of the property— which grew by 16.7% between 2010 and 2018—is expected to increase an additional 8.3% by 2023.
The property is also close to major employment centers, including large industrial developments in the Southwest Houston/Missouri City submarket as well as several of Houston’s primary business districts. As a result, nearly 100,000 daytime employees work within five miles of the property, further expanding Family Dollar’s customer base.
