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7-Eleven, Pasadena, TX

7-Eleven

Pasadena, TX

Price $9,485,000
Cap Rate 4.00%
NOI $379,392
Lease Term 15 Years
Lease Type Absolute NNN, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Including Roof, Structure, And Parking Lot
Rental Increases 7.5% Rental Increases Every Five (5) Years
Year Built 2022
Building Size 4,842 SF
Lot Size 2.01 Acres (87,579 SF)
Status Under Contract
Lead Broker Information Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Jack Hinson
Brokerage
704.572.9921
jack.hinson@cushwake.com
CA RE License #02059267

Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Vincent Aicale
Executive Managing Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Executive Managing Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

NEW 15-YEAR ABSOLUTE NNN LEASE TO CORPORATE TENANT
» 7-Eleven, Inc. is an investment grade tenant with a “AA-” rating from Standard & Poor’s
» New 15-year corporate guaranteed absolute NNN lease with four (4) five (5) year options
» 7.5% rental increases every five years, providing a hedge against inflation
» No landlord management, ideal for an out-of-area investor

HIGHWAY-VISIBILITY LOCATION IN A POPULOUS AND GROWING TEXAS SUBURB
» Signalized, hard corner location at the intersection of Spencer Highway and East Sam Houston Parkway South (70,746 AADT)
» Population of 253,880 within a five-mile radius of the location, creating a large customer base for the site
» Surrounded by high-density single family housing developments and large townhouse complexes
» Projected 11 percent average annual household income increase within a five-mile radius of the site in the next five years, poising 7-Eleven and Pasadena for concurrent growth

CENTRAL LOCATION NEAR LARGE EMPLOYERS, RETAILERS, AND COMMUNITY HUBS
» Irreplaceable infill location surrounded by several local and national retailers, including Kroger, Chick fil-A, Starbucks, CVS, Petco, Texas Roadhouse, Red Lobster, Wendy’s, and many more
» Two miles from HCA Houston Healthcare Southeast (345 beds, 1,750 employees)
» Central location near multiple Texas community hubs, including Bay Oaks Country Club, The Lone Star Flight Museum, William P. Hobby Airport, and Trinity Bay
» Gateway to Downtown Houston, the fourth-most populous city in the U.S. (population 2,320,268)

NEW 2022 CONSTRUCTION IN A TAX-FREE STATE
» New 2022 construction built to latest 7-Eleven prototype, featuring eight fuel pumps, a freestanding convenience store, and a Laredo Taco (7-Eleven’s QSR concept)
» 7-Eleven is the largest convenience retail chain in the world, with more than 71,100 stores worldwide
» Texas is an income tax free state



Property Description

The property has a signalized, hard corner location at the intersection of Spencer Highway and East Sam Houston Parkway South (63,428 AADT). The site features a prime location in a populated area, with 253,880 residents living within a five-mile radius of the property, creating a large and consistent customer base for the site. This 7-Eleven location greatly benefits from being surrounded by high-density single family housing developments and large townhouse complexes. With a projected 11 percent average annual household income increase within a five-mile radius of the site in the next five years, 7-Eleven and Pasadena are poised for significant concurrent growth.

Visibility to the property is increased by the site’s centralized location near large employers, retailers, and community hubs. The site features an irreplaceable infill location surrounded by several local and national retailers, including Kroger, CVS Pharmacy, Petco, Texas Roadhouse, Red Lobster, Wendy’s, Chick-fil-A, Starbucks, and many more. The property is also two miles from one of Pasadena’s largest employers, HCA Houston Healthcare Southeast (345 beds, 1,750 employees). The site is centrally located near multiple Texas community hubs, including Bay Oaks Country Club, The Lone Star Flight Museum, William P. Hobby Airport, and Trinity Bay. The property also benefits from its proximity to Downtown Houston, the fourth-most populous city in the U.S. (population 2,320,268).

Contact Us About This Property



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