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7-Eleven, Houston, TX

7-Eleven

Richmond, Texas

Price $7,350,000
Cap Rate 4.00%
NOI $294,000
Lease Term 15 Years
Lease Type Absolute NNN, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Including Roof And Structure
Rental Increases 10% Rental Increases Every Five (5) Years
Year Built 2022
Building Size 4,842 SF
Lot Size 1.27 Acres (55,572 SF)
Status Available
Lead Broker Information Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

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
» New 15-year absolute NNN lease with five (5) five (5) year options
» 10% rental increases every five years, providing a hedge against inflation
» No landlord management, ideal for an out-of-area investor
» 7-Eleven is the largest convenience retail chain in the world, with more than 71,100 stores worldwide
» 7-Eleven, Inc. is an investment grade tenant with a “AA-” rating from Standard & Poor’s

PROMINENT LOCATION WITH A STRONG CUSTOMER BASE
» Located on Grand Mission Boulevard (15,730 AADT), near the signalized intersection of Farm to Market 1093 Road (20,155 AADT) and Westpark Tollway (42,595 AADT)
» Across from CVS Pharmacy and surrounded by local and national tenants, including Sam’s Club, Kroger, Walgreens, Best Buy, Starbucks, and more
» Beneficial proximity to Highway 99/Grand Parkway Toll Road (285,173 AADT)
» Outparcel to Deseo at Grand Mission apartments (328 units) and surrounded by high density single-family housing developments and large townhouse complexes
» Population of 268,581 within a five-mile radius, creating a large customer base
» Average annual household income of $123,464 within five miles of the location and projected to increase nine percent by 2026

CENTRAL LOCATION NEAR LARGE SCHOOLS, EMPLOYERS, AND COMMUNITY HUBS
» Central location near local attractions and community hubs, such as Houston Funplex, Houston Museum of Natural Science at Sugar Land, Sugar Land Regional Airport, and Fort Bend Museum
» Beneficial proximity to several large hospitals including Memorial Hermann Katy (208 beds), West Houston Medical Center (244 beds), and Texas Children’s Hospital West Campus 48 beds)
» Near many large schools including, George Bush High School (2,482 students), and David Crockett Middle School (958 students)
» 10 miles from the University of Houston-Victoria at Katy (4,350 students)
» Minutes from 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 gas pumps and a freestanding convenience store
» Texas is an income tax-free state



Property Description

The property is located on Grand Mission Boulevard (15,730 AADT) near the signalized intersection of Farm to Market 1093 Road (20,155 AADT) and Westpark Tollway (42,595 AADT). The site maintains beneficial proximity to Highway 99/Grand Parkway Toll Road (285,173 AADT), a gateway to Downtown Houston, the fourth-most populous city in the United States (population 2,320,268). The property greatly benefits from its strategic location immediately surrounded by high-density single family housing developments and large townhouse complexes. This 7-Eleven location is located next to Deseo at Grand Mission apartments (328 units). The site is in a densely populated community, with 268,581 residents living within a five-mile radius of the property, creating a large and consistent customer base for the site. The property resides in an affluent area, with an average annual household income of $123,464 within five miles, which is projected to increase nine percent by 2026, poising 7-Eleven and Houston for concurrent growth.

Visibility to the property is increased by the site’s centralized location near large employers, schools, and community hubs. The site is across from a CVS Pharmacy and surrounded by several local and national tenants, including Sam’s Club, Kroger, Walgreens, Best Buy, Starbucks, and more. Many large schools, including George Bush High School (2,482 students) and David Crockett Middle School (958 students) are located within a five-mile radius, increasing traffic in the area. Additionally, the University of Houston-Victoria at Katy (4,350 students) is just 10 miles from the site. The property is near large hospitals including Memorial Hermann Katy (208 beds), West Houston Medical Center (244 beds), and Texas Children’s Hospital West Campus (48 beds), Houston’s largest employers. The site is also centrally located near local attractions, including Houston Funplex, Houston Museum of Natural Science at Sugar Land, Sugar Land Regional Airport, and Fort Bend Museum.

Contact Us About This Property

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