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Farm Store, Katy, TX

Farm Store

Price $1,257,000
Cap Rate 5.75%
NOI $72,279
Lease Term 20 years
Lease Type Absolute NNN lease, with tenant responsible for all taxes, insurance, maintenance, and repair, including roof, structure, and parking lot
Rental Increases 3% annual rental increases
Year Built 2019
Building Size 640 SF
Lot Size 0.51 acres (22,216 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
Cushman & Wakefield
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

Investment Highlights

LONG-TERM ABSOLUTE NNN LEASE
» 20-year NNN lease with 3% annual rental increases, providing an excellent hedge against inflation
» Ideal investment opportunity for an out-of-area investor

HIGH-TRAFFIC LOCATION WITH ROBUST DEMOGRAPHICS
» Located just off of a signalized intersection with excellent visibility and access to 43,537 vehicles per day, a traffic count that is growing as development continues
» Immediate access to Houston’s outermost beltway—State Highway 99, also known as the Grand Parkway—which is a major growth corridor and experiences a traffic volume of 35,381 vehicles per day near the property
» Average household incomes exceed $90,000 within one-, three-, and five-mile radii
» Densely populated area, with 258,648 residents living within five miles

EXCELLENT LOCATION IN HIGH-GROWTH MARKET
» Prime location at the entrance and exit point for several residential neighborhoods
» Located in a rapidly developing area, with approximately 6,000 new homes planned or under construction within a three-mile radius of the property
» Population within one mile is expected to increase nearly 29% by 2024

UNIQUE DRIVE-THRU GROCERY STORE IN ECO-FRIENDLY BUILDING
» Farm Stores is a drive-thru convenience store chain which sells the grocery and foodservice items that consumers purchase most frequently and delivers them in the most convenient way possible
» Stores are commuter-friendly and set up for people who need to pick up a few items on the way home from work, making Farm Stores a perfect fit for suburban areas
» Stores are built in repurposed shipping containers, providing a sustainable and ecofriendly building concept that is also easy to maintain
» Farm Stores’ recycled, eco-friendly buildings; focus on convenient and fresh groceries; and superior speed and convenience appeal to Millennials and Gen Z shoppers
» 80% of Farm Stores customers are repeat customers, returning to the store at least once weekly



Property Description

The property is strategically located just off of the signalized intersection of North Mason Road and Clay Road, which has a high traffic count of 43,537 vehicles per day. Clay Road provides immediate access to Houston’s outermost beltway—State Highway 99, also known as the Grand Parkway which is a major growth corridor and experiences a traffic volume of 35,381 vehicles per day near the property. The property is near notable retailers and is minutes from major shopping centers. The property is directly adjacent to a Kids R Kids Learning Academy that is currently under construction and is close to a new retail development slated to include CVS, amongst other retailers.

The property benefits from its prime location in the heart of a rapidly growing market. The property is situated at the entrance and exit point for several residential neighborhoods. Other communities are under development in the surrounding area, and approximately 6,000 new homes are planned or under construction within a three-mile radius of the property. As a result of this construction, the population within one mile of the property is expected to increase nearly 29% by 2024. The property is also within walking distance of two schools—TH McDonald Junior High School and Loraine T. Golbow Elementary School—which have a combined enrollment of 1,860 students. Additionally, the property is supported by a large, affluent customer base; 258,648 residents live within five miles of the property, and average household incomes exceed $90,000 within one-, three-, and five-mile radii.

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