NNN Restaurant Ground
For Sale
Contact for pricing
12700 Interstate 45 N, Willis, TX 77378
9.5-year NNN ground lease for a Chili's Grill & Bar, with a 10% rent increase in year six.
Property Size5,136 SF
Lot Size1.37 Acres
Price / SF$491.63
Days on Market140
Property Features for 12700 Interstate 45 N
General Information
Standard status
Active
Size
5,136 SF
Total Parking Spaces
103
Lot size
1.37 Acres
Property subtype
Retail
Occupancy
100%
Investment Type
Net Lease
Net Operating Income
$145,000
Building Details
Year Built
2025
Tenancy
Single
Listing Agency:
CBRE - Atlanta
Listed By:
Brian Pfohl · License #GA 349355
(404) 504-7893
Source:
Crexi
Added: Apr 24
Changed: Aug 14
Last Checked: Sep 10 at 5:59AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of CBRE - Atlanta
Investment Insights
Based on property information with market context.
A 9.5-year NNN ground lease offering for a Chili's Grill & Bar located at 12700 Interstate 45 N in Willis, Texas. The property includes a 5,136-square-foot Chili's and sits on 1.37 acres. The lease commenced in June 2025, and it includes a 10% rent increase in year six and in each of the four, 5-year renewal options.
The asset is part of the Houston–Pasadena–The Woodlands, TX MSA (population 7.62M+).
The asset is part of the Houston–Pasadena–The Woodlands, TX MSA (population 7.62M+).
Key Highlights
- 9.5‑year NNN ground lease for a Chili's Grill & Bar in Willis, Texas
- Ground lease on 1.37 acres
- 5,136 SF Chili's building commenced in June 2025
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$90,762
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.59%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,815,240
$1.8M
Cap Rate 7%
$1,296,600
$1.3M
Cap Rate 9%
$1,008,467
$1.0M
Market Conditions
NOI Build-Up for 5,136 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$128.2K $24.96/SF
− Vacancy
−$7.2K −$1.40/SF
EGI
$121.0K $23.56/SF
− OpEx
−$30.3K −$5.89/SF
NOI
$90.8K $17.67/SF
Area
Montgomery County, TX
Vacancy
5.60%
Lease Rate
$24.96 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,815,240
Cap Rate 7%
$1,296,600
Cap Rate 9%
$1,008,467
Alternative Uses
Best Use
Specialty Retail
$1.30M
$1.13M – $1.51M
NOI $90,762 @ 7.0% cap · market cap 3.59%
Second Best
—
—
no second resolved use
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
582
Businesses Nearby
Explore this area
Business Placement
Demographics for 77378, TX
17,417
Population
6,503
Households
2.7
Avg Household Size
35
Median Age
18%
College-Educated
81%
High-School Grad
89.1 sq mi
ZIP Area
195
Density / Sq Mi
$68,595
Median Household Income
$38,221
Median Earnings
$1,408
Median Rent
$177,900
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - 9.5-year NNN ground lease for a Chili's Grill & Bar, with a 10% rent increase in year six.
Where is this nnn property located?
The property is located at 12700 Interstate 45 N Willis, TX.
What is the asking price?
The asking price for this property is $2,525,000.
What are key features of this property?
This property features: 9.5‑year NNN ground lease for a Chili's Grill & Bar in Willis, Texas; Ground lease on 1.37 acres; 5,136 SF Chili's building commenced in June 2025
