2202 Farm To Market 2920 Spring, TX 77388
- Retail properties
- 4,055 SF
- 1.59 lot acres
Current Use by Public Records
- Retail properties
Property Details for 2202 Farm To Market 2920
- Year built
- 2008
- Lot size
- 1.59 lot acres
- Property size
- 4,055 SF
- Property type
- Retail properties
- Property subtype
- Banks
Description
This exceptional investment opportunity presents a fee-simple ownership of a 4,055 square foot, single-story Class A bank building in Spring, Texas. The property is situated on a 1.59-acre corner lot and enjoys a prominent location across from a busy H-E-B grocery store. Currently occupied by Wells Fargo Bank under an absolute NNN ground lease, this property offers significant long-term stability and income potential. The lease, originally commencing March 31, 2008, and expiring April 29, 2028, has a remaining term of 3.4 years. The lease includes two 5-year renewal options with a 10% rent increase at the start of each option. The current annual net operating income (NOI) is $226,269, representing a 5.50% cap rate on the asking price of $4,113,981 ($1,014.55 per square foot). The tenant, Wells Fargo Bank, is a publicly traded Fortune 500 company providing a strong corporate guarantee. Built in 2008, the property features multiple drive-thrus and ample parking. The surrounding area boasts high average household incomes ($125,000 within 3 miles) and other established retailers such as McDonald's, Whataburger, AutoZone, and Aldi. This is a rare opportunity to acquire a well-established, high-performing net lease property with significant upside potential. The property is offered as a 1031 exchange opportunity.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Spring
- County
- Harris
- State
- Texas
- Longitude
- -95.4502
- Latitude
- 30.0703
