4810 Waterview Mdw Dr Richmond, TX 77407

Property Details for 4810 Waterview Mdw Dr

Year built

2024

Lot size

2.52 lot acres

Property size

9,000 SF

Property type

Retail properties

Property subtype

Restaurants

Description

Exceptional investment opportunity: a 9,000 square foot Lazy Dog Restaurant in Richmond, Texas. This property boasts a 20-year absolute NNN ground lease with built-in 10% rent increases every five years, eliminating landlord responsibilities for maintenance and expenses. The lease is guaranteed by the corporate entity, adding significant security. Lazy Dog, a nationally recognized restaurant chain, achieved $397 million in revenue in 2023, ranking among the top 122 restaurant chains in the nation. This specific location benefits from exceptionally high average unit volume exceeding $8.7 million. The 2.52-acre lot includes 140 parking spaces, situated within the thriving Waterview Town Center, a mixed-use development exceeding 1 million square feet. The property's prime location is adjacent to two new luxury apartment complexes totaling 560 units and enjoys high visibility, fronting Interstate 99 (46,911 vehicles per day). The building, constructed in 2024, offers a single-tenant occupancy and features four, five-year lease options. The strong financial performance of Lazy Dog, coupled with the favorable lease terms and strategic location, makes this a compelling investment with a 6.00% cap rate and a net operating income (NOI) of $480,000. The asking price is $8,000,000. Lazy Dog has over 50 operating locations and more than 10 under construction, demonstrating the company's robust growth and stability. The company has a history of over 20 years in operation.

Location Insight

City

Richmond

County

Fort Bend

State

Texas

Longitude

-95.7213

Latitude

29.6614