Current Use by Public Records
- Retail properties & Spaces
Property Details for 3108 Us-281
- Year built
- 2024
- Lot size
- 2.95 lot acres
- Property type
- Retail properties & Spaces
- Property subtype
- Grocery and convenience stores
Description
This exceptional investment opportunity presents a fee-simple ownership of a brand-new, 10,900-square-foot Petco store in Marble Falls, Texas, situated within the Austin MSA. Built in 2024, this property boasts a 15-year absolute NNN lease with a credit-rated corporate guarantor, ensuring consistent cash flow. The lease commenced April 17, 2024, and features a remaining term of approximately 14.4 years, extending to April 30, 2039. Rent increases are built-in, with 8.5% bumps every five years, providing significant long-term growth potential. The property sits on a 2.95-acre lot and currently generates a strong NOI of $329,457, representing a 5.75% cap rate on the $5,730,000 asking price, or $525.69 per square foot. The property benefits from a high-traffic location with over 24,000 vehicles passing daily and serves a community with an average household income exceeding $85,000 and a population of over 34,000 within a 10-mile radius. The lease includes five, 5-year renewal options, further securing the investment's long-term value. Marble Falls, a thriving city in Burnet County, is experiencing robust population growth, currently at a 2.2% annual rate. This presents a compelling investment opportunity with strong tenant credit, built-in rent escalations, and a prime location in a rapidly growing market.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Marble Falls
- County
- Burnet
- State
- Texas
- Longitude
- -98.1994
- Latitude
- 30.5685
