480 Pkwy St Azle, TX 76020

Property Details for 480 Pkwy St

Year built

1998

Lot size

7.17 lot acres

Property size

54,292 SF

Property type

Retail properties

Property subtype

Grocery and convenience stores

Description

This exceptional investment opportunity presents a fee-simple, single-tenant Albertsons grocery store located at 480 NW Pkwy St, Azle, TX 76020. The property boasts 54,292 square feet on a 7.17-acre lot, built in 1998. It features a strong 5.50% cap rate and a pro-forma cap rate of 5.54%, with a pro-forma NOI of $442,804. The property benefits from a long-term NNN lease with a corporate guarantee, expiring June 30, 2039, offering 15.3 years of remaining lease term and three, five-year renewal options, including 7.5% rental increases every five years. The location is prime, situated along a major highway near the DFW MSA, with high visibility and accessibility, seeing over 25,000 vehicles daily at a signalized hard corner intersection. Azle is experiencing significant population growth and boasts a strong local economy, with an average household income within a 5-mile radius of $102,257. The property is surrounded by a robust trade area including national tenants such as Walmart, Walgreens, and numerous restaurants. The nearby Eagle Mountain Lake provides additional recreational draw to the area. Over 30,000 residents live within a 5-mile radius, and 110,000 within 10 miles, ensuring consistent customer traffic. The city's Façade and Signage Improvement Program further enhances the property's appeal. This Albertsons location offers a stable cash flow, long-term growth potential, and an attractive assumable loan for qualified buyers. The asking price is $7,999,999, representing a price per square foot of $147.35. This is a compelling investment opportunity in a thriving market.

Location Insight

City

Azle

County

Tarrant

State

Texas

Longitude

-97.5445

Latitude

32.9021