3920 Padre Island Dr Corpus Christi, TX 78415

Property Details for 3920 Padre Island Dr

Lot size

0.81 lot acres

Property size

11,546 SF

Property type

Retail properties

Property subtype

Retail space

Description

Exceptional investment opportunity: a 11,546 square foot EZ Pawn storefront located at 3920 S Padre Island Dr, Corpus Christi, TX 78415, is available for purchase. This single-tenant, triple-net (NNN) leased property boasts a remarkable 14.9-year lease term commencing August 1, 2024, and expiring June 16, 2039, with a remaining term of 14.6 years. The asking price is $5,500,000, translating to a price per square foot of $476.36 and a compelling 6.50% cap rate. The property generates a strong net operating income (NOI) of $357,926 annually, with a 100% occupancy rate. The lease includes a beneficial 2% annual rent increase. Situated on a 0.81-acre lot, this location benefits from high visibility and significant vehicular traffic exceeding 107,000 vehicles per day on S Padre Island Dr (SPID). EZ Pawn, a nationally recognized brand with over 1,148 stores, has occupied this location since 1992, recently completing a full remodel. This specific lease structure is unique to this Texas location, offering predictable and compounding rental income year over year. The property features a brand-new roof with a warranty. The tenant, EZ Pawn, is a publicly traded company (Nasdaq: EZPW) with a market capitalization of $568 million. Corpus Christi's robust economy, driven by its port, energy sector, tourism, military presence, manufacturing, and steady population growth (119,589 within a 3-mile radius), further enhances the investment appeal. This is a rare opportunity to acquire a high-performing, long-term leased retail property in a thriving Texas market.

Location Insight

City

Corpus Christi

County

Nueces

State

Texas

Longitude

-97.3987

Latitude

27.7225