Property Details for 3920 Padre Island Dr

Lot size

0.81 lot acres

Property size

11,546 SF

Property type

Retail properties & Spaces

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