Property Details for 6609 Evans Rd

Year built

2018

Lot size

7.50 lot acres

Property size

114,419 SF

Property type

Specialty properties

Property subtype

Schools

Description

This exceptional investment opportunity presents a 114,419 square foot, fee-simple charter school campus in Corpus Christi, Texas. The property, built in 2018-2019, consists of a high school (50,547 sq ft) and an elementary school (63,872 sq ft), both operating under the Riverwalk Education Foundation (S&P rated "BBB"). The School of Science and Technology (SST) enjoys a 25-year net lease (commencing August 17, 2018, expiring August 17, 2043), with 18.8 years remaining. The lease includes annual rent bumps and two 5-year options. The tenant, SST, is credit-rated and backed by a corporate guarantee, further enhancing the investment's security. The property boasts a 5.49% cap rate, a $1,645,842 NOI, and a $30,000,000 asking price ($262.19/sq ft). The campus sits on a 7.5-acre lot and features a 2019 Duro-Last roof with a transferable warranty, 7 1/4 inch concrete tilt wall construction, and annual solar panel reimbursements. Both schools have consistently exceeded 100% enrollment since opening, with over 400 students currently on the waitlist. Located in a thriving South Texas neighborhood with a population exceeding 200,000 within a 5-mile radius, this property offers a compelling combination of strong financial performance, secure tenancy, and long-term growth potential. The charter school is guaranteed by the Permanent School Fund Bond Guarantee Program (AAA-rated). The seller is offering competitive financing options.

Location Insight

City

Corpus Christi

County

Nueces

State

Texas

Longitude

-97.4192

Latitude

27.6999