480 Pkwy St Azle, TX 76020

Property Details for 480 Pkwy St

Year built

1998

Property size

54,292 SF

Property type

Retail properties

Property subtype

Retail space

Description

This exceptional investment opportunity presents a 54,292 square foot Albertsons grocery store and pharmacy in Azle, Texas. Located on a major highway with high visibility and accessibility near the Dallas-Fort Worth MSA, this property boasts a 100% occupancy rate with a 15.3-year remaining lease term, featuring 7.5% rental increases every 5 years and three 5-year renewal options. The property enjoys a strong 5.54% cap rate and a substantial NOI of $442,804, with an asking price of $7,999,999 ($147/sq ft). Situated in a rapidly growing area with a strong local economy and favorable demographics, including an average household income of $102,257 within a 5-mile radius and over 30,000 residents within the same area, this location benefits from high traffic counts exceeding 25,000 vehicles daily at a signalized intersection. The property is part of a retail center with numerous national tenants, including Walmart, Walgreens, and others. The city of Azle recently implemented a Façade and Signage Improvement Program, further enhancing the property's appeal. This is a passive investment with minimal landlord responsibilities, offering stable cash flow and significant long-term investment potential due to the necessity-driven nature of the anchor tenant and the area's continued growth. The property was built in 1998 and consists of a single, one-story building. The property's location near Eagle Mountain Lake provides additional recreational appeal to the area. An attractive assumable loan is available for qualified buyers.