Current Use by Public Records
- Retail properties & Spaces
Property Details for 480 Pkwy St
- Year built
- 1998
- Property type
- Retail properties & Spaces
- 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.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Azle
- County
- Tarrant
- State
- Texas
- Longitude
- -97.5445
- Latitude
- 32.9016
