5297 State Highway 121 The Colony, TX 75056

Property Details for 5297 State Highway 121

Year built

2002

Lot size

1.80 lot acres

Property size

13,788 SF

Property type

Commercial real estate

APN

R194868

APU

R194868

Description

This exceptional investment opportunity presents a 13,650-square-foot Walgreens located in The Colony, Texas, within the high-growth Dallas-Fort Worth metroplex. The property sits on a 1.8-acre lot with 75 parking spaces and boasts a prominent location at the signalized intersection of Paige Road and State Highway 121, benefiting from high traffic volume. The Walgreens operates under a triple-net (NNN) lease with a credit-rated tenant, providing a secure and predictable income stream. The lease commenced in November 2023 and has approximately 14 years remaining, with built-in 5% rent increases every five years and twelve 5-year renewal options. The property's strong financial performance is reflected in its 5.85% cap rate and a substantial net operating income (NOI) of $354,900. Built in 2002, this single-tenant property benefits from its proximity to major roadways, including the Sam Rayburn Tollway, and is surrounded by a thriving commercial area, including numerous hotels, restaurants, and retail establishments, such as Home Depot and Wendy's. The property is also conveniently located near the expansive Grandscape retail and entertainment development. This presents a compelling investment opportunity with significant long-term growth potential within a dynamic and rapidly expanding market. The asking price is $6,066,667, translating to $444.44 per square foot. The property's location within the Dallas-Fort Worth MSA, a major economic hub with a large and educated workforce, further enhances its investment appeal.

Location Insight

City

The Colony

County

Denton

State

Texas

Longitude

-96.8771

Latitude

33.0727

CBSA code

19100

CBSA name

DALLAS-FORT WORTH-ARLINGTON, TX METROPOLITAN STATISTICAL AREA

Property Tax & Assessments