12349 Pellicano Dr El Paso, TX 79928

Property Details for 12349 Pellicano Dr

Year built

2024

Lot size

1.03 lot acres

Property size

2,020 SF

Property type

Retail space

Property subtype

Storefront properties

Description

This exceptional investment opportunity presents a fee-simple ownership of a brand-new, 2,020-square-foot Starbucks located in El Paso, Texas. The property boasts a 10-year NNN lease with a credit-rated corporate guarantor, ensuring consistent cash flow. The lease includes 10% rent bumps every five years, providing a built-in hedge against inflation. Situated on a 1.03-acre lot at the signalized intersection of Joe Battle Blvd and Pellicano Dr, this location benefits from exceptional visibility and high traffic counts exceeding 46,000 vehicles per day. The property is part of the new Monteverde mixed-use development, anchored by an Alamo Drafthouse Cinema, further enhancing its appeal and foot traffic. The surrounding area is densely populated and affluent, with over 13,050 residents within a one-mile radius and an average household income exceeding $112,800. The property's proximity to Americas High School, University Medical Center of El Paso, and a large Amazon Fulfillment Center adds to its strategic location. The asking price is $2,995,000, representing a 5.00% cap rate and a net operating income (NOI) of $150,000. The lease term is 10 years with four 5-year renewal options. This is a rare opportunity to acquire a high-performing, investment-grade asset in a rapidly growing market within a tax-free state. The property was built in 2024 and is part of a larger, thriving mixed-use development. The location benefits from its proximity to major transportation arteries and a significant concentration of residents and employees.