12405 Gessner Rd Houston, TX 77064-1170

Property Details for 12405 Gessner Rd

Year built

2001

Construction

STEEL FRAME

Lot size

14.91 lot acres

Property size

159,917 SF

Property type

Outlet malls

APN

1196010010002

APU

1196010010002

Description

This exceptional investment opportunity presents a fee-simple ownership of a 3,030 square-foot Chevron convenience store and gas station in Houston, Texas. The property boasts eight gas pumps and sits on a 0.69-acre lot at a high-traffic, four-way signalized intersection with a combined 31,500 cars daily. The property features a single-tenant, absolute NNN lease with Chevron, a highly reputable brand, commencing October 16, 2023, and expiring October 16, 2038, with four or five-year renewal options. The current lease includes a 12.5% rent increase every five years, providing an excellent hedge against inflation. The property's strong financial performance is reflected in a 6.85% cap rate and a net operating income (NOI) of $317,616. Built in 2008 and renovated in 2019, the property benefits from recent improvements paid for by the tenant. Its prime location within the Houston MSA offers significant advantages, including proximity to the Sam Houston Tollway (113,400 cars per day), less than 20 miles from downtown Houston, and a dense population of over 420,000 people within a five-mile radius, with 147,000 households and an average household income of $96,000 within ten miles. The area also boasts a thriving employment hub with over 150,000 daytime employees within five miles. This property is located in Texas, a state with no income tax, further enhancing its investment appeal. The asking price is $4,636,000.