129 Shahan Prairie Rd Oak Point, TX 75068

Property Details for 129 Shahan Prairie Rd

Year built

2020

Lot size

2.48 lot acres

Property size

14,698 SF

Property type

Drug stores

Property subtype

Grocery and convenience stores

Description

This exceptional investment opportunity presents a 14,698 square foot freestanding CVS Pharmacy with a drive-thru, situated on a 2.48-acre lot at the hard corner of FM 720 and Shahan Prairie Road in Oak Point, Texas. Boasting an absolute NNN lease with over 21 years remaining until January 31, 2046, and no rent holidays, this property offers significant long-term stability. The lease includes six 5-year renewal options with a 10% rent increase at the start of each. The property benefits from a strong corporate guarantee from CVS Health Corporation, a Fortune 500 company. This prime location in a high-growth, affluent North Dallas suburb enjoys exceptional demographics, with average household incomes exceeding $134,000 and nearly 35,000 residents within a 3-mile radius. Nearby amenities include 7-Eleven, Starbucks, McDonald's, and PNC Bank, further enhancing the property's value. The strategic location provides easy access to US Highway 380, connecting to the larger Dallas/Fort Worth metroplex, and is conveniently located 30 minutes from DFW Airport and 40 minutes from downtown Dallas. The property features 55 parking spaces per unit and a substantial Net Operating Income (NOI) of $390,123, resulting in a 5.15% cap rate. Built in 2020, this asset represents a compelling investment opportunity with substantial upside potential. The asking price is $7,575,000.

Location Insight

City

Oak Point

County

Denton

State

Texas

Longitude

-96.9760307

Latitude

33.1860006