1364 E 8Th St Odessa, TX 79761

Property Details for 1364 E 8Th St

Year built

2000

Lot size

0.41 lot acres

Property size

1,880 SF

Zone code

EE2

Property type

Grocery and convenience stores

APN

27750.00190.00000

APU

277500019000000

Description

This exceptional investment opportunity presents a fee-simple ownership of a 510 square foot 7 Brew coffee shop located at 1364 E 8th St, Odessa, TX 79761. The property, built in 2024, sits on a 0.41-acre lot and benefits from a 15-year ground lease with a prominent tenant, commencing June 23, 2024, and expiring June 29, 2039. The lease includes a 10% rent increase every five years, providing significant long-term growth potential. The current Net Operating Income (NOI) is $90,000, resulting in a 6.00% cap rate. The property boasts excellent visibility along E 8th Street, with over 27,000 vehicles passing daily. Its strategic location is an outparcel to United Supermarkets and across from El Rancho Supermercado, further enhancing its accessibility and customer base. The property is also conveniently situated three miles from the University of Texas of the Permian Basin, serving a student population of 7,500. The strong demographics of the area, with over 108,578 residents within a five-mile radius, contribute to the property's consistent performance. The asking price is $1,500,000, translating to a price per square foot of $2,941.18. This is a rare opportunity to acquire a high-performing, established QSR property with a strong tenant and significant long-term growth potential in a thriving market. The lease includes five, five-year renewal options, each with a 10% rent increase. The property is currently 100% occupied.