209 Hwy 332nd W Lake Jackson, TX 77566-4019

Property Details for 209 Hwy 332nd W

Year built

1994

Lot size

0.64 lot acres

Property size

1,518 SF

Property type

Commercial real estate

APN

7133-2201-003

APU

71332201003

Description

This exceptional investment opportunity presents a 1,518 square foot Sonic Drive-In restaurant located at 209 Highway 332 West in Lake Jackson, Texas. The property boasts a 14-year absolute triple net (NNN) lease with a franchisee tenant, commencing December 2, 2021, and expiring December 30, 2036. The lease includes a 10% rent increase every five years, plus additional bonus rent based on sales exceeding a base amount (7% of gross sales over base rent). The property sits on a 0.64-acre lot and was built in 1994. The current asking price is $2,488,117, representing a price per square foot of $1,639.08 and a 6.00% cap rate. The property enjoys a 100% occupancy rate, generating a net operating income (NOI) of $149,287. The strong sales performance and healthy rent-to-sales ratio contribute to the investment's stability. The location benefits from high traffic counts exceeding 40,550 vehicles per day, situated in a dense retail area with nearby national tenants including Planet Fitness, Tractor Supply, Kohl's, Hobby Lobby, TJ Maxx, Best Buy, Home Depot, Goodwill, Lowe's, CVS, Walmart Supercenter, Urban Air, Chick-fil-A, Raising Cane's, Whataburger, BWW, and IHOP. Lake Jackson's affluent demographics, with an average household income exceeding $112,423 within a 3-mile radius and a population of 29,040, further enhance the property's value. The location's proximity to the Dow Chemical Company, Buc-ee's, and the Sea Center Texas adds to its appeal. Texas's income tax-free status is an additional benefit. This is a secure, high-performing investment in a prime location within the greater Houston metropolitan area. The tenant, a multi-unit operator with 168 units across four brands, demonstrates a proven track record. Three five-year lease options are available.