301 Park Blvd Grapevine, TX 76051-7836
- Banks
- 3,708 SF
- 0.94 lot acres
Current Use by Public Records
- Prosperity Bank / Bank / Atm
Property Details for 301 Park Blvd
- Year built
- 1991
- Lot size
- 0.94 lot acres
- Property size
- 3,708 SF
- Property type
- Banks
- APN
- 31685H-1-1A
- APU
- 31685H11A
Description
This exceptional investment opportunity presents a 3,708-square-foot, single-tenant, absolute net lease retail property located at 301 S Park Blvd, Grapevine, Texas, 76051. The property, built in 1991 and situated on a 0.94-acre lot, is currently 100% occupied by Prosperity Bank under a 20-year lease commencing June 26, 2008, and expiring June 25, 2028. This leaves approximately 3.6 years remaining on the lease term. The lease includes four, five-year renewal options with a 10% rent increase every five years. The current annual net operating income (NOI) is $212,960, resulting in a 7.00% cap rate and a price per square foot of $820.39. The asking price for this property is $3,042,000. The tenant, Prosperity Bank, is backed by a corporate guarantee, providing significant financial security. This freestanding building benefits from excellent visibility and frontage, situated in a thriving retail hub near major retailers such as Costco, Sam's Club, Walmart, Lowe's, Kohl's, and 24 Hour Fitness. The location is also minutes from DFW International Airport and boasts a high average household income within a five-mile radius. This is a strong, low-risk investment opportunity with a proven location and operator. The property is offered as an absolute NNN lease, meaning the tenant is responsible for all operating expenses.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Grapevine
- County
- Tarrant
- State
- Texas
- Longitude
- -97.0992
- Latitude
- 32.9392
- CBSA code
- 19100
- CBSA name
- DALLAS-FORT WORTH-ARLINGTON, TX METROPOLITAN STATISTICAL AREA
