3221 Palmer Hwy Texas City, TX 77590-6723

Property Details for 3221 Palmer Hwy

Year built

2009

Lot size

0.90 lot acres

Property size

1,781 SF

Property type

Commercial real estate

APN

7053-0003-0006-000

APU

705300030006000

Description

This exceptional investment opportunity presents a 1,781 square foot Sonic Drive-In restaurant located at 3221 Palmer Hwy, Texas City, TX 77590. The property sits on a 1.781-acre lot and boasts a 14-year absolute 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. The property enjoys a 6.00% cap rate and a strong NOI of $119,505. Built in 2009, this 100% occupied property offers a compelling return on investment. The location benefits from high traffic volume (over 32,150 vehicles per day) on a main retail corridor, strong demographics (44,541 residents within a 3-mile radius with an average household income of $63,598), and proximity to major attractions including Galveston's beaches and Moody Gardens (less than 30 minutes away), Texas A&M University (20 minutes), NASA Space Center (30 minutes), and Houston (1 hour). The area also features a robust mix of national retailers such as Walgreens, KFC, Shell, HEB, Subway, CVS Pharmacy, O'Reilly Auto Parts, Discount Tire, Planet Fitness, Kroger, and Harbor Freight. Texas City's status as a major deepwater port and petrochemical center further enhances the location's long-term viability. The asking price is $1,991,750, translating to $1,118.33 per square foot. This is a rare opportunity to acquire a well-performing, net-leased asset with significant upside potential.