6704 Milwaukee Ave, Lubbock, TX 79424-1196

This exceptional investment opportunity presents a fee-simple, single-tenant, absolute NNN leased property housing an HTeaO franchise in Lubbock, Texas. The 2,398 square foot building, constructed in 2019, sits on a 0.8-acre lot with high visibility on Milwaukee Avenue, a major thoroughfare boasting over 38,400 vehicles daily. The property benefits from its strategic location near US Highway 62 and the Canyon West Shopping Center, surrounded by other national retailers. The 15-year lease, commencing June 1, 2024, and expiring May 31, 2039, includes three, 5-year renewal options with a 1.5% annual rent increase. The current annual net operating income (NOI) is $140,000, yielding a 6.35% cap rate. The property's strong performance is further enhanced by its location within a high-growth area, serving a substantial population base projected to experience continued growth. The location in Texas offers the added benefit of no state income tax. This hands-off investment provides a secure, long-term income stream with built-in rent escalations, making it an attractive opportunity for passive investors. The asking price is $2,205,000, or $919.52 per square foot. The property features 100% occupancy and a strong tenant credit rating as a franchisee.