San Juan, TX - Sonic Drive-In 207 W Fm 495, San Juan, TX Cap Rate 5.5% McMullen County ( Texas, US ) Built

$2,336,000 USD
Dollars

BAI-MEX Bienes Raíces y Negocios

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  • Type: Commercial
  • Style: Commercial
  • Size: 2,308 sq. ft.
  • Development Level: Built
  • Lot Size: 2308 sq. ft.
  • Year Built: 2020

Description

San Juan, TX - Sonic Drive-In 207 W Fm 495, San Juan, TX Cap Rate 5.5%

Pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a brand new Sonic Drive-In, absolute net leased investment property located within the high growth region of McAllen, Texas. The tenant, an experienced multi-unit operator, Crush TX, LLC, recently signed a brand new 20-year lease with 2 (5-year) options to extend, demonstrating their long-term commitment to the site. The lease features 7.5% rental increases every 5 years throughout the initial term and at the beginning of each option period, growing NOI and hedging against inflation. The lease is personally guaranteed by a highly experienced Sonic operator with 15+ existing Sonic units with expansion plans of 15+ more units inside of Crush TX, LLC. The offering is also fee simple, providing ownership of both the land and improvements. Sonic Drive-In (3,500+ locations) was ranked 4th in Entrepreneur’s 2020 Franchise 500 list and currently sits 14th in QSR Magazine’s ranking of the top 50 quick-service and fast-casual restaurant brands in the nation. The newly constructed building opened for business on November 21, 2020, featuring a state-of-the-art design using high quality materials. Sonic recently opened this brand new property for business to a significant reception by the local community, with strong unit performance – contact agent for details

The property is strategically located near the signalized, hard corner intersection of State Highway 495 and N Raul Longoria Road, averaging a combined 43,800 vehicles passing by daily. Sonic is an American drive-in fast-food restaurant chain that does not offer indoor seating at a majority of their locations; therefore, the quick-service restaurant is not financially affected by COVID-19. The site is equipped with a large pylon sign and benefits from significant street frontage with multiple points of ingress/egress, providing ease and convenience for customers. Additionally, the asset is within close proximity to the directional interchange of Interstate 2 (154,900 VPD) and Interstate 69C (137,800 VPD), two highly trafficked freeways within the McAllen MSA. Interstate 2 is the primary retail corridor traveling through San Juan, featuring a variety of national/credit tenants including Walmart Supercenter, Costco Wholesale, The Home Depot, Sam’s Club, Target, Lowe’s Home Improvement, Burlington, CVS Pharmacy, and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for the site. Moreover, the asset is within close proximity to several residential communities including San Juan Village (86 units), Sun Meadow (77 units), and Oak Square (100 units), providing a direct residential consumer base from which to draw. The 5-mile trade area is supported by more than 200,000 residents and 80,000 daytime employees with an average household income of $60,000.direct residential consumer base from which to draw. The 5-mile trade area is supported by more than 200,000 residents and 80,000 daytime employees with an average household income of $60,000.

Price: $2,336,000 DOLLARS
Cap Rate: 5.5%
NOI: $128,500

For more information:
Javier Tamez Martínez.
jtamez@bai-mex.com
Celular: +52 (81) 1599 75 36
# ID de Propiedad: 358038156
Podemos encontrar propiedades comerciales e industriales para invertir en cualquier ciudad y estado de estados unidos.

Attachments

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Information is deemed to be correct but not guaranteed.