Investment Offering
Avon, IN - Bubba's 33
8748 E US Hwy 36 | Avon, IN 46123
$2,868,000
Price5%
Cap Rate$143,385
NOI2023
Year Built7,000
± SF Offering GLA1.99
± AC Land AreaDescription
SRS National Net Lease Group is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an absolute NNN leased, freestanding, Bubba’s 33 investment property located in Avon, Indiana (Indianapolis MSA). The tenant will execute a brand new 15-year lease with 4 (5-year) options to extend at the close of escrow, demonstrating their long-term commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is guaranteed by parent company: Texas Roadhouse, Inc., (NASDAQ: TXRH) and is absolute NNN with zero landlord responsibilities, making it an ideal, management-free investment opportunity for a passive investor. With over a 100% increase in stock price throughout the last 5 years, Texas Roadhouse continues to see immaculate growth as the chain was ranked one of the most popular restaurants during the COVID-19 Pandemic. Bubba’s 33, which is slated to open in March 2023, will feature a state-of-the-art design using the highest-quality materials available.
Location
Bubba’s 33 is located near the signalized, hard corner intersection of U.S. Highway 36 and Ronald Regan Parkway, which serves over 57,000 vehicles per day. The subject property is strategically located within Harvest Landing, an ongoing 40-acre master planned development anchored by Costco. The asset is adjacent to Gable Crossings (148,000 SF community center) and within walking distance from Avon Commons (786,000 SF power center), their robust tenant lineups include Walmart Supercenter, Target, Big Lots, Ross, At Home, Hobby Lobby, Dicks, HomeGoods, and more. Other nearby national/credit tenants include Lowes, Aldi, Kroger, Best Buy, Bed Bath & Beyond, Meijer, CVS, and more. Strong tenant synergy increases consumer draw to the immediate subject trade area and promotes crossover tenant exposure to the site. Furthermore, the subject property is positioned between multiple apartment complexes including Satori Flats (269 units), Avon Creek (256 units), and Steeplechase at Shiloh (264 units), providing a direct residential consumer base from which to draw. Located just 11 miles from downtown Indianapolis, the 5-mile subject trade area is supported by more than 133,000 residents and 59,000 daytime employees. Residents within a 1-mile radius boast an affluent average household income of more than $111,000.
Documents & Links
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 Offering Memorandum |  |  |