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Houston, TX - Family Dollar
8303 Calhoun Road | Houston, TX 77033
$1,210,000
Price6.5%
Cap Rate$78,650
NOI9,180
± SF Offering GLADescription
SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN leased, corporate guaranteed, freestanding, Family Dollar, investment property located in Houston, TX. The tenant, Family Dollar Stores of Texas, LLC, just recently exercised their second of 4 (5-year) options, demonstrating their commitment to the site. The lease features a 10% rental increase in July of 2020 and at the beginning of each option period, growing NOI and hedging against inflation. This is the top performing Family Dollar store in Houston, with a 3.5% rent-to-sales ratio. Family Dollar also plans on completing $190,000 in improvements at this site by the end of 2020. The lease is corporate Guaranteed by Family Dollar Stores Inc., and is NNN with landlord responsibilities limited to roof, structure, and parking lot making this an ideal, minimal management investment opportunity for any passive investor.
Location
Family Dollar is strategically located near the signalized, hard corner of Cullen Blvd. and Bellfort Blvd. with a combined 38,000+ cars passing by daily. The lot has excellent visibility and frontage along Cullen Blvd. and provides customers with easy access via 2 separate street entrances. The site benefits from nearby on/off ramp access to Interstate 610 (189,000 VPD), a heavily traveled commuter thoroughfare in the Houston metropolitan area. This Family Dollar location is ideally situated to serve the local commuter community on the outskirts of Houston, TX, and caters specifically to the immediate 1-mile trade area where there is little competition from other daily essentials tenants. The local 1-mile area surrounding this site is an ideal demographic for a Family Dollar store, as the Family Dollar brand targets low/middle income neighborhoods, providing low cost, name brand merchandise for families. The surrounding 5-mile trade area is supported by a population of over 324,000 with an average household income of $69,000.
Contact
Matthew Mousavi
Sr Managing Principal & Co-Head of National Net Lease
949.698.1116949.698.1116[email protected]CA #: 01732226
Patrick Luther, CCIM
Sr Managing Principal & Co-Head of National Net Lease
949.698.1115949.698.1115[email protected]CA #: 01912215