Corpus Christi, TX - 7-Eleven
$3,273,000
4202 S. Staples St, Corpus Christi, TX 78411
5.5
Cap Rate
180,000
NOI
Details:
Description:
SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN, investment grade (S&P: A) 7-Eleven investment property located in Corpus Christi, Texas. The tenant, 7-Eleven, Inc., has over 6 years remaining on their lease term with 2 (5-year) option periods, demonstrating their commitment to the site. The site features 10% rental increases at the beginning of each option, growing NOI and hedging against inflation. The lease is signed by the corporate entity and is absolute NNN with zero landlord responsibilities, making it an ideal, management-free investment opportunity for a passive investor. Based in Irving, Texas, 7-Eleven operates, franchises and/or licenses more than 77,000 stores in 16 countries and regions, including 16,000 in North America. The property is currently being branded as a Stripes Convenience Store, but is secured and operated by 7-Eleven, Inc.
The subject property is strategically located at the signalized, hard-corner intersection of S. Staples St. and Everhart Rd., averaging a combined 59,300 vehicles passing by daily. In addition, the site benefits from nearby direct on/off ramp access to State Highway 358, a major thoroughfare serving the region averaging 142,800 vehicles per day. The property’s significant street frontage and multiple large pylon signs provide for excellent visibility. The subject property is ideally situated across from a CVS and Walgreens in the heart of a dense retail corridor, with numerous nearby shopping centers including La Palmera Mall (1,000,000 SF), Moore Plaza (355,000 SF), and Island Gate Plaza (159,329 SF). Other nearby national/credit tenants include Walmart Supercenter, Target, the Home Depot, H-E-B, Dick’s Sporting Goods, Ross Dress for Less, Sprouts Farmers Market, Barnes & Noble, Lowe’s Home Improvement, and many more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. The 5-Mile trade area is supported by 215,700 residents and 85,700 employees, providing a direct consumer base from which to draw. Residents within 5 miles of the subject property boast a steady average household income of $87,730.
Location
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