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Big Lots | Triple Net (NNN)

$3,890,000

3303 98th Street, Lubbock, TX 79423

Active
Last Updated: 06/14/2021

6.75

Cap Rate

262,500

NOI

Details:
Cap Rate:    6.75%
NOI:    $262,500
Building Size:    30,000 sqft
Lot Area:    2.49 acres
Lease Type:    Triple Net
Year Built:    2013
Price Per Sqft:    $129.66
Roof & Structure:    Landlord Responsibility
Property Taxes, Insurance, Common Area, Repairs & Maintenance, HVAC & Utilities :    Tenant’s Responsibility
Highlights:
  • 8 Years Remaining on the Lease Term With a Nearly 8 Year Operating History at This Location
  • Confidence in Location – Tenant Recently Agreed to Exercise Their Next Option to Extend Early Demonstrating Strong Confidence in This Location For the Long-Term Investment Outlook
  • Attractive Rental Increases of 10% at Each Option Period Provides Hedge Against Inflation
  • Triple Net (NNN) Lease With Minimal Landlord Responsibilities
  • Below Market Lease Rate of $ 8 .75 Per SF Annually Provides Potential Value-Add Opportunity in the Future
  • Low Cos t Per Square Foot Compared With Alternative Investment Opportunities - Under $130 Per SF
  • Pro Business State With In come Tax Free Status Provides Potential Security I n to t he Future
  • Big Lots (NYSE: B IG) Operates Over 1,416 Locations in 47 States
  • S&P Credit Rating BB+
  • Tenant Has Continued to Operate & Thrive Throughout the Pandemic With Zero Rent Concessions or Deferrals
  • Recession and Internet Resistant Tenant–Big Lots Stores Provide “Daily Needs” For Consumer s Providing Security For Investors
  • Cross Shopping Synergy and Customer Draw From Adjacent Kohl 's
  • Densely Populated Area With Over 167,000 People Within a 5 -Mile Radius
  • Affluent Trade Area With an Average Household In come of Over $103,000 Within a 2 -Mile Radius
  • High Traffic Count on the Cross Streets of Indiana Avenue and 98th Street Sees Over 21,700 VPD
  • Nearby Tenants Include: Kohl’s , Dollar General, Pizza Hut, Walmart Neighborhood Market, Target, Wendy’s, CVS Pharmacy, AutoZone, Starbucks, Taco Bell, Chick-fil-A , Dunkin’, T.J . Maxx and More
Description:

Sands Investment Group is Pleased to Exclusively Offer For Sale the 30,000 SF Big Lots at 3303 98th Street in Lubbock, Texas. This Opportunity Includes an Excellent Hedge Against Inflation With a 10% Rental Increase at Option Periods and a National Tenant That Operates Over 1,400 Locations in 47 States. Big Lots Lubbock Offers a Secure Income Stream With a Recession and Internet Resistant Tenant.




In Cooperation With Sands Investment Group Austin, LLC: Lic. # 9004706

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