San Antonio, TX - Carvana

Description:

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN, corporate signed (NYSE: CVNA), freestanding, Carvana investment property located in San Antonio, Texas. The tenant, Carvana, LLC has approximately 15 years remaining with 2 (10-year) options to extend, demonstrating their commitment to the site. The lease features 1.75% annual rental increases throughout the initial term and option periods, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for a passive investor in a state with no state income tax. Carvana is a leading e-commerce platform for buying and selling used cars and provides as-soon-as-next-day delivery to customers in over 300 U.S. markets.

Carvana is strategically located near the interchange of State Highway 1604 and Interstate 10, which supports a staggering 319,200 vehicles per day. The asset is located just over 1-mile south from The Rim, a 1.7 million square foot lifestyle center home to numerous notable tenants including Target, Lowes, Burlington, Hobby Lobby, Home Goods, Best Buy, Lifetime Fitness, Total Wine, and more. Other nearby national/credit tenants include Costco, Sam’s Club, Top Golf, Home Depot, Walmart Supercenter, Apple, 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 site is ideally positioned between The University of Texas at San Antonio (34,742 students) and Six Flags Fiesta Texas (capacity-37,000 visitors), further increasing consumer traffic to the subject trade area. Moreover, the asset is within close proximity of multiple apartment complexes including Broadstone Ranch Apartments (252 units), San Miguel Apartments (330 units), Villas at the Rim (427 units), the Linden at the Rim (384 units), and more, providing a direct residential consumer base from which to draw. The 5-mile subject trade area is supported by more than 198,000 residents and 102,000 daytime employees who boast an affluent average household income of more than $113,000.