Plano, TX - Evergreen Care Homes

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN leased, Evergreen Care Homes investment property located in Plano, Texas. The tenant, Evergreen Care Homes will sign a brand new 15-year lease at close of escrow demonstrating their 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 NNN with no landlord responsibilities making it an ideal, management-free investment opportunity for a passive investor.

The Evergreen Care Home is located adjacent to Spring Creek Pkwy, which averages 41,700 vehicles passing by daily and is a major retail thoroughfare serving the city of Plano. The asset has excellent visibility and multiple points of ingress/egress. Additionally, the property is located a mile northwest of Parkwood Square, a 152,000 square foot power center that is anchored by a Walmart Neighborhood Market. Furthermore, Dallas-Fort Worth Area has seen strong growth in recent years, with there being an average of 1.8% annual growth in population over the last 10 years. In addition, the subject area is expected to have a higher growth rate in the 65-84 year old age groups than the national average for this age range. The property is in the center of a primary retail corridor with other nearby national/credit tenants including a a Walmart Supercenter, The Home Depot, Lowe’s Home Improvement, Kroger, and more, further increasing consumer traffic to the site. The 5-mile trade area is supported by a population of over 337,700 with an affluent average household income of $152,796.