Independent Bank NNN Dallas

1002 Texan Trail, Grapevine, TX

$3,300,000

Price

5.02%

Cap Rate

$165,775

NOI

Overview
Cap Rate
5.02%
NOI
$165,775
Building Size
5,479 sqft
Lot Area
1.35 acres
Occupancy
100%
Lease Type
Absolute Net
Units
1
Year Built
2008
Zoning
CC
Tenancy
Single
Floors
1
Investment Strategy
Core
Lease Expire Year
12/31/2037
Description

The offering is a solid net lease deal. that is both recession resistant and an inflation hedge This opportunity also provides certainty of closing, with recent clean title, environmental and property inspection reports available to be endorsed to the buyer. The building was constructed in 2008 on a 1.35-acre site located in highly desirable area of Grapevine, a suburb of income tax free Dallas, TX. The property is 100% leased to Independent Bank (NASDAQ: IBTX) on an absolute NNN ground lease with 15 years remaining and 10% rent increases every 5 years. The property has been well maintained with no deferred maintenance. 


The property has solid real estate fundamentals, located near the intersection of Hwy 114 and Texan Trail, 2 miles from the Dallas-Fort Worth Airport and 1 mile from the $500 million Gaylord Texan Resort and Conference Center and the Great Wolf Lodge. This is a high growth market. There are 105,000 people residing within 5 miles with an average household income of $147,535. Over 18,000 vehicles per day pass the site. The rent and cost per sq. ft. are well below average for similar bank properties.



Strong bank tenant in an explosive growth market and affluent customer base.
Outstanding location with solid real estate fundamentals. 
Ready-to-Close with recent clean title, environmental and property inspection reports. 
Secured by an absolute triple-net ground lease with15 years remaining and low comparable rent that increases every 5 years.
Independent Bank (IBTX) is a publicly held regional bank with 98 branches in Texas and Colorado. The bank has $18 billion in total assets and a $2.3 billion net worth. Net Income was $221.7 million in 2021, which has been increasing each year. 
Low comparable bank rent and cost PSF. $109 milllion in deposits, up from $89 million in 2021, growing by 22% year-over-year.

Highlights
  • Strong $18 billion bank tenant
  • Explosive growth market and affluent customer base
  • Recent clean title, environmental and property inspection reports
  • Absolute triple-net ground lease with15 years remaining
  • Low comparable rent that increases every 5 years
  • Low comparable bank rent and cost PSF
Location