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7-Eleven, Houston (Castlebridge Drive), TX

7-Eleven

Jersey Village, TX

Price $7,314,000
Cap Rate 4.15%
NOI $303,500
Lease Term 15 Years
Lease Type Absolute NNN Lease, With Tenant Responsible For All Taxes, Insurance, Maintenance, And Repair, Including Roof, Structure, And Parking Lot
Rental Increases 10% Rental Increases Every Five (5) Years
Year Built 2022
Building Size 4,842 SF
Lot Size 1.544 Acres (67,277 SF)
Status Available
Lead Broker Information Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Vincent Aicale
Executive Managing Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Executive Managing Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

NEW 15-YEAR ABSOLUTE NNN LEASE TO INVESTMENT GRADE TENANT
» 7-Eleven has a “A” rating from Standard & Poor’s
» New 15-year absolute NNN lease to iconic corporate tenant with five (5) five (5) year options
» 10% rental increases every five years, providing a hedge against inflation
» No landlord management, ideal for an out-of-area investor

HIGH-TRAFFIC LOCATION WITH ACCESS TO OVER 238K VEHICLES
» Hard corner location on the signalized intersection of West Road and Castlebridge Drive, with excellent visibility and access to 22,655 vehicles per day
» Proximity to U.S. Route 290/Northwest Freeway with access to an additional 164,340 vehicles per day
» Located in a dense retail corridor with nearby tenants such as Walmart Supercenter, Sam’s Club, H-E-B, The Home Depot, Kohl’s, Kroger, Walgreens, and numerous others
» Ideal location near corporate headquarters, manufacturing, distribution, and freight companies
» Three miles from Kindred Hospital Houston Northwest (96 beds), HCA Houston Healthcare North Cypress (163 beds), and minutes from Lone Star College CyFair (14,548 student enrollment)
» Close to well-attended schools including Cypress Ridge High School (3,088 students), Cypress Falls High School (3,223 students), Cypress Falls High School (3,223 students), and many more

EXCELLENT LOCATION IN A HIGH GROWTH MARKET
» Walking distance to The Trails at Rock Creek Apartments (656 units) and Sugar Creek Apartments (240 units), with many other large apartment complexes, situated less than a mile from the property (over 2,100 units), providing access to a nearby customer base
» 274,464 residents with an average annual household income of $95,082 within a five miles
» 21.4 miles from Downtown Houston, the fourth-most populous city in the U.S.
» A 2019 American Community Survey showed that nearly 81% of residents in Houston commute alone while another 9.3% carpool
» Metro Houston added 159,700 jobs in 2021 – the best year on record
» The region ranked fifth in net in-migration over the period with nearly 32,000 people moving to Houston between July 1, 2020 and June 30, 2021

NEW 2022 CONSTRUCTION IN A TAX-FREE STATE
» New 2022 construction built to the latest 7-Eleven prototype, featuring six (6) fuel pumps and a freestanding convenience store
» 7-Eleven is the largest convenience retail chain in the world, with more than 77,000 stores worldwide
» Texas has no state income tax


Property Description

7-Eleven is located on the hard corner and signalized intersection of West Road and Castlebridge Drive with excellent visibility and access to 22,655 vehicles per day. The site maintains beneficial proximity to U.S. Route 290/Northwest Freeway and State Highway 6/Farm to Market Road 1960, and has access to an additional combined 215,380 vehicles per day. The property is in a dense retail corridor with nearby tenants such as Walmart Supercenter, Sam’s Club, H-E-B, The Home Depot, Kohl’s, Kroger, Walgreens, and numerous others. The site is in an ideal location, conveniently located near corporate headquarters, manufacturing, distribution, and freight companies. The property is approximately three miles from Kindred Hospital Houston Northwest (96 beds) and HCA Houston Healthcare North Cypress (163 beds), and just minutes from Lone Star College -CyFair (14,548 student enrollment). Additionally, the site is close to well-attended schools including Cypress Ridge High School (3,088 students), Cypress Falls High School (3,223 students), Cypress Falls High School (3,223 students), and many more, increasing daily traffic in the surrounding area.

The property is within walking distance to The Trails at Rock Creek Apartments (656 units) and Sugar Creek Apartments (240 units), with considerable other large apartment complexes, situated less than a mile from the property (over 2,100 units), providing access to a nearby customer base. The location is 21.4 miles from Downtown Houston, the fourth-most populous city in the U.S., providing a need for fuel for residents in the immediate area who commute for work or leisure. A 2019 American Community Survey showed that nearly 81 percent of residents in Houston commute alone while another 9.3 percent carpool. 274,464 residents live within a five-mile radius with an average annual household income of $95,082. The average annual household income is projected to increase 11 percent by 2026. The site is in an excellent location in a high-growth market. Metro Houston added 159,700 jobs in 2021, the best year on record. The region ranked fifth in net in-migration over the period with nearly 32,000 people moving to Houston between July 1, 2020, and June 30, 2021.

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