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7-Eleven, Houston (Perry Road), TX

7-Eleven

Houston, Texas

Price $7,144,000
Cap Rate 4.15%
NOI $296,458
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 1.6746 Acres (72,946 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 an 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

PROMINENT LOCATION NEAR STRONG TRAFFIC DRIVERS
» Hard corner location at the signalized intersection of Perry Road and Farm to Market 1960 Road/Cypress Creek Parkway with access to 57,908 vehicles per day
» Prominent location with excellent visibility in a highly traveled retail/industrial corridor with access to an additional 141,023 vehicles along State Highway 249/Tomball Parkway
» Close to several large shopping centers and malls including, Commons at Willowbrook (3.7 million annual shoppers), Willowbrook Plaza (35+ stores), and the Willowbrook Mall (140+ stores, 19 million yearly shoppers)
» Beneficial proximity to the Republic Business Center, a 157-acre, master-planned industrial development in the heart of the central business district with anchor tenants Amazon and The Home Depot, providing a nearby customer base
» Less than five miles from Houston Methodist Willowbrook Hospital (358 beds), HCA Houston Healthcare North Cypress (163 beds), Kindred Hospital Houston Northwest (96 beds), and Texas Children’s Health Center
» Minutes from Lone Star College-University Park (9,064 student enrollment) and the University of Houston Downtown – Northwest (15,077 student enrollment)

STRATEGIC LOCATION POISED FOR GROWTH IN NORTHWEST HOUSTON
» Property benefits from its location in the heart of northwest Houston along Farm to Market 1960 and State Highway 249, one of the city’s hottest growth corridors
» 282,740 residents within a five-mile radius create a strong customer base for the site
» Average annual household income of $92,063 within five miles
» 23.6 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
» The region ranked fifth in net in-migration 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) canopied 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 is an income-tax-free state


Property Description

7-Eleven is located at the signalized hard corner intersection of Perry Road and Farm to Market 1960 Road/Cypress Creek Parkway with access to 57,908 vehicles per day. The property is prominently located in a highly traveled retail/industrial corridor with excellent visibility and access to an additional 141,023 vehicles along State Highway 249/Tomball Parkway. The site is close to several large shopping centers and malls, including Commons at Willowbrook (3.7 million annual shoppers), Willowbrook Plaza (35+ stores), and the Willowbrook Mall (140+ stores, 19 million yearly shoppers). The property maintains beneficial proximity to the Republic Business Center (157-acre, master-planned industrial development) in the heart of the central business district with anchor tenants Amazon and The Home Depot, providing a nearby customer base. The site is centrally located less than five miles from Houston Methodist Willowbrook Hospital (358 beds), HCA Houston Healthcare North Cypress (163 beds), Kindred Hospital Houston Northwest (96 beds), and Texas Children’s Health Center (ranked #2, among the best children’s hospitals in the nation by U.S. News & World Report). Additionally, the site is just minutes from Lone Star College-University Park (9,064 student enrollment) and the University of Houston Downtown – Northwest (15,077 student enrollment).

The property is strategically located in a region poised for continuous growth. The parcel benefits from its convenient location in the heart of northwest Houston along Farm to Market 1960 and State Highway 249, one of the city’s hottest growth corridors. 282,740 residents live within a five-mile radius with an average annual household income of $92,063. The site is 23.6 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. The region ranked fifth in net in-migration with nearly 32,000 people moving to Houston between July 1, 2020 and June 30, 2021.

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