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Aspen Dental, Houston, TX

Aspen Dental

Tomball, TX

Price $3,067,000
Cap Rate 4.85%
NOI $148,750
Lease Term 10 Years
Lease Type Net Lease, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Excluding Roof And Structure
Rental Increases Approx. 10% Increases Every Five (5) Years Including Option Periods
Year Built 2022
Building Size 3,500 SF
Lot Size 0.52 Acres (22,651.20 SF)
Status Under Contract
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 10-YEAR NET LEASE TO FAST-GROWING HEALTHCARE TENANT
» 10-year net lease to Aspen Dental with 10% rental increases every five years including option periods
» Aspen Dental operates over 939 locations in 43 states
» Aspen Dental is the fastest-growing network of independently owned dental practices in the U.S.

HIGH VISIBILITY LOCATION IN AFFLUENT AND GROWING HOUSTON SUBURB
» Strategic location on the signalized hard corner intersection of Tomball Parkway and Alice Road (26,061 AADT combined)
» Excellent freeway visibility and access to State Highway 249/Tomball Tollway (59,748 AADT) with beneficial proximity to Texas Highway 99/Grand Parkway (62,645 AADT), increasing traffic to the location
» Gateway to Downtown Houston (the fourth-most populous city in the U.S. with over 2.3 million residents)
» Situated near many single-family homes and large apartment complexes such as Park at Spring Creek Apartments (252 units), Bridgewater Apartments (206 units), and numerous others
» 111,595 residents within five miles of the property (47% growth since 2010), creating a large and reliable customer base for the site
» High average annual household income of $120,064 within a five-mile radius (projected 13 percent increase by 2026)

PROMINENT LOCATION NEAR MAJOR AREA EMPLOYERS AND RETAIL CENTERS
» Prominent location in dense retail corridor directly across from Walmart Supercenter and Hobby Lobby with many nearby regional and national tenants such as Target, H-E-B, Kroger, Lowe’s Home Improvement, Kohl’s, Chick-fil A, Starbucks, Dutch Bros (under construction), and many more
» Strategic location with 11 hotels with over 686 rooms all within a five-mile radius, greatly increasing foot traffic directly to the site
» Proximity to major area employers including, Lone Star College-Tomball (8,784 students, 714 employees) and Tomball Independent School District with 2,235 employees serving 18,666 students in the area
» Less than two miles from HCA Houston Healthcare Tomball (350 beds, 150-acre campus)
» Beneficial proximity to George Bush Intercontinental Airport (45 million annual passengers), Houston’s largest airport and the 16th busiest airport in North America, according to ACI-NA

NEW 2022 CONSTRUCTION IN INCOME TAX-FREE STATE
» New 2022 construction built to Aspen Dental’s latest prototype
» Texas has no state income tax, estate tax, or inheritance tax


Property Description

Aspen Dental is conveniently located on the signalized hard corner intersection of Tomball Parkway and Alice Road (26,061 AADT combined). The property has excellent freeway visibility with immediate access to State Highway 249/Tomball Tollway (59,748 AADT), with beneficial proximity to Texas Highway 99/Grand Parkway (62,645 AADT), increasing traffic to the location. The site is a gateway to Downtown Houston, the fourth-most populous city in the U.S. with over 2.3 million residents. There are 111,595 residents within a five-mile radius of the property (47% growth since 2010), creating a large and reliable customer base for the site. The average annual household income is $120,064 within five miles and is projected to increase 13 percent by 2026, poising Aspen Dental and Tomball for significant concurrent growth.

The property is in a prominent location near several large retail centers with many nearby well-established regional and national tenants such as Walmart Supercenter, Target, H-E-B, Kroger, Lowe’s Home Improvement, Hobby Lobby, Chick-fil-A, Dutch Bros (under construction), and many more. The site is in a strategic location with 11 hotels situated within a five-mile radius with over 686 rooms, greatly increasing foot traffic directly to the site. The property is near dense single-family homes and large apartment complexes such as Park at Spring Creek Apartments (252 units), Bridgewater Apartments (206 units), and numerous others, providing a nearby customer base for the site. The location is close to major area employers including Lone Star College-Tomball (8,784 students, 714 employees) and Tomball Independent School District with 2,235 employees serving 18,666 students in the area. The property is less than two miles from HCA Houston Healthcare Tomball (350 beds, 150-acre campus). The site maintains beneficial proximity to George Bush Intercontinental Airport (45 million annual passengers), Houston’s largest airport and the 16th busiest airport in North America, according to ACI-NA.

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