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Las Palapas, San Antonio, TX

Las Palapas

Texas, USA

Price $2,325,000
Cap Rate
NOI
Lease Term 20 Years (9+ Years Remaining)
Lease Type Absolute NNN Lease, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Including Roof, Structure, And Parking Lot
Rental Increases 9% Rental Increases Every Five (5) Years
Year Built 2011
Building Size 3,500 SF
Lot Size 0.8271 Acres (36,028 SF)
Status Sold
Lead Broker Information Vincent Aicale
Executive Managing Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Tyler Anderson
Senior Associate
404.853.5374
tyler.anderson@cushwake.com

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

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

Investment Highlights

LONG-TERM ABSOLUTE NNN GUARANTEED GROUND LEASE
» Long-term absolute NNN guaranteed ground lease
» Nine (9) percent rental increases every five (5) years, providing a hedge against inflation
» Strong regional brand with 20 locations and growing
» No landlord responsibilities, ideal passive investment for out-of-area investor
» High performance Las Palapas location ($3.7 million in sales, $3.9 million pre-pandemic)

LOCATED IN DENSLEY POPULATED AND GROWING TEXAS RETAIL CORRIDOR
» High-traffic location on West Loop 1604 North (105,905 AADT), near the signalized, hard corner intersection of Culebra Road (41,661 AADT)
» Beneficial proximity to State Highway 151 (54,259 AADT)
» Interparcel access with drive-thru and curbside pick-up for added customer convenience
» Immediately surrounded by national tenants including, Walmart Supercenter, Costco Wholesale, Target, H-E-B, The Home Depot, Lowe’s Home Improvement, CVS Pharmacy, Chick-fil-A, In-N-Out, and many more
» Population of 277,522 within a five-mile radius of the site, providing a large customer base for the property (37 percent growth since 2010)
» Average annual household income of $92,725 within five miles and projected to increase 12 percent by 2026

CENTRAL LOCATION NEAR LARGE RETAILERS, SCHOOLS, AND COMMUNITY HUBS
» Surrounded by high-density single family housing developments and large apartment complexes
» Walking distance to William H. Taft High School (2,477 students)
» Minutes from Northwest Vista College (16,293 students)
» Near SeaWorld San Antonio, a popular tourist destination, increasing traffic in the area
» Four miles from CHRISTUS Santa Rosa Hospital – Westover Hills (150 beds)
» Eleven miles from Lackland Air Force Base (population 46,577)

LOCATED IN INCOME TAX-FREE STATE
» Located 20 miles from Downtown San Antonio (34 million annual visitors)
» Texas has no state income tax, estate tax, or inheritance tax
» Texas is the second most-populated state in the United States (29.1 million residents)



Property Description

SOLD

Las Palapas is conveniently located along West Loop 1604 North (105,905 AADT), near the signalized, hard corner intersection of Culebra Road (41,661 AADT). This property provides interparcel access with curbside pick-up for added customer convenience. The site maintains beneficial proximity to State Highway 151 (54,259 AADT), significantly increasing traffic in the area. The property is located within the Alamo Ranch Shopping Mall and surrounded by national tenants, including Walmart Supercenter, Costco Wholesale, Target, H-E-B, The Home Depot, Lowe’s Home Improvement, CVS Pharmacy, Chick-fil-A, In-N-Out, and many others. The property is supported by an large customer base, with a population of 277,522 within a five-mile radius of the site, a 37 percent increase since 2010. Additionally, the site is near many high-density single family housing developments and large apartment complexes, a strong traffic driver for the property. The average annual household income is $92,725 within five miles of the property and projected increase of 12 percent by 2026, poising Las Palapas and San Antonio for concurrent growth.

Visibility to the property is increased by the site’s central location near large employers, schools, and community hubs. The property is within walking distance to William H. Taft High School (2,477 students), providing a regular source of traffic in the area. The site is less than five miles from Northwest Vista College (16,293 students), CHRISTUS Santa Rosa Hospital – Westover Hills (150 beds), and SeaWorld San Antonio, a popular tourist destination. The property is 11 miles from Lackland Air Force Base (population 46,577) and JBSA-Lackland and Medina Training Annex. The site is located in a growing community in San Antonio, the second-largest city in Texas (1.4 million residents), and is located 20 miles from downtown, which welcomes 34 million visitors annually.

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