Dimassi’s Mediterranean, Houston, Texas

17240 Tomball Pkwy no-imageVIEW MAP

Property Information

Price: $3,800,464

Cap Rate: 6.25%
NOI: $237,529
Lease Term: 15 Years
Lease Type: Absolute NNN
Building Size: Approximately 8,054 Square Feet
Year Built: 1998/2022
Status: Available
Lead Broker Information:

Randy Bell



Chadd Bossow



Russ Kimzey



Property Description

Investment Highlights

  • Brand-New 15 Year Absolute NNN Lease – Stable Cash Flow Asset – Zero Landlord Responsibilities – Three (3) Additional (5-Year) Options to Renew
  • 10% Rental Increases Every 5 Years Throughout the Initial Term and Option Periods, Providing a Strong Hedge Against Inflation
  • Dimassi’s Mediterranean Buffet is a Best in Class, Leading Fast-Casual Tenant Founded in 1992 That Operates More Than 20 Locations in the State of Texas
  • Relocation Store – 5+ Years Successful Operating History Across Tomball Pkwy (TX-249) – Repositioned as a Pad to Willowbrook Mall on a Larger Parcel & Bigger Building, Providing Better Convenience & Accessibility for Their Customers on a More Heavily Trafficked Side of the Street
  • Intrinsic Value – Large Format Restaurant at 8,054 Square Feet on a Massive 1.691 Acre Parcel Containing 108 Parking Spaces, Providing Dimassi’s with the Ability to Effectively Handle High Restaurant Volume
  • Strategically Positioned as a Pad to Willowbrook Mall – The 1.5+ Million Square Feet, Macy’s Anchored Shopping Mall That Brings Daily-Needs Consumers Directly to the Trade Area – More Than 6.5 Million Visits Over the Last Calendar Year
  • High Traffic Location – Over 188,500 Vehicles Per Day on Tomball Pkwy (TX-249), Nearly 82,000 Vehicles Per Day on Cypress Creek Pkwy (FM-1960) & an Additional 9,684 Vehicles Per Day on N. Gessner Dr
  • Densely Populated, Infill Location with Excellent Demographics – Over 313,500 People within a 5-Mile Radius of the Property with Average Household Income Exceeding $97,000
  • Over 52.7 Million Square Feet of Industrial & Office Space and 26.6 Million Square Feet of Restaurant & Retail within a 5-Mile Radius of the Property
  • Extremely High Daytime Population of More Than 17,000 Businesses & Over 149,500 Employees
  • Located Directly Across from the 370,000+ Square Foot, REI Anchored Willowbrook Shopping Center That Has Seen More Than 970,000 Visits Over the Prior Calendar Year
  • Approximately 1.1 Miles from the 346 Bed Houston Methodist Willowbrook Hospital That Employs Over 2,232 Staff Members & 1,116 Affiliated Physicians & Generated More Than $3.45 Billion in Total Patient Revenue in 2021
  • Tremendous Multi-Family Density with Over 37,000 Apartment Units in a 5-Mile Radius of the Property
  • Texas is an Income Tax Free State with a Strong Economy, Providing an Ideal Location for a 1031 Exchange Asset