Freebirds World Burrito, Grapevine, Texas

1501 William D. Tate Ave no-imageVIEW MAP

Property Information

Price: $1,615,385

Cap Rate: 6.50%
NOI: $105,000
Lease Term: 9+ Years Remaining
Lease Type: Modified NNN
Building Size: Approximately 2,995 Square Feet
Year Built: 1994/2011
Status: Available
Lead Broker Information:

Randy Bell


Property Description

Investment Highlights

  • Modified NNN Lease with 9+ Years Remaining – Stable Cash Flow Asset – Minimal Landlord Responsibilities – Two (5-Year) Options to Renew
  • 10% Rental Increases Every 5 Years Throughout the Initial Term and Option Periods, Providing a Strong Hedge Against Inflation
  • Guaranteed Lease by Tavistock Freebirds, LLC – Freebirds is a Best in Class, Leading Fast-Casual Tenant Founded in 1987 That Operates More Than 59 Locations Across the State of Texas
  • Intrinsic Value – Large Format Restaurant at 2,995 Square Feet on a 0.742 Acre Parcel with 56 Parking Spaces, Providing Freebirds with the Ability to Effectively Handle High Restaurant Volume
  • Densely Populated, Infill Location with Excellent Demographics – Over 136,000 People within a 5-Mile Radius of the Property with Average Household Income Exceeding $160,500
  • High Traffic Location – More Than 57,000 Vehicles Per Day on William D. Tate Ave, Over 178,000 Vehicles Per Day on TX-121 & an Astounding 365,887 on Nearby TX-114
  • Tremendous Recent Growth – More Than 21.8% Population Growth in a 5-Mile Radius of the Property Since the 2010 Census – Continued Projected Growth of 1.3% Annually Through 2026
  • Over 53.6 Million Square Feet of Industrial & Office Space within a 5-Mile Radius of the Property, Resulting in a High Daytime Population of More Than 9,800 Businesses & 101,800 Employees
  • Nearly 18 Million Square Feet of Restaurant & Retail Space with a 5-Mile Radius of the Property – Surrounded by Many National Retailers Including Buffalo Wild Wings, Red Robin, Chick-fil-A, Starbucks & Target
  • Approximately 1 Mile from the 302 Bed Memorial Hospital That Totaled Nearly $977 Million in Total Patient Revenue in 2021
  • Tremendous Multi-Family Density with Over 18,500 Apartment Units in a 5-Mile Radius of the Property – An Additional 600 Units are Currently Under Construction
  • Texas is an Income Tax Free State with a Strong Economy, Providing an Ideal Location for a 1031 Exchange Asset