Address: 2393 S Stemmons Fwy, Lewisville, Texas, United States 75076
Cap Rate: 5.15%
Lease Type: Triple-Net (NNN)
Annual Rent: $109,313
Net Operating Income: $109,313
Lease Term Remaining: 11.5 Years
Rental Increases: One Percent (1.0%) Annually Starting Year 11
Options: Four (4), Five (5) Year Options
Rentable Sq/Ft: 3,235 SF
Rent Sq/Ft: $33.79
Price Sq/Ft: $656
Lot Size: +/- 0.49 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Taco Cabana located at 2393 S. Stemmons Fwy in Lewisville, TX. The property consists of 3,235 square feet of building space and is situated on roughly 0.49 acres of land. The tenant, Texas Taco Cabana, LP (a subsidiary company of Fiesta Restaurant Group), has approximately 11.5 years remaining on the original 20 year triple-net (NNN) lease. The current annual rent is $109,313 and is subject to increase by one percent (1.0%) annually starting in Year 11. There are four (4), five (5)-year tenant renewal options, extending the total possible lease term to 31 years.
The subject investment property is situated on South Stemmons Freeway, which lies along Interstate-35. Interstate-35 boasts average daily traffic counts exceeding 162,000 vehicles respectively. Interstate-35 intersects with Texas State 121 and East Round Grove Rd, which brings an additional 114,000 and 47,000 vehicles into the immediate area on average daily. There are more than 91,775 individuals residing within a three-mile radius of the property and more than 239,850 individuals within a five-mile radius.
The subject property benefits from being well-positioned in a highly dense retail corridor consisting of national and local tenants, shopping centers, and hotels all within close proximity of this property. Major national tenants include: Target, Best Buy, Costco, Bed Bath & Beyond, Macy’s, JCPenney, Dillard’s, Marshalls, Hobby Lobby, Barnes & Noble, Cinemark, as well as many more. This Taco Cabana also benefits from being situated near many national hotels such as Courtyard by Marriott, Fairfield Inn & Suites, Hilton Garden Inn, Country Inn & Suites, Residence Inn, Hampton Inn & Suites, Springhill Suites, TownePlace Suites, and Homewood Suites. The subject property is also conveniently located less than 9 miles away from Dallas/Fort Worth International Airport (DFW), the fourth busiest airport in the world, serving over 67,000,000 passengers annually.
Lewisville is a city in Denton County, Texas, and a suburb within the Dallas-Fort Worth Metroplex. Lewisville incorporated in 1925, and when construction of Lewisville Lake was completed in the 1950s, the city began to expand rapidly. Lewisville’s consistently warm climate and proximity to Lewisville Lake have made it a recreational hub of the Dallas-Fort Worth metroplex. The area’s transportation infrastructure has evolved around the I-35 Corridor along Interstate 35 and the diversity of its population and industry has created a stable economic climate. Lewisville’s diverse commercial tax base has led to a strong economic development in the area. The area has allowed automobile dealerships to flourish and its close proximity to Lewisville Lake and the city’s location in the Dallas-Fort Worth Metroplex has contributed to the largest boat sales market in the state by volume in a state and it is second in the nation in overall boat sales. Due to the city’s proximity to Dallas and Fort Worth, a number of food distribution companies have branches in Lewisville, including Sysco and Meadowbrook Meat Company (MBM). Lewisville Independent School District operates the area’s public school system, including Lewisville High School. Four of the district’s middle schools feed into two high school feeder campuses and the district has a total enrollment of approximately 53,200 students. The mission of the City of Lewisville is to enhance the quality of life for its community and to provide effective municipal service. The values of the city are customer satisfaction, integrity, teamwork, and innovation.
Broker of Record: Timothy Speck License #9002994