CAP Rate: 5.50%
Net Operating Income: $106,020
Lot Size: 45,895 SF
The subject property is a 6,795 square foot, single-tenant AutoZone located in Porter (Houston), TX. AutoZone has a newly executed 13 year lease extension - no rent reduction given to secure lease extension proving AutoZone’s commitment to the location. The property is wholly leased to AutoZone under a net lease calling for minimal landlord obligations, the landlord is responsible for roof and structure. The tenant has six, 5-year options to renew beyond the initial term with 7.5% rental increases with each. The site is ideally located on a major commercial thoroughfare and surrounded by major retailers including CVS/Pharmacy, Walgreens, Denny’s, Whataburger, Dollar General, and many more.
Porter is an unincorporated community in Montgomery County in southeastern Texas within the Houston–The Woodlands–Sugar Land metropolitan area. In 2010, its population was estimated at 25,769. Porter is north of the Kingwood area of Houston.
Interstate 69, which is combined with U.S. Highway 59, connects Porter to Houston. State Highway 99, also known as the Grand Parkway, travels through Porter. It is the outermost beltway surrounding Houston. Farm to Market Road 1314 runs from Porter to Conroe.