CAP RATE: 6.00%
NET OPERATING INCOME: $83,649
LOT SIZE: 0.41 AC
This is the rare opportunity to purchase a new 16 year absolute NNN leased Church’s Chicken in Cleveland, Texas. The NNN lease provides for zero landlord obligations and calls for 1.5% annual increases in rent. The operator is Royal Texas, a strong and experienced franchisee with 110 units. The lease is guaranteed by a 56 unit entity. This asset is being offered as part of a portfolio and additional locations are available.
Cleveland is a city in the U.S. state of Texas, within Houston–The Woodlands–Sugar Land metropolitan area and Liberty County. The town began forming in 1878 when Charles Lander Cleveland, a local judge, donated 63.6 acres of land to the Houston East & West Texas Railway (now part of the Union Pacific Railroad) for use as a stop, requesting that the town be named for him. Since 1900 Cleveland has served as the junction of this line and the Gulf, Colorado and Santa Fe (now the BNSF Railway). The forests around Cleveland, including Sam Houston National Forest, which is located just to its north, are a resort for many inhabitants of the Houston area, who come to camp, hike, hunt, and fish.