2202 Farm To Market 2920Spring, TX 77388

For Sale
$4,113,981

High-Yield NNN Ground Lease Investment

Overview

Added:
Dec 11, 2024
Days on market:
94
This exceptional investment opportunity presents a fee-simple ownership of a 4,055 square foot, single-story Class A bank building in Spring, Texas. The property is situated on a 1.59-acre corner lot and enjoys a prominent location across from a busy H-E-B grocery store. Currently occupied by Wells Fargo Bank under an absolute NNN ground lease, this property offers significant long-term stability and income potential. The lease, originally commencing March 31, 2008, and expiring April 29, 2028, has a remaining term of 3.4 years. The lease includes two 5-year renewal options with a 10% rent increase at the start of each option. The current annual net operating income (NOI) is $226,269, representing a 5.50% cap rate on the asking price of $4,113,981 ($1,014.55 per square foot). The tenant, Wells Fargo Bank, is a publicly traded Fortune 500 company providing a strong corporate guarantee. Built in 2008, the property features multiple drive-thrus and ample parking. The surrounding area boasts high average household incomes ($125,000 within 3 miles) and other established retailers such as McDonald's, Whataburger, AutoZone, and Aldi. This is a rare opportunity to acquire a well-established, high-performing net lease property with significant upside potential. The property is offered as a 1031 exchange opportunity.

Highlights

  • 4,055 SF Class A retail bank building on a 1.59-acre lot, leased to Wells Fargo Bank.
  • Absolute NNN ground lease with a corporate guarantee, offering a 5.50% cap rate and $226,269 annual NOI.
  • 20.1-year lease with 3.4 years remaining; 10% rent increases every 5 years, with two 5-year options remaining.
  • Located in a high-traffic retail area in Spring, TX, across from a major H-E-B grocery store, with strong demographics ($125,000 average household income within 3 miles).
  • Offered at $4,113,981 ($1,014.55/SF), suitable for a 1031 exchange.

Property Details for 2202 Farm To Market 2920

Property type
Other retail properties, Individual retail properties
Square Feet
4,055 SF
Class
A
Year Built
2008
Buildings
1
Stories
1
Lot Size (sq. ft)
69,260 SF

Location Insight

City
Spring
County
Harris
State
Texas
Latitude
30.070349221444
Longitude
-95.450224988043
2202 Farm To Market 2920, Spring, Texas

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2202 Farm To Market 2920
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