CAP Rate: 6.5%
Gross Leasable Area: 2,700 SF
- Rare Absolute Triple-Net (NNN) Lease
- New 10-Year Lease
- Two (2), 5-Year Options
- Strong Corporate Guarantee
Marcus & Millichap is pleased to present qualified investors with the unique opportunity to acquire a highperforming EZ Pawn property located in McAllen, Texas. EZ Pawn corporate executed a new 10-year lease at the end of 2020 and has two, five-year options built into the lease. The property, which has been a pawnshop for decades, is in an exceptionally strong location for its industry, demonstrated by the fact that the tenant was willing to almost double the rent upon the execution of the new extension. The lease is absolute net in nature, which is rare for these types of properties, with the tenant taking care of roof, structure, taxes, insurance, and all other maintenance.
EZ Pawn has been in existence since 1974 and is headquartered in Austin, Texas. They have a strong presence in central and south Texas and have flourished over the past few decades. McAllen is the 21st largest city in Texas with a population of almost 150,000 residents. The population has also grown by leaps and bounds, increasing almost 10% since 2010. The subject property is well located on a hard corner, just down the street from Travis Middle School and around several synergistic tenants including Dollar Tree, Ross, and Stripes.