OFFERING SUMMARY
Price: $3,400,000
CAP Rate: 6%
Gross Leasable Area: 4,266 SF
NOI: $$204,000
OFFERING HIGHLIGHTS
- Rare 20-Year Absolute Triple-Net (NNN) Lease
- Two (2), 5-Year Options
- Attractive Corporate Guarantee
- Renovated in 2021
INVESTMENT OVERVIEW
Marcus & Millichap is pleased to present qualified investors the unique opportunity to acquire the Las Palapas property located in Keller, Texas. Las Palapas corporate will execute a brand new, twenty-year, absolute net lease at the close of escrow with 10% rent increases every five years built into the lease. The property, which was renovated in 2021 to meet Las Palapas’ strict standards, boasts a drive-thru and is exceptionally well located on Keller Parkway, a main artery that cuts through DFW and boasts over 35,000 VPD. The location also has fantastic retail synergy, surrounded by several major national brands including Zaxby’s, Sonic, Raising Cane’s, Chick-fil-a and many more. Las Palapas was founded in 1981 in San Antonio, Texas and has grown from humble beginnings into a Texas staple boasting a comprehensive menu that merges California flare with south Texas traditional cuisine. In the past few years, Las Palapas has begun a strong push to bring the brand and their delicious food to not just San Antonio but Texas as a whole. With 22 locations now in operations and plans for many more over the coming years, Las Palapas is an exciting, innovative brand bringing good food and quality service to hungry people across the state.
