11% Cap Rate - Restaurant with tenant for sale

Retail-Commercial for Sale
Catylist Listing ID: 30518316
Property Subtypes: Restaurant
Building Size (RSF): 6,310 SF
Gross Land Area: 47,946 SF
Sale Price: $1,150,000
Unit Price: $182.25 PSF
Property Use Type: Net Leased Investment (NNN), Business
Building Name: Stella's
Usable Size (USF): 6,928 SF
Sale Terms: Cash to Seller
Cap Rate: 11.0%
Last Updated: 1/19/2020

Overview / Comments

Iconic Lubbock restaurant location has a longterm lease and is currently for sale, including an additional acre of land adjacent to the property. Extra land can be sold separate or as a package.

This property is conveniently located in central Lubbock in the hard corner of 50th and Utica Ave. This high-end restaurant boats over 6,300 sqft with an approximate 600 sqft patio.

With over an acre of land on the main property, there is ample parking leading to the beautiful stucco facade and entrance canopy. As you go through the foyer, you are greeted with an open waiting area. To the right is a large bar are with seating for 60 and live music. Off the bar is an outdoor patio with seating for 40. Opposite the bar inside you will find the main dining area with seating for 140, plus a private dining room for events or overflow.

See graphic for the additional acreage for sale adjacent to the restaurant property.

Contact listing agent today for a private showing or information on tenant.

Financials

Finance Data Year 2019
Real Estate Taxes - Annual($) $16,325 (Annual)
Tax Value Land $191,784
Tax Value Improvements $558,968
Assessed Value - Total($) $750,752 (Annual)
Potential Rental Income $174,000 (Annual)
Net Operating Income $126,000 (Annual)

Additional Details

Nearest MSA: Lubbock
County: Lubbock
Taxing Authority: Lubbock CAD
Tax ID/APN: R27288
Property Located Between: 50th and Utica Avenue
Property Visibility: Excellent
Largest Nearby Street: 50th Street
Feet of Frontage: 150
Tenancy: Single Tenant
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 6,310 SF
Property Condition: Good
Year Built: 1976
Year Renovated: 1993
Total Parking Spaces: 90
Parking Type: Surface
Parking Description: Also over 140 spots available on adjacent land for sale
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Engineered System
Water Service: Municipal
Sewer Type: Municipal
Legal Description: GORDON HTS TR A1

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 19,079 133,880 216,767
Median Age: 31.48 33.26 32.11
Households: 7,757 53,778 84,359

Contact

Photograph of Listing Agent

Jeremy Steen

McDougal, REALTORS
West Texas CIE Member
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