1505 William D Tate Ave 4,785 SF Retail Building Grapevine, TX 76051 $3,506,953 ($732.91/SF) 6.50% Cap Rate

Paine Restaurant Group at Marcus & Millichap is pleased to present The Original Pancake House, a single-tenant, net-leased restaurant asset located at 1505 William D Tate Avenue in Grapevine, Texas. The property offers investors stable, passive income backed by a franchise guarantee, strong operating performance, and a prime location within a high-traffic retail corridor in the Dallas-Fort Worth Metroplex. The lease features approximately 10 years remaining, with 2 percent annual rent increases and 2 5-year renewal options, offering long-term income stability and built-in growth. Moreover, the property operates under a zero-landlord responsibility lease structure, providing a fully passive investment profile.
The asset also demonstrates strong consumer demand, with 90.5K visits over the trailing twelve months, alongside consistent historical traffic of 89.9K visits in 2024, 102.3K in 2023, 108.3K in 2022, and 116.1K in 2021. The property ranks in the 33rd percentile nationally, 16th percentile in Texas, and first percentile within a 15-mile radius, highlighting its dominant local market position. Located along William D Tate Avenue (58,994 VPD) with immediate access to SH 114 (110,372 VPD) and SH 26 (113,069 VPD), the property benefits from exceptional visibility and accessibility. The surrounding area features strong demographics, with a population of 51,435 within a three-mile radius and 131,157 within five miles, along with average household incomes of $161,867 and $169,209, respectively. The site is located near Grapevine Towne Center and is surrounded by a dense concentration of national retailers and restaurants including Chick-fil-A, In-N-Out Burger, Chili’s, Starbucks, Target, Petco, and Pluckers Wing Bar, reinforcing strong consumer traffic in the area. The combination of a franchise-backed tenant, long-term lease with annual increases, strong operating performance, and premier DFW location positions the property as a compelling opportunity for investors seeking stable income and long-term appreciation.