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23473 FM 39 3,400 SF Retail Building Iola, TX 77861 $495,000 ($145.59/SF) 9.70% Cap Rate
INVESTMENT HIGHLIGHTS
- Brand new three (3) year lease with proven local operator.
- Newly renovated building, brand new finish out in 2024.
- Grimes County witnessed a significant population increase of 14.2% between 2000 and 2024.
- Absolute NNN lease - Tenant pays property taxes direct, carries property insurance, maintains the site and building including roof and structure.
- Situated at the corner of well trafficked intersection, FM 39 and Main Street with close proximity to popular Iola ISD.
EXECUTIVE SUMMARY
OLDHAM GOODWIN is pleased to present 23473 FM 39 in Iola, Texas for your consideration. This newly renovated, single-tenant restaurant property is leased to Agave Azul, a popular Mexican restaurant with a strong local following. The tenant has approximately three years remaining on an absolute net lease, with no Landlord responsibilities. The owner and operator of Agave Azul has extensive experience with restaurant management, and was the general manager of Juan and Linda’s in Anderson, TX for many years. With a great local following and limited competition in the area, Agave Azul is primed for success, and presents a management free, high yield commercial real estate investment opportunity.
DATA ROOM Click Here to Access
- Offering Memorandum
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Restaurant
Building Size
3,400 SF
Year Built
1990
Price
$495,000
Price Per SF
$145.59
Cap Rate
9.70%
NOI
$48,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.14
Lot Size
0.56 AC
Zoning
None
Frontage
PROPERTY TAXES
| Parcel Number | R15676 | Improvements Assessment | $197,420 |
| Land Assessment | $6,300 | Total Assessment | $203,720 |
PROPERTY TAXES
Parcel Number
R15676
Land Assessment
$6,300
Improvements Assessment
$197,420
Total Assessment
$203,720
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23473 FM 39
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