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2508 Bartlett St - Ground Leased Parking Lot 20,037 SF Specialty Building Offered at $5,423,000 at a 4.25% Cap Rate in Houston, TX 77098
INVESTMENT HIGHLIGHTS
- Premier urban location near West University, River Oaks and Boulevard Oaks neighborhoods
- Absolute NNN Ground Lease
- Exceptional demographics featuring 209,613 residents earning $180,650 average household income within 3 mile radius
- Mission critical surface parking for Goode Co.
- 5+ year remaining with 2% escalations annually
- The tenant’s significant capital improvements and expansion at Armadillo Palace demonstrate its long-term commitment to the location
EXECUTIVE SUMMARY
THE OFFERING
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer the opportunity to acquire the ground lease interest in the 0.46-acre surface parking lot leased to Goode Company’s Armadillo Palace. The property provides mission critical parking and access to the Armadillo Palace and Goode Co Events/Catering. The Armadillo Palace venue is known for its unique blend of dining and entertainment. It features a large outdoor patio and live music events. The design reflects a Texas ranch-style aesthetic.
The parking lease expires 2/28/2031 (5+ years) with 2% annual increases. It is absolute NNN with no landlord responsibilities.
The Armadillo Palace opened in 2007. It is situated on Kirby Drive in Houston’s urban setting in the City of West University Place, one of Houston’s most affluent communities. Due to its location, the Armadillo Palace attracts residents, students and employees of neighboring Rice University and the Texas Medical Center.
Goode Company owns several neighboring eateries: Goode Co. BBQ, Goode Co. Taqueria, Goode Co. Seafood.
Property Details:
Address: 2508 Bartlett St, Houston, TX 77098
Location: Near the intersection of Kirby Drive
Acreage: 0.46 acres
Parking: +/-50 spaces
Ownership: Ground Lease
Tenant: Goode-Cook, Inc. (Goode Co - Armadillo Palace)
Lease Type: Corporate Lease
Net Operating Income: $230,496
Rent Escalations: Annual
Location: Affluent Urban setting
Average Household Income: $121,805 (1 mile)
Average Home Value: $969,307 (1 mile)
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer the opportunity to acquire the ground lease interest in the 0.46-acre surface parking lot leased to Goode Company’s Armadillo Palace. The property provides mission critical parking and access to the Armadillo Palace and Goode Co Events/Catering. The Armadillo Palace venue is known for its unique blend of dining and entertainment. It features a large outdoor patio and live music events. The design reflects a Texas ranch-style aesthetic.
The parking lease expires 2/28/2031 (5+ years) with 2% annual increases. It is absolute NNN with no landlord responsibilities.
The Armadillo Palace opened in 2007. It is situated on Kirby Drive in Houston’s urban setting in the City of West University Place, one of Houston’s most affluent communities. Due to its location, the Armadillo Palace attracts residents, students and employees of neighboring Rice University and the Texas Medical Center.
Goode Company owns several neighboring eateries: Goode Co. BBQ, Goode Co. Taqueria, Goode Co. Seafood.
Property Details:
Address: 2508 Bartlett St, Houston, TX 77098
Location: Near the intersection of Kirby Drive
Acreage: 0.46 acres
Parking: +/-50 spaces
Ownership: Ground Lease
Tenant: Goode-Cook, Inc. (Goode Co - Armadillo Palace)
Lease Type: Corporate Lease
Net Operating Income: $230,496
Rent Escalations: Annual
Location: Affluent Urban setting
Average Household Income: $121,805 (1 mile)
Average Home Value: $969,307 (1 mile)
PROPERTY FACTS
| Price | $5,423,000 | Building Class | C |
| Price Per SF | $270.65 | Lot Size | 0.46 AC |
| Sale Type | Investment | Building Size | 20,037 SF |
| Cap Rate | 4.25% | No. Stories | 1 |
| Property Type | Specialty | Year Built | 1998 |
| Property Subtype | Parking Lot |
| Price | $5,423,000 |
| Price Per SF | $270.65 |
| Sale Type | Investment |
| Cap Rate | 4.25% |
| Property Type | Specialty |
| Property Subtype | Parking Lot |
| Building Class | C |
| Lot Size | 0.46 AC |
| Building Size | 20,037 SF |
| No. Stories | 1 |
| Year Built | 1998 |
1 1
Walk Score®
Walker's Paradise (92)
PROPERTY TAXES
| Parcel Number | 0572430000006 | Improvements Assessment | $26,274 |
| Land Assessment | $1,650,000 | Total Assessment | $1,676,274 |
PROPERTY TAXES
Parcel Number
0572430000006
Land Assessment
$1,650,000
Improvements Assessment
$26,274
Total Assessment
$1,676,274
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2508 Bartlett St - Ground Leased Parking Lot
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