Lazy Dog 4810 Waterview Meadow Dr 9,000 SF Retail Building Richmond, TX 77407 $7,007,000 ($778.56/SF) 6.85% Cap Rate
INVESTMENT HIGHLIGHTS
- 20-year corporate lease with 10% rent increases every 5 years – zero landlord maintenance or expense responsibilities
- Some of the highest Average Unit Volume’s in the industry in excess of $8.7M
- The company has a 20+ year operating history
- Lazy Dog’s 2023 revenue totaled $397M – ranking it #122 by Nation’s Restaurant New’s Top 500 Restaurant Chains of 2024
- Lazy Dog corporate has 50+ locations with 10 more under construction
EXECUTIVE SUMMARY
This new construction, Lazy Dog features a 20-year absolute NNN ground lease with 10% rental increases every 5 years. Additionally, this lease is guaranteed by corporate and backed by all 50+ Lazy Dog locations, whose 2023 revenue totaled $397M – ranking it #42 in the sit-down casual restaurant space by Nation’s Restaurant New’s Top 500 Restaurant Chains of 2023.There is abundant acreage in Waterview Town Center, an ~1M+ SF mix-used development. The subject property is adjacent to two new luxury apartment communities totaling 560 units. This is a prominent location within Waterview and fronts Highway 99 (46,911 VPD).
PROPERTY FACTS
Sale Type
Investment NNN
Sale Condition
Ground Lease (Leased Fee)
Property Type
Retail
Property Subtype
Building Size
9,000 SF
Building Class
C
Year Built
2024
Price
$7,007,000
Price Per SF
$778.56
Cap Rate
6.85%
NOI
$480,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.08
Lot Size
2.52 AC
Parking
140 Spaces (15.56 Spaces per 1,000 SF Leased)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $0 | |
| Land Assessment | $0 | Total Assessment | $1,522,599 |
