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Circle K 87th St

5,200 SF Retail Building Odessa, TX 79765 £2,393,550 (£460/SF) 5% Net Initial Yield

Investment Highlights

  • New 15-year absolute NNN ground lease to an investment-grade tenant, rated “BBB” by Standard & Poor’s
  • Circle K is one of the largest chains of company-owned convenience stores in the United States, with over 14,200 locations
  • Affluent market with an average annual household income of $101,213 within a 3-mile radius (expected to grow 16%+ in the next 5 years)
  • 8% rental increases every five (5) years, including option periods
  • Centrally located in the quickest growing area of Odessa on a quickly growing retail and residential corridor
  • The site also features 14 canopied gas pumps for added customer convenience

Executive Summary

Exceptional Visibility and Access: This Circle K is located at the signalized hard corner of Evans Boulevard and 87th Street, which experiences a combined traffic count of 12,540 vehicles per day. Excellent Location: The property is within walking distance of Eighty Seventh Apartments, a new 181unit multi-family development. Reliable Customer Base: Prime location near several residential communities, including Mardi Gras Estates, North Park, and Windmill Crossing. High Growth Area: The population within a one mile radius of the site has increased by nearly 400% since the 2010 U.S. Census and by 53% since the 2020 U.S. Census, illustrating the area’s rapid growth. Located in an affluent region with an average annual household income of $101,213 within a 3-mile radius. The population count within a five-mile radius of the site is 65,672 (projected to increase by more than 15% over the next five years). The subject property is built to Circle K’s latest prototype, featuring a freestanding 5,200-square-foot Circle K convenience store with (14) canopied gas pumps.

Property Facts

Sale Type
Investment NNN
Sale Condition
1031 Exchange
Property Type
Retail
Property Subtype
Convenience Store
Building Size
5,200 SF
Building Class
B
Year Built
2024
Price
£2,393,550
Price Per SF
£460
Net Initial Yield
5%
NOI
£119,678
Tenancy
Single
Number of Floors
1
Building FAR
0.04
Lot Size
2.67 AC
Parking
30 Spaces (5.77 Spaces per 1,000 SF Leased)
  • Listing ID: 33317608

  • Date on Market: 26/09/2024

  • Last Updated:

  • Address: 87th St, Odessa, TX 79765

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