NNN LEASED Single TenanT located at the “Main and Main” intersection with great visibility.
Sale: $399, 000
CAP Rate: More than 8.57%
Building Description: 306 23rd Street in Canyon, Texas is a converted gas station that is occupied by 806Vapes, LLC. This location is very hard to beat in the city and is retrofitted with excellent gas storage tanks
Location Description: This is located at the “Main and Main” intersection with great visibility. This location is hard to beat and is located right across from West Texas A&M University. Nearby tenants include McDonald’s, Chevron, Wendy’s, UPS Store, Subway, Pizza Hut, and United Supermarkets. Canyon is a city of over 13,000 people and is part of the Amarillo, Texas Metropolitan Statistical Area. The student population, in the area, is over 9,000.
- Monthly Rent: $2,850
- Lease Start: January 10, 2018
- Lease Type: Absolute NNN
- Term Information: 3-year term that auto-renews for additional 5-year terms with 10% rent increases per term
- Tenant utilizes Mitley Rent. Upon sale, Mitley will begin sending received rent to new Property Owner
- All brokers and agents will receive a 3% commission fee
- Building size is 1,640 square feet
- Lot size is 9,660 square feet
- Building was built in 1985 and remodeled in 2015