Price: $2,548,363
Cap Rate: 5.50%
Net Operating Income: $140,160*
Square Footage: 4,672
Lot Size: 0.92 AC

The subject is a Hook & Reel with a brand new absolute NNN Lease in Longview, Texas. The NNN lease includes 10% increases in rent every 5 years with three, 5 years. The lease calls for zero landlord obligations. The asset is well positioned on a major commercial thoroughfare with excellent visibility and access. There is a solid personal guarantee from the operator that expires in 2025 transitions to a 12 month rolling personal guarantee.

The property is on a pad site in a shopping center where Target, Kohl’s, Old Navy, Petsmart, and Ulta are just a few of the national tenants.

Longview is the 47th largest city in the state of Texas. The city is mostly located in Gregg County, of which it is the county seat; a small part of Longview extends into the western part of neighboring Harrison County. Longview is located in East Texas, where Interstate 20 and U.S. Highways 80 and 259 converge just north of the Sabine River. According to the 2010 U.S. census, the city had a population of 80,455. The estimated population in 2019 was 81,653. Longview is the principal city of the Longview Metropolitan Statistical Area, comprising Gregg, Upshur, and Rusk Counties. The population of the metropolitan area as of 2017 census estimates is 217,481.