For Sale
$30,000,000

6609 Evans RdCorpus Christi, TX 78413

Net lease, investment-grade school.

Overview

Added:
Dec 11, 2024
Days on market:
117
This exceptional investment opportunity presents a 114,419 square foot, fee-simple charter school campus in Corpus Christi, Texas. The property, built in 2018-2019, consists of a high school (50,547 sq ft) and an elementary school (63,872 sq ft), both operating under the Riverwalk Education Foundation (S&P rated "BBB"). The School of Science and Technology (SST) enjoys a 25-year net lease (commencing August 17, 2018, expiring August 17, 2043), with 18.8 years remaining. The lease includes annual rent bumps and two 5-year options. The tenant, SST, is credit-rated and backed by a corporate guarantee, further enhancing the investment's security. The property boasts a 5.49% cap rate, a $1,645,842 NOI, and a $30,000,000 asking price ($262.19/sq ft). The campus sits on a 7.5-acre lot and features a 2019 Duro-Last roof with a transferable warranty, 7 1/4 inch concrete tilt wall construction, and annual solar panel reimbursements. Both schools have consistently exceeded 100% enrollment since opening, with over 400 students currently on the waitlist. Located in a thriving South Texas neighborhood with a population exceeding 200,000 within a 5-mile radius, this property offers a compelling combination of strong financial performance, secure tenancy, and long-term growth potential. The charter school is guaranteed by the Permanent School Fund Bond Guarantee Program (AAA-rated). The seller is offering competitive financing options.

Highlights

  • Over 19 years remaining on the primary lease term.
  • School of Science and Technology (SST) was a 2020 U.S. News & World Report Gold Winner for Best National High School.
  • Texas is an income tax-free state.
  • SST is a property tax-exempt school.
  • Riverwalk Education Foundation, Inc. has an S&P "BBB" rating.
  • Charter school guaranteed by the AAA-rated Permanent School Fund Bond Guarantee Program.

Property Details for 6609 Evans Rd

Property type
Specialty properties, Schools
Square Feet
114,419 SF
Year Built
2018
Lot Size (sq. ft)
326,700 SF

Location Insight

City
Corpus Christi
County
Nueces
State
Texas
Latitude
27.699915624063
Longitude
-97.419243643195
6609 Evans Rd, Corpus Christi, Texas

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6609 Evans Rd
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