7735 Marsha Sharp FwyLubbock, TX 79424

Property Details for 7735 Marsha Sharp Fwy

Year built

2024

Lot size

1.02 AC

Property size (Sq ft)

4,126 SF

Property type

Retail properties

Property subtype

Other retail properties

Description

This exceptional investment opportunity presents a brand-new, 4,126-square-foot IHOP restaurant in Lubbock, Texas, operating under a 20-year absolute triple-net (NNN) lease. The property boasts a strong 5.30% cap rate and a substantial annual net operating income (NOI) of $210,000. Situated on a 1.02-acre lot at 7735 Marsha Sharp Fwy W, this location benefits from high visibility and accessibility, with close proximity to US 62 (25,418 cars per day). The lease includes a 10% rent increase every five years, providing significant long-term growth potential, and features multiple 5-year renewal options. Built in 2024, this single-tenant property is 100% occupied by a top IHOP franchisee with a proven track record (118 locations). The property is part of the future Covenant Park development, a 72-acre mixed-use project. The surrounding area demonstrates strong demographics, with average household incomes exceeding $123,000 within a 3-mile radius. This is a rare opportunity to acquire a high-performing, low-maintenance investment in a thriving Texas market. The asking price is $3,962,000, representing a price per square foot of $960.25. The property is located within a 15-minute drive of downtown Lubbock, a city with an estimated 329,000 residents and a robust economy driven by education, healthcare, oil, and cotton production.

Location Insight

City

Lubbock

County

Lubbock

State

Texas

Latitude

33.5243

Longitude

-101.987

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