1406 Richmond RdWharton, TX 77488

Property Details for 1406 Richmond Rd

Year built

2007

Lot size

1.06 AC

Property size (Sq ft)

2,966 SF

Property type

Commercial real estate

APN

62533

APU

62533

Description

This exceptional investment opportunity presents a fee-simple ownership of a 2,546 square foot Chicken Express restaurant located at 1406 N Richmond Rd, Wharton, TX 77488. The property sits on a 1.06-acre lot with 33 parking spaces and boasts a 20-year absolute NNN lease commencing July 30, 2024, and expiring July 31, 2044, with four additional five-year renewal options. The lease includes annual 2% rent bumps, providing a strong hedge against inflation. The current annual net operating income (NOI) is $152,550, representing a 6.50% cap rate on the asking price of $2,346,923 ($921.81 per square foot). Built in 2007 and renovated in 2016, this Class A property is situated in a high-traffic area with over 14,000 vehicles daily on N. Richmond Rd and over 17,000 on E. Boling Highway. The location benefits from strong demographics, including over 12,500 people within a 5-mile radius with an average household income exceeding $76,000 annually. Proximity to Wharton County Junior College and significant industrial/office space further enhances the property's value. The tenant, a 10-unit operator with experience in restaurant operations, franchising, real estate, and logistics, provides a strong personal guaranty. This is a single-tenant, 100% occupied property zoned Commercial F-1. The property's location offers easy access to the major population center of Houston, Texas. This is an ideal asset for a 1031 exchange, given Texas's income tax-free status and strong economy.

• Alternative Use

  Use

  Valuation

  Residential

  $836,012

  Hospitality

  $765,783

  Educational

  $637,122

  Medical

  $659,034

  Retail

  $991,079

Location Insight

City

Wharton

County

Wharton

State

Texas

Latitude

29.323

Longitude

-96.0975

CBSA code

20900

CBSA name

EL CAMPO, TX MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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