502 Fm 700Big Spring, TX 79720

Property Details for 502 Fm 700

Lot size

4.32 AC

Property size (Sq ft)

72,286 SF

Property type

Commercial real estate

APN

295494

APU

295494

Description

This exceptional investment opportunity presents a fee simple interest (land and building) in a brand-new, 4,930 square foot Chick-fil-A restaurant in Big Spring, Texas. The property boasts a 15-year absolute NNN lease commencing November 1, 2023, with 13 five-year renewal options, ensuring long-term stability. The lease includes a 10% rent increase every five years, providing built-in inflation protection and steadily growing net operating income (NOI). With a current NOI of $297,563 and a 4.50% cap rate, this property offers a compelling return on investment. Located at the highly visible, signalized intersection of FM 700 and a secondary road, the site benefits from over 18,000 vehicles per day and proximity to major roadways like US Highway 87 and Interstate 20. The strategic location is further enhanced by its adjacency to a Walmart Supercenter-anchored shopping center and other national retailers, including H-E-B, Harbor Freight, and Boot Barn, creating strong tenant synergy and increased consumer traffic. The property also benefits from its proximity to Howard College and the Big Spring VA hospital, providing a substantial and stable customer base. The 2.8-acre lot includes 77 parking spaces. The building, constructed in 2023, features a modern design and a drive-thru, catering to the convenience of today's consumers. The 5-mile trade area boasts over 29,000 residents and 11,000 daytime employees, with an average household income exceeding $80,000, indicating strong market fundamentals. The property is zoned LC - Light Commercial. This is a truly passive investment opportunity in a state with no income tax. The asking price is $6,612,000 ($1,341.18 per square foot).

• Alternative Use

  Use

  Valuation

  Residential

  $12,275,164

  Hospitality

  $11,243,985

  Educational

  $9,354,863

  Medical

  $9,676,591

  Retail

  $14,552,009

Location Insight

City

Big Spring

County

Howard

State

Texas

Latitude

32.2312

Longitude

-101.463

CBSA code

13700

CBSA name

BIG SPRING, TX MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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