DRIVER’S AUTO REPAIR (HUMBLE, TX)
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• 8.13% In-Place Cap Rate, 9.17% Year Two Cap Rate
• Tight Rental Market – 4.51% Vacancy Rate in Q3 2019*
• Located On Beltway 8 Frontage Road In Close Proximity To Interstate 69
• 12.75 Years Remaining on Absolute Net Lease
• 11% Rental Increase In January 2021 and 1.5% Bumps Thereafter
• Tenant Operates 7 Drivers Auto Repair Locations Across the Houston MSA
• Tenant has Three 5-Year Renewal Options at End of Lease Term
*According to Costar Data 9/23/2019
Marcus & Millichap is pleased to present the opportunity to acquire the property located at 8221 North Sam Houston Parkway E in Humble, Texas leased to Driver’s Auto Repair. The subject property consists of approximately 5,708 square feet of space and is situated on one acre of land. The subject property is located on Beltway 8 Frontage Road in close proximity to Interstate 69. With 12.75 years remaining on their absolute net lease, Driver’s Auto Repair has three five-year renewal options at the end of the lease term. In the tight rental market (4.51 percent vacancy), the lease includes an 11 percent rental increase in January 2021 with 1.5 percent bumps thereafter. Driver’s Auto Repair is a full-service automotive repair center with ASE certified technicians. The company has locations in seven Houston suburbs including: West Houston, Conroe, Cypress, Humble, Spring, and Pearland.
Outward expansion is an ongoing trend in Houston this cycle, and the Lake Houston Area has been a prime beneficiary of that growth. Home to Atascocita, Humble, and Summerwood, the submarket has grown significantly in recent years thanks to infrastructural improvements, large-scale developments, and strong population growth. (CoStar)
As the fifth most populous metro area in the U.S., Houston houses nearly 6.9 million people in southeastern Texas. The market is composed of nine counties: Harris, Galveston, Brazoria, Fort Bend, Chambers, Montgomery, Austin, Liberty and Waller. The Gulf of Mexico, which borders the metro to the southeast, provides access to markets around the world via the Port of Houston, making it a prime location for import/export. Houston’s economy has diversified in recent years, with the healthcare and technology sectors showing strong growth. As Houston’s population continues to grow, primarily to the northwest, many companies are expanding to the region to provide goods and services to the increasing population.