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20687140
20687141

6208 McNeil Dr, Austin, TX 78729

PD
CA 01750064
Fisher James Capital
LS
CA CA 01443387
Fisher James Capital
Listed by Fisher James Capital
$2,795,000
1402 days on market
Updated 79 days ago

Wells Fargo Ground Lease

Details
Property Type Retail
Sub Type Bank
Square Footage 4,200
Cap Rate 5.5%
NOI $153,731
Occupancy 100%
Tenancy Single
Brand/Tenant Wells Fargo Bank
Lease Type NNN
Lease Expiration 11/30/2030
Remaining Term 4.5
Rent Bumps Yes
Lease Options Yes
Price per SqFt $665
Broker Co-Op Yes
Acreage 0.895
Investment Type Net Lease
Tenant Credit Credit Rated
Ground Lease Yes

Tenant Exercised Renewal Early, Showing Their Long Term Commitment to this Location

Marketing description

The subject property is prominently located at the junction of W Parmer Lane (26,400 AADT) and McNeil Drive (44,746 AADT) with excellent access and visibility in a strong retail corridor. The site benefits from excellent demographics with a total daytime population of 301274 and an average household income of $139,068 within 5 miles of the site.

The property benefits from excellent visibility and access outparcel to Parmer McNeil Plaza, with tenants including Starbucks, Chipotle, Schlotzsky’s, Whataburger, Great Clips, Chase Bank, Shell, and more. The site neighbors McNeil Crossing, an H-E-B-anchored center with additional tenants including Subway, Goodwill, FedEx, Wendy’s, and more. There are several high-end car dealerships nearby such as BMW of Austin, Alfa Romeo of Austin, Tesla, Bentley of Austin, and more.

The site neighbors numerous major Austin area employers. It is located less than a mile from Apple’s new $1 billion North Austin campus which will house up to 15,000 employees and is currently under construction on its expansion. Research Park, a 173,000 square foot business park is less than 2 miles from the property and is home to Visa, Cisco, Flex, and many others. Additional nearby employers include eBay, Accenture, Allergen, SparkCognition, Intertek Alchemy, IGT, and more. In addition, the subject property four miles from 441-bed Saint David’s North Austin Medical Center, which provides comprehensive medical services and is home to the St. David’s Women’s Center of Texas, which includes a Level III NICU, St. David’s Children’s Hospital, the Texas Institute for Robotic Surgery, Certified Stroke Center and rehabilitative services, the Kidney Transplant Center, and 24-hour emergency room. Inspire Development’s mixed use Pearson Ranch project is in the works just three and a half miles from the site. It will feature 2.6 million square feet of office space, 200,000 square feet of retail, restaurant, and community space, as well as two hotels, thousands of multifamily units, and 30 acres of parks. Additionally, 48 acres will be devoted to a corporate campus, perfect for the area’s booming tech sector.

McNeil High School (2,690 students) and Jollyville Elementary School (507 students) are less than a mile from the site. The schools draw significant additional traffic from students, teachers, and parents. There are several luxury apartment and housing communities within walking distance such as Windsor Apartments, Stone Oak, The Monterra, Highline, and Riata Crossing.

This property is listed in conjunction with Texas-licensed real estate broker Delta Commercial.

Investment highlights

  • Trophy NNN Corporate Ground Lease to Wells Fargo in Austin

  • Tenant has Exercised their Renewal Early, Showing their Long-Term Commitment to the Site

  • Irreplaceable Location Down the Street from New 133-Acre Apple Campus

  • Strong Underlying Land Value with Below Market Rent

  • Established Location Since 2005 with Healthy Branch Deposits

  • Investment Grade Tenant Rated A1 by Moody’s & BBB+ by S&P

  • Total Daytime Population of 301,274 and Average Household Income of $139,068 within 5-Mile Radius

  • Austin is One of the Fastest Growing Metropolitan Areas in the U.S.

Listing Contacts

PD
CA 01750064
Fisher James Capital
LS
CA CA 01443387
Fisher James Capital
Listed by Fisher James Capital

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Loan Amount
$0.00
Annual Debt Service
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Annual Cash Flow
$153,731.00
$12,810.92/mo

Valuation Metrics

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DSCR
5.5%
Cap Rate
5.5%
ROI

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