Whataburger (GL)

100 North 23rd Street, Canyon, TX 79015

$2,200,000

Cap Rate 5.00%

Updated: 02.27.24 Posted: 11.17.23 Status: Sold 11.06.23

Summary

Price $2,200,000	Built/Renov 2023	Tenant Whataburger (GL)
Cap Rate 5.00%	Lease Type Abs NNN	Guarantor Corporate
Size/SF 3,156	Lease Start 12-20-2023	#Units 946
Price/SF $697.08	Expiration 12-31-2038	Tenant Type Fast Food/QSR
NOI $110,000	R. Term 13.8	Ownership Ground Lease
Rent/SF $34.85	Increases 10.0%/5/yrs	Pop 5Mi 18,817
Lot/AC 0.82	Options 3/5yrs/10%	AHHI 5Mi $82,092

Josh Bishop

Matthews REIS

Contact

Lease Highlights

Brand new 2023 construction
Whataburger recently signed a brand new 15-year ground lease with 3 (5-year) options to extend
Lease features 10% rental increase every 5 years throughout the initial term and at the start of each option
Absolute NNN | Zero landlord responsibilities
Corporate guaranteed lease

Location Description

Whataburger is strategically located near the intersection of 23rd St and 4th Ave, with access to a combined daily traffic count of 24,000 vehicles. The property is ideally situated just across the street from West Texas A&M University with an enrollment of more than 10,000 students, and 816 employees. It is surrounded by well-known national tenants, including McDonald’s, Wells Fargo,...

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Key Features

New construction
Dense retail corridor
Near major nationals
University college close
Major MSA
Income tax free state
Brand new lease
Long 15+ yr lease
Absolute NNN
Corporate Guarantee

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Links

Whataburger Wikipedia Whataburger Wikipedia Canyon, Texas Zip Code 79015 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Whataburger
Guarantor:Corporate
Company:BDT Capital
# Units:946
Stock:Private

About Tenant

Whataburger is an American regional fast-food restaurant chain. The company, founded by Harmon Dobson and Paul Burton, opened its first restaurant in Corpus Christi, TX, in 1950. Known for their...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	9,742	17,817	23,939
2023 Total Population :	9,542	17,116	22,871
2023 Employed Civilian Pop :	4,780	8,578	11,458
2023 Total Businesses :	378	497	593
2023 Average Household Income :	$ 76,740	$ 87,168	$ 93,772
2023 Total Consumer Spending :	$ 248 M	$ 505 M	$ 712 M
2023 Median Age :	25	30	32
2023 Total Households :	3,695	6,669	8,760
2023 Pop Age 25+: Bachelor's Degree :	1,541	2,991	3,865
2023 Average Home Value :	$ 288,751	$ 307,026	$ 317,570

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
2nd Ave	21st St	2005	2,420	0.07 mi
North 23rd Street	N 23rd St	2021	16,217	0.14 mi
23rd Street	3rd Ave	2021	16,076	0.15 mi
Russell Long Boulevard	Victory Dr	2021	5,576	0.17 mi
4th Avenue	16th St	2021	9,272	0.20 mi
US Hwy 87	Russell Long Blvd	2016	12,947	0.20 mi
4th Avenue	24th St	2020	6,740	0.21 mi
4th Avenue	22nd St	2021	9,354	0.21 mi
4th Ave	21st St	2016	6,829	0.21 mi
23rd Street	5th Ave	2020	13,377	0.23 mi

Listing Broker

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