Wienerschnitzel

7102 Quaker Avenue, Lubbock, TX 79424

$967,000

Cap Rate 6.50%

$1,047,500

Cap Rate 6.00%

DOM: 80 Updated: 05.29.23 Posted: 02.13.23 Status: Sold 05.04.23

Summary

Price $967,000 $1,047,500	Built/Renov 1979	Tenant Wienerschnitzel
Cap Rate 6.50% 6.00%	Lease Type Abs NNN	Guarantor Franchisee
Size/SF 2,309	Lease Start 03-16-2010	#Units 5
Price/SF $418.80 $453.66	Expiration 03-16-2040	Tenant Type Fast Food/QSR
NOI $62,849	R. Term 14.10	Ownership Fee Simple
Rent/SF $27.22	Increases 0.0%/1/yrs	Pop 5Mi 216,189
Lot/AC 0.69	Options 0/0yrs	AHHI 5Mi $79,783

Lease Highlights

Palmetto Assets #785, LLC. has over 17 years remaining on its current lease term
Lease features annual rental increases of CPI (No greater than 2%) throughout the remaining lease term
Absolute NNN lease presents zero landlord responsibilities
Franchisee guarantee by Lowry D. Hughes III (5-unit operator)

Location Description

Wienerschnitzel is located along Quaker Avenue which sees 38,500 vehicles per day and is located immediately off TX Loop 289 which sees 71,150 vehicles per day and is a primary connector for the Lubbock area. Situated along a dense retail corridor directly across from Walmart, nearby tenants include T.J. Maxx, Whataburger, Sonic Drive-Inn, AutoZone, PetSmart, Hobby Lobby, Chick-fil-A and many...

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Key Features

In location for years
Near major nationals
Dense 200M+ pop 5 mi
Major MSA
Income tax free state
Population increase trend
Absolute NNN
Annual rent increases
Personal guarantee

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Links

Wienerschnitzel Wikipedia Wienerschnitzel Wikipedia Lubbock, Texas Zip Code 79424 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Palmetto Assets #785, LLC
Guarantor:Franchisee
Company:Lowry D. Hughes III
# Units:5
Stock:Private

About Tenant

Wienerschnitzel is an American fast food chain founded in 1961 (as "Der Wienerschnitzel") that specializes in hot dogs. What began as a single location in Southern California has grown to be the...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	12,192	115,607	227,829
2023 Total Population :	12,148	114,134	223,449
2023 Employed Civilian Pop :	6,778	59,425	110,561
2023 Total Businesses :	845	4,701	8,714
2023 Average Household Income :	$ 110,508	$ 98,431	$ 91,895
2023 Total Consumer Spending :	$ 489 M	$ 4039 M	$ 7114 M
2023 Median Age :	42	37	33
2023 Total Households :	5,155	47,424	89,035
2023 Pop Age 25+: Bachelor's Degree :	2,526	19,754	34,728
2023 Average Home Value :	$ 252,354	$ 257,749	$ 251,893

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Quaker Ave	72nd St	2009	28,042	0.03 mi
	71st St	2021	38,516	0.04 mi
72nd St	Peoria Ave	2017	3,425	0.09 mi
74th St	75th Dr	2006	8,000	0.11 mi
Quaker Ave	S Loop 289	2008	49,556	0.12 mi
S Loop 289	Quaker Ave	2008	15,547	0.13 mi
Quaker Ave	72nd St	2011	37,819	0.13 mi
S Loop 289	Quaker Ave	2008	20,247	0.13 mi
74th St	75th Dr	2011	6,337	0.13 mi
Quaker Ave	S Loop 289	2008	41,904	0.14 mi

Listing Broker

Chris Lind

Marcus & Millichap: NLAG

Contact

191 Listings
34011 Views
127 Sold

Mark Ruble

Marcus & Millichap: NLAG

Contact

192 Listings
34122 Views
128 Sold

Chris Lind

Chris Lind specializes in advising the Net Lease Advisory Group’s clients in the acquisition and disposition of net-leased investment properties nationally. Chris is solely committed to single-tenant and multi-tenant net leased assets as well as structuring sale/leasebacks and portfolio sales throughout the United States. Chris has been with Marcus & Millichap since 2007 and his experience includes selling hundreds of properties located throughout the country. Chris prides himself on act

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Mark Ruble

Mark Ruble is the co-founder of the Net Lease Advisory Group and a top producing Agent with Marcus & Millichap. Mark has been with Marcus & Millichap for 19 years (2004) and has received numerous accolades for his superior service and outstanding performance. Mark has successfully closed over 1,840 properties totaling in excess of $5.7 Billion in transaction volume across 46 states. The key to Mark’s success has been his dedication to providing clients with market leading information an

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