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Views: 0 DOM: 57 Updated: 11.24.23 Posted: 10.14.23 Status: Active

Summary

Price $3,276,308
Built/Renov 1991
Tenant Prosperity Bank
Cap Rate 6.50%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 3,708
Lease Start 12-13-2008
#Units 285
Price/SF $883.58
Expiration 12-12-2028
Tenant Type Bank/Financial
NOI $212,960
R. Term 5.0
Ownership Fee Simple
Rent/SF $57.43
Increases 10.0%/5/yrs
Pop 5Mi 115,815
Lot/AC 0.99
Options 4/5yrs/10%
AHHI 5Mi $181,113

Lease Highlights

  • Prosperity Bank has been operating in this location since 2008
  • Tenant has over 5 years remaining on the current lease term with 4 (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 guarantee by Prosperity Bancshares, Inc (NYSE: PB)

Location Description

The 3,708 square-foot Prosperity Bank is located along South Park Boulevard with access to 15,295 vehicles per day. The site is just off of Northwest Parkway, a major highway, which experiences 149,127 VPD. Neighboring national/credit tenants include CVS, Wing Stop, O’Reilly Auto Parts, Subway, Dollar General and many others. The 5-mile trade area is supported by a robust population of over...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Prosperity Bank
  • Guarantor:Corp T and Rated
  • Company:Prosperity Bancshares, Inc
  • # Units:285
  • Moody’s: A3
  • Stock:NYSE: PB

About Tenant

Prosperity Bank is a regional bank, providing personal banking services and investments to consumers and small to medium-sized businesses throughout Texas and Oklahoma. and was formed in 1983 to...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 7,234 47,400 116,199
2023 Total Population : 7,328 48,049 115,815
2023 Employed Civilian Pop : 4,349 27,733 65,409
2023 Total Businesses : 1,225 4,631 8,046
2023 Average Household Income : $ 134,590 $ 159,823 $ 181,113
2023 Total Consumer Spending : $ 338 M $ 2519 M $ 6693 M
2023 Median Age : 42 41 41
2023 Total Households : 2,940 18,530 43,894
2023 Pop Age 25+: Bachelor's Degree : 1,821 12,445 32,445
2023 Average Home Value : $ 396,312 $ 510,691 $ 562,202
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
East State Highway 114 Briarwood Dr 2021 20,100 0.02 mi
E Northwest Pkwy 2021 128,556 0.07 mi
E Southlake Blvd E Hwy 114 2009 23,464 0.08 mi
E Northwest Pkwy W Hwy 114 2009 3,700 0.08 mi
E State Hwy 114 Fr Wb E Northwest Pkwy 2009 2,258 0.11 mi
W Wall St S PkBlvd 2009 6,060 0.13 mi
E Northwest Pkwy Gateway Dr 2009 5,456 0.15 mi
Park Blvd Parkside Ct 2009 14,640 0.18 mi
East Northwest Highway Manor WaySt 2019 24,362 0.20 mi
East Southlake Boulevard Bank St 2021 32,771 0.25 mi

Listing Broker

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