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Price: $1,859,565

CAP Rate: 5.75%

Address: 2119 East Southeast Loop 323

City: Tyler

State: TX

Zip: 75701

Year Built/Renovated: 2014

Down Payment: $1,859,565

Sq. Ft.: 3,055

Lot Size: .42

Status: Available

NOI: $106,925


The subject property is TROPHY NNN location in Tyler, TX leased to Mattress Firm. The site is located at the top trade area intersection of two major highways; ESE Loop 323 and Troup Highway (110) with 70,000 vehicles per day. The original tenant was a franchisee for Mattress Firm recently acquired by Mattress Firm corporate (NYSE: MFRM). South African based Steinhoff International retail holding company (Moody's Baa3 investment grade credit) is now in the process of acquiring Mattress Firm and likely credit upgrade has been predicted. The lease is a 10 year NNN lease (foundation & structure only) with 8.3 years remaining offering rental increases within the base term. The lease is also far more landlord friendly than the standard lease as the franchisee assigned to Mattress Firm corporate. The improvement has been completely remodeled including, roof, HVAC, electrical, and plumbing. The trade area is dynamic and boasts a 16% population increase from 2000-2013 and is expected to continue. The site is surrounded by new developments including Walmart Neighborhood Market, Hobby Lobby, McDonald's Walgreen's, Starbuck's, and Chick-Fil-A. It's down the street from Broadway Square Mall with 3.5 million annual visitors - recently completing an interior/exterior renovation. The Simon owned mall is one of only two regional malls in all of east Texas. The location is also 2 miles from University Texas at Tyler with over 9,000 students. 

Investment Highlights:

Corporate guaranty

10 year NNN lease with 8.3 years remaining

Income tax free state

Top trade area intersection with 70,000 VPD at corner

6% rent increases in base term

Total building remodel with new roof, HVAC, electrical, and plumbing

Largest mattress retailer in the country

Operates over 3,500 stores in the United States

Financing Summary:

All cash

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Disclaimer : Information has been secured from sources we believe reliable but we make no representations or warranties, expressed or implied as to the accuracy of the information. References to square footage is approximate. Buyer must verify the information and bear all risks for any inaccuracies. cannot be held responsible for errors, omissions, prior sale, withdrawals from market or change in price or terms without notice. All information is for internal use in order to determine if property is appropriate for prospective purchase.