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Mattress Firm

5633 S Padre Island Dr, Corpus Christi, TX 78412

Listing Price: $2,686,115

Cap Rate
6.50%
Tenant Name
Mattress Firm
Years Remaining On Lease
3.9
Guarantor
Franchisee Guarantee
Rentable SF
4,535
Lease Type
Absolute Net
Rent Per Square Feet
$38.50

Investment Overview

Marcus & Millichap is pleased to offer the exclusive listing for a Mattress Firm located at 5633 South Padre Island Drive in Corpus Christi, Texas. The property consists of 4,535 square feet of building space and sits on 0.602 acres of land. This Mattress Firm has roughly four years remaining on the original ten-year Triple-Net (NNN) lease. The tenant is responsible for roof and structure, whereas that responsibility falls on the Landlord for most Mattress Firm locations. The base rent is currently $174,597.50 after a ten percent increase from the previous five-year term. This ten percent increase will continue through the one five-year tenant renewal option. The lease is guaranteed by Perez Mattress Company. Perez Mattress Company is the sole franchisee for Mattress Firm in all of South Texas and has been operating since 1997. They currently operate 14 locations in South Texas, with 5 in Corpus Christi, including the highest grossing Mattress Firm location in the United States.

Investment Highlights

  • Rare Absolute Triple-Net Lease
  • One, Five-Year Tenant Renewal Option
  • Strong FRanchisee Guarantee

Exclusively Listed By

Listing Price: $2,686,115

Cap Rate
6.50%
Tenant Name
Mattress Firm
Years Remaining On Lease
3.9
Guarantor
Franchisee Guarantee
Rentable SF
4,535
Lease Type
Absolute Net
Rent Per Square Feet
$38.50

Investment Highlights

  • Rare Absolute Triple-Net Lease
  • One, Five-Year Tenant Renewal Option
  • Strong FRanchisee Guarantee

Investment Overview

Marcus & Millichap is pleased to offer the exclusive listing for a Mattress Firm located at 5633 South Padre Island Drive in Corpus Christi, Texas. The property consists of 4,535 square feet of building space and sits on 0.602 acres of land. This Mattress Firm has roughly four years remaining on the original ten-year Triple-Net (NNN) lease. The tenant is responsible for roof and structure, whereas that responsibility falls on the Landlord for most Mattress Firm locations. The base rent is currently $174,597.50 after a ten percent increase from the previous five-year term. This ten percent increase will continue through the one five-year tenant renewal option. The lease is guaranteed by Perez Mattress Company. Perez Mattress Company is the sole franchisee for Mattress Firm in all of South Texas and has been operating since 1997. They currently operate 14 locations in South Texas, with 5 in Corpus Christi, including the highest grossing Mattress Firm location in the United States.

Exclusively Listed By

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