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Restaurant

Sonic Drive-In (Corporate - Low Rent Ground Lease)

1208 Federal Rd, Houston, TX 77015

Listing Price: $830,000

Cap Rate
6.35%
Tenant Name
Sonic Corporate
Years Remaining On Lease
0.6
Gross SF
1,596
Guarantor
Corporate Guarantee
Rentable SF
1,596
Price/Gross SF
$520.05
Lease Type
NNN Ground Lease
Rent Per Square Feet
$35.03

Investment Overview

Houston Write Up
Marcus & Millichap is proud to offer for sale the corporate guaranteed ground leased Sonic Drive-In located along Federal Road in Houston, TX. The property offers a landlord a completely passive, corporate guaranteed ground lease through February of 2025. Sonic has successfully operated at this location for 17+ years benefiting from their 2-block proximity to Interstate 10 and exposure to over 13,400 cars daily along Federal Road. The site is also equipped with two separate points of access allowing for easy ingress and egress. Nearby retailers in the immediate proximity include Sam’s Club, Academy Sports + Outdoors, Home Depot, O’Reilly Auto Parts and AutoZone. The subject site is the only Sonic Drive-In within a 5-mile radius, catering to over 181,000 residents within that proximity.

Houston, Texas is the 4th most populated city in the United States and in the state of Texas with over 2,250,000 residents. The city has experienced an average annual population growth rate of 1.80% since 2019. Twenty-four Fortune 500 companies are headquartered in Houston, ranking only third behind New York and Chicago.

Investment Highlights

  • Corporate Guaranteed Ground Lease – Zero Landlord Responsibility
  • Large 1.26-Acre Parcel – Two Access Points
  • Tenant Pays Low Rents of $55,902 Annually – High Probability of Future Lease Option Renewal
  • One 5-Year Option Remains w/ 10% Rent Increase – 17+ Years Historical Occupancy

Exclusively Listed By

Broker of Record

  • Tim Speck

    Senior Vice President / Division Manager

    (972) 755-5200

    License(s) TX: 9002994

    Texas

Restaurant

Sonic Drive-In (Corporate - Low Rent Ground Lease)

Listing Price: $830,000

Cap Rate
6.35%
Tenant Name
Sonic Corporate
Years Remaining On Lease
0.6
Gross SF
1,596
Guarantor
Corporate Guarantee
Rentable SF
1,596
Price/Gross SF
$520.05
Lease Type
NNN Ground Lease
Rent Per Square Feet
$35.03

Investment Highlights

  • Corporate Guaranteed Ground Lease – Zero Landlord Responsibility
  • Large 1.26-Acre Parcel – Two Access Points
  • Tenant Pays Low Rents of $55,902 Annually – High Probability of Future Lease Option Renewal
  • One 5-Year Option Remains w/ 10% Rent Increase – 17+ Years Historical Occupancy

Investment Overview

Houston Write Up Marcus & Millichap is proud to offer for sale the corporate guaranteed ground leased Sonic Drive-In located along Federal Road in Houston, TX. The property offers a landlord a completely passive, corporate guaranteed ground lease through February of 2025. Sonic has successfully operated at this location for 17+ years benefiting from their 2-block proximity to Interstate 10 and exposure to over 13,400 cars daily along Federal Road. The site is also equipped with two separate points of access allowing for easy ingress and egress. Nearby retailers in the immediate proximity include Sam’s Club, Academy Sports + Outdoors, Home Depot, O’Reilly Auto Parts and AutoZone. The subject site is the only Sonic Drive-In within a 5-mile radius, catering to over 181,000 residents within that proximity. Houston, Texas is the 4th most populated city in the United States and in the state of Texas with over 2,250,000 residents. The city has experienced an average annual population growth rate of 1.80% since 2019. Twenty-four Fortune 500 companies are headquartered in Houston, ranking only third behind New York and Chicago.

Exclusively Listed By

Broker of Record

  • Tim Speck

    Senior Vice President / Division Manager

    (972) 755-5200

    License(s): TX: 9002994

    Texas

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