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Taco Bell 5818 Richmond Ave 2,028 SF Retail Building Houston, TX 77057 $2,218,552 CAD ($1,093.96 CAD/SF) 5% Cap Rate
Investment Highlights
- Absolute NNN ground lease – zero Landlord maintenance or expense responsibilities
- Taco Bell opened at this location in 1994, providing a long-term customer base for over 30 years of its operation
- Positioned along Richmond Ave (38,446 VPD), with direct access to Interstate 69 (295,822 VPD) via Fountain View Drive and Interstate 10 (217,486 VPD)
- 10% rent increases every 5 years in the remaining base term with the next occurring March 2029
- Large & established operator: MAS Restaurant Group operates 75+ locations across the Houston MSA and Ohio
- 1.5 miles from the Houston Galleria — Texas’ largest mall at 2.4 million square feet with 400+ retailers
Executive Summary
A long-standing Taco Bell with 32-year operating history, situated in Houston’s Galleria corridor and surrounded by 229,185 residents within a 3-mile radius.
The original lease was executed in 1993 and most recently amended with a new 20-year term commencing in 2019 featuring 10% rent increases every 5 years
for the remainder of the base term.
The property is positioned along Richmond Ave (38,446 VPD), the site provides convenient access to both Interstate 69 and Interstate 10. The property sits 1.5 miles from the Houston Galleria, Texas’ largest mall at 2.4M SF and within 5 miles of three Fortune 500 HQs, including Westlake (1 mile), Phillips 66 (2.5 miles), and ConocoPhillips (5 miles). It also benefits from average household incomes of $148,492 within a 3-mile radius and its proximity to Houston’s Energy Corridor further strengthens the trade area.
The original lease was executed in 1993 and most recently amended with a new 20-year term commencing in 2019 featuring 10% rent increases every 5 years
for the remainder of the base term.
The property is positioned along Richmond Ave (38,446 VPD), the site provides convenient access to both Interstate 69 and Interstate 10. The property sits 1.5 miles from the Houston Galleria, Texas’ largest mall at 2.4M SF and within 5 miles of three Fortune 500 HQs, including Westlake (1 mile), Phillips 66 (2.5 miles), and ConocoPhillips (5 miles). It also benefits from average household incomes of $148,492 within a 3-mile radius and its proximity to Houston’s Energy Corridor further strengthens the trade area.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Fast Food
Building Size
2,028 SF
Building Class
B
Year Built/Renovated
1994/2019
Price
$2,218,552 CAD
Price Per SF
$1,093.96 CAD
Cap Rate
5%
NOI
$110,942 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.06
Lot Size
0.75 AC
Zoning
None
Parking
32 Spaces (15.78 Spaces per 1,000 SF Leased)
Frontage
263’ on Richmond Ave
Amenities
- Drive Thru
Very walkable
80/100
Exceptionally drivable
100/100
Some public transit
50/100
Fairly bikeable
50/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 0731870000056 | Improvements Assessment | $701,460 CAD |
| Land Assessment | $1,366,519 CAD | Total Assessment | $2,067,978 CAD |
Property Taxes
Parcel Number
0731870000056
Land Assessment
$1,366,519 CAD
Improvements Assessment
$701,460 CAD
Total Assessment
$2,067,978 CAD
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Taco Bell | 5818 Richmond Ave
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