Saltgrass Steak House

325 Interstate 10, Beaumont, TX 77707

$3,940,000

Cap Rate 6.50%

Views: 67 DOM: 202 Updated: 04.22.24 Posted: 10.28.23 Status: Active

Summary

Price $3,940,000	Built/Renov 1973	Tenant Saltgrass Steak House
Cap Rate 6.50%	Lease Type Abs NNN	Guarantor Corporate
Size/SF 8,104	Lease Start 12-31-2015	#Units 91
Price/SF $486.18	Expiration 02-29-2036	Tenant Type Casual Dining
NOI $256,059	R. Term 11.9	Ownership Fee Simple
Rent/SF $31.60	Increases 10.0%/2/yrs	Pop 5Mi 109,521
Lot/AC 2.21	Options 4/5yrs/10%	AHHI 5Mi $83,640

Lease Highlights

Saltgrass Steak House’s absolute NNN lease features 12+ years of primary term remaining with 4 (5-year) renewal options
The lease features CPI increases (not to exceed 10%) every 5 years
Proven location with strong store sales and a healthy rent-to-sales ratio
Lease guaranteed by the corporate entity
Income tax free state

Location Description

Saltgrass Steak House is strategically positioned, offering excellent access and high visibility along the frontage road to Interstate 10, which averages a daily traffic count of 113,794 vehicles. It is situated between Liberty Avenue and Calder Avenue (13,932 VPD), making it a prime location. The property is conveniently adjacent to Casa Ole and Safe Sommerset Apartments, and it's only a few...

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Key Features

High traffic 50M+ VPD
Major thoroughfare
Dense retail corridor
Freeway visibility
Hospital close
Major MSA
Income tax free state
Absolute NNN
Long 10+ yr lease
Corporate Guarantee

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Links

Saltgrass Steak House Wikipedia Saltgrass Steak House Wikipedia Beaumont, Texas Zip Code 77707 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Saltgrass Steak House
Guarantor:Corporate
Company:Landry's, Inc.
# Units:91
Stock:Private

About Tenant

Saltgrass, Inc. (dba Saltgrass Steak House) is an American restaurant chain specializing in chargrilled steaks, chicken and seafood. Founded in 1991, the private company opened its first...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	7,948	63,513	109,233
2023 Total Population :	7,992	63,864	109,521
2023 Employed Civilian Pop :	4,040	25,992	46,446
2023 Total Businesses :	925	3,961	5,354
2023 Average Household Income :	$ 86,716	$ 85,858	$ 83,640
2023 Total Consumer Spending :	$ 238 M	$ 1905 M	$ 3200 M
2023 Median Age :	38	38	38
2023 Total Households :	3,164	25,440	43,843
2023 Pop Age 25+: Bachelor's Degree :	1,247	8,588	13,874
2023 Average Home Value :	$ 192,535	$ 194,267	$ 191,095

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Liberty Avenue		2001	650	0.05 mi
N 18th St	Phelan Blvd	2011	4,100	0.05 mi
Calder Ave	Phelan Blvd	2001	15,990	0.08 mi
Phelan Boulevard	N 18th St	2021	8,108	0.11 mi
Liberty Ave	I- 10 Svc Rd	2001	5,910	0.11 mi
Liberty Avenue		2001	770	0.12 mi
Calder Ave	I- 10 Svc Rd	2001	13,440	0.14 mi
	Laurel Ave	2021	16,243	0.16 mi
Laurel Ave	I- 10 Svc Rd	2001	2,340	0.17 mi
North I-10 Frontage Road	Doctors	2021	19,316	0.18 mi

Listing Broker

Chris Bosworth

CBRE

Contact

121 Listings
5934 Views
43 Sold

Brian Pfohl

CBRE: NLP Atlanta

Contact

122 Listings
5975 Views
41 Sold

Chris Bosworth

Chris Bosworth is a Vice Chairman and Managing Director of the CBRE Net Lease Property Group and Corporate Capital Markets practice. Mr. Bosworth’s focus is to advise institutions, private equity firms, REITs, developers and corporate users regarding all facets of net-leased properties. In his career, Mr. Bosworth and his partners, Will Pike and Brian Pfohl, have been responsible for the disposition of 3,900 transactions valued in excess of $29 billion. Mr. Bosworth and Mr. Pike co-head the

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Brian Pfohl

Brian Pfohl is an Executive Vice President with CBRE’s Net Lease Property and Corporate Capital Markets practice groups. Mr. Pfohl’s singular focus is to advise corporate users, institutions, private equity firms, REITs, developers, and private individuals regarding all facets of net-leased properties. Mr. Pfohl’s expertise stems from the myriad of sale-leaseback transactions, net lease investment sales, programmatic portfolio dispositions, and advisement assignments he has completed throughout

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Thomas Carr

CBRE: NLP Atlanta

Contact

125 Listings
6052 Views
44 Sold

Thomas Carr

Thomas Carr is an Senior Investment Sales Analyst with CBRE’s Net Lease Property Group. As a member of the team led by Chris Bosworth and Will Pike, Mr. Carr plays an integral role in all aspects of the group’s property valuation, underwriting, and marketing efforts. He is also actively involved in marketing the team’s disposition assignments, specializing in single-tenant assets, national net-lease portfolios, and corporate sale-leasebacks, as well as advising 1031 exchange buyers. Mr. Carr

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