Sleep Number

4760 South Broadway Avenue, Tyler, TX 75703

$3,120,000

Cap Rate 6.25%

Views: 10 DOM: 8 Updated: 09.10.24 Posted: 09.10.24 Status: Active

Summary

Price $3,120,000	Built/Renov 2023	Tenant Sleep Number
Cap Rate 6.25%	Lease Type NN+	Guarantor Corp Traded
Size/SF 3,500	Lease Start 01-12-2023	#Units 672
Price/SF $891.43	Expiration 01-31-2033	Tenant Type General Retail
NOI $195,000	R. Term 8.4	Ownership Fee Simple
Rent/SF $55.71	Increases 10.0%/4/yrs	Pop 5Mi 108,876
Lot/AC 0.66	Options 4/5yrs/10%	AHHI 5Mi $109,687

Lease Highlights

New 2023 construction
Sleep Number has 8+ years remaining on the current lease term with 4 (5-year) options to extend
The lease features 10% rental escalations throughout the initial term and option periods
Favorable NN+ lease with landlord responsible for roof and structure
Corporate guaranteed lease

Location Description

Sleep Number is strategically located on S Broadway Avenue, a major retail corridor with access to 42,690 vehicles passing by daily. The property is adjacent to Broadway Square Mall and Tyler Legacy High School. Nearby housing complexes include Hazelwood Apartment Homes, Grande Hill Estates, The Madison of Tyler Apartment Homes, among others. The 5-mile trade area supports a population of...

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Key Features

New construction
Dense retail corridor
Near major nationals
Shopping Ctr out-parcel
Strong demographics
Major MSA
Income tax free state
Favorable NN+ lease
Corporate Guarantee
Publicly traded company

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Links

Sleep Number Wikipedia Sleep Number Wikipedia Tyler, Texas Zip Code 75703 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Sleep Number
Guarantor:Corp Traded
Company:Sleep Number Corporation
# Units:672
Stock: NASDAQ: SNBR

About Tenant

Sleep Number Corporation (NASDAQ: SNBR) is an American manufacturer that makes Sleep Number and Comfortaire beds, as well as foundations and bedding accessories. The company specializes in the...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	6,949	63,217	108,219
2023 Total Population :	6,980	62,678	106,607
2023 Employed Civilian Pop :	3,328	31,429	51,442
2023 Total Businesses :	1,057	3,844	6,393
2023 Average Household Income :	$ 103,123	$ 101,096	$ 94,558
2023 Total Consumer Spending :	$ 296 M	$ 2324 M	$ 3520 M
2023 Median Age :	46	38	36
2023 Total Households :	3,327	26,497	42,805
2023 Pop Age 25+: Bachelor's Degree :	1,192	11,781	17,101
2023 Average Home Value :	$ 291,640	$ 295,835	$ 281,998

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Independence Pl	Red Raider Rd	2013	2,861	0.15 mi
Shiloh Road	Atlanta Ave	2022	11,513	0.16 mi
Old Bullard Road	Rice Rd	2022	12,955	0.27 mi
Knoxville Dr	Shiloh Rd	2013	77	0.28 mi
Timberwilde Dr	Old Bullard Rd	2013	872	0.28 mi
South Broadway Avenue	Hwy 323	2022	37,719	0.36 mi
Old Bullard Rd	Carriage Dr	2013	13,399	0.36 mi
Shiloh Rd	Donnybrook Ave	2013	15,219	0.40 mi
East Southeast Loop 323	S Broadway Ave	2022	33,169	0.40 mi
State Hwy 323	Old Bullard Rd	2013	43,324	0.42 mi

Listing Broker

Kyle Varni

Secure Net Lease

Contact

26 Listings
2522 Views
3 Sold

Bob Moorhead

Secure Net Lease

Contact

70 Listings
5692 Views
33 Sold

Kyle Varni

Kyle specializes in the acquisition and disposition of single-tenant and net-leased investment sales throughout the United States. Through his substantial market research, knowledge, and genuine interest in each client’s specific needs, he is able to advise clients to hit their investment goals and maximize their results. Kyle joined Secure Net Lease in 2021 from Marcus & Millichap where he started in 2018 as an agent in the Dallas office. He received the Marcus & Millichap Pace Sett

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Bob Moorhead

Bob Moorhead is a founding partner of Secure Net Lease and brings over 20 years of commercial real estate experience to the executive team. Prior to Secure Net Lease, Bob was the Managing Director of EXP Realty Advisors (formerly Kimco Exchange Place) Dallas, Texas office. While at EXP, Bob was a top producer and responsible for establishing the Dallas office, building the team and platform. Since 2011, Bob has been involved in over 600 transactions with a value exceeding $1.5 billion.

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