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500 VFW Rd Austin, TX 78753...

Updated Oct 29, 2024

Blue Starlite Urban Drive-In Leases 10-Acre Site In North Austin, Brokered By Tyler Spires
LEASEDCommercial

Blue Starlite Urban Drive-In Leases 10-Acre Site In North Austin, Brokered By Tyler Spires

500 VFW Rd Austin, TX 78753, USA

Building Size

Asset Type

Commercial

Closing

Aug 24, 2023

About this deal

AI

The Blue Starlite Urban Drive-In movie theater has relocated to a larger 10-acre site in North Austin after its Mueller location closed. This new space offers room for expansion with five screens and increased capacity. The grand opening of the new location is scheduled for September 29.

Summary of transaction details

  • Property Type: Commercial
  • Transaction Amount: N/A
  • Address: 500 VFW Road
  • Market: Austin
  • Landlord: The Veterans of Foreign Wars Capital City
  • Tenant: The Blue Starlite Urban Drive-In - Josh Frank
  • Broker: Tyler Spires - VFW
  • Lease Terms: 2 years

Josh Frank, the tenant of The Blue Starlite Urban Drive-In, will be leasing the larger 10-acre site in North Austin from The Veterans of Foreign Wars Capital City. The deal was facilitated by broker Tyler Spires of VFW. This move allows the movie theater to grow in size and capacity, enabling the addition of five screens.

Players

Tyler Spires

Broker

1 deal

Broker

Austin Commercial Market Snapshot

Boundary boundary · Commercial · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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