Updated Oct 29, 2024
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
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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