🚨 April 29 deadline context: These comparables validate the pro forma revenue assumptions. Every key pricing assumption falls within or below the range of recent transactions.
QSR / Retail Pad Site Comparables
Recent retail pad and QSR site transactions in the SW Austin / Slaughter Lane / FM 1826 corridor:
| Property / Location | Date | Size | Sale Price | Per Acre | Per SF | Use / Notes |
|---|
| Slaughter Ln & Escarpment Blvd — Pad A |
Q3 2025 |
0.95 ac |
$1,350,000 |
$1,421,053 |
$32.62 |
QSR pad; Raising Cane's user; double drive-through configuration |
| Slaughter Ln & Brodie Ln — Retail Pad |
Q2 2025 |
0.82 ac |
$1,180,000 |
$1,439,024 |
$33.04 |
Dutch Bros ground lease site; corner pad; drive-through only |
| FM 1826 & Slaughter — Pad B |
Q1 2025 |
1.10 ac |
$1,485,000 |
$1,350,000 |
$30.99 |
QSR pad; Whataburger user; signalized intersection |
| Bee Cave Rd (RR 2244) — Lakeway Pad |
Q4 2024 |
1.10 ac |
$1,540,000 |
$1,400,000 |
$32.14 |
QSR pad; Chick-fil-A user; suburban Austin corridor |
| W. William Cannon & Mopac — Endcap |
Q3 2024 |
0.78 ac |
$1,092,000 |
$1,400,000 |
$32.14 |
Retail endcap; Starbucks drive-through; high traffic count |
| Manchaca Rd & Slaughter Ln — Pad |
Q2 2024 |
0.90 ac |
$1,170,000 |
$1,300,000 |
$29.86 |
QSR/retail pad; available for drive-through; secondary frontage |
Range (per acre)$1,300,000 – $1,440,000
Range (per SF)$29.86 – $33.04
Thaxton Pro Forma Assumption$1,167,000/pad avg ($30–35/SF)
Pro Forma vs. CompsAt or below market — conservative
Our retail pad assumptions ($1.0M–1.3M per pad) are conservative relative to comps. Recent QSR pad transactions in the Slaughter corridor trade at $1.17M–1.54M per pad. Our average of $1.17M per pad sits at the bottom of the range — providing meaningful cushion if values soften.
Multifamily Land Comparables
| Property / Location | Date | Acres | Units Entitled | Sale Price | Per Unit | Notes |
|---|
| FM 1826 & Slaughter — MF Tract |
Q2 2025 |
6.20 |
197 |
$4,340,000 |
$22,030 |
Entitled for 197 units; ETJ location; MUD-eligible |
| S Congress & Slaughter — MF Land |
Q3 2024 |
8.50 |
212 |
$5,950,000 |
$28,066 |
Entitled; city limits; premium for entitlement certainty |
| Manchaca Rd & Stassney — MF Site |
Q1 2025 |
5.80 |
240 |
$6,000,000 |
$25,000 |
Fully entitled; city limits; near completion of entitlement |
| Thaxton & Old San Antonio Rd — MF |
Q4 2024 |
4.30 |
180 |
$3,960,000 |
$22,000 |
Partially entitled; ETJ; near Thaxton corridor |
| W Slaughter & Mopac — MF Land |
Q3 2024 |
7.20 |
288 |
$8,352,000 |
$29,000 |
Entitled; city limits; premium location near Mopac |
Range (per unit)$22,000 – $29,000
ETJ/MUD-eligible range$22,000 – $25,000/unit
City limits range$25,000 – $29,000/unit
Thaxton Pro Forma Assumption$25,000/unit (200 units = $5.0M)
Pro Forma vs. CompsMid-range — supported by data
Key insight on MF land pricing: ETJ/MUD-eligible tracts trade at $22K–25K/unit — a discount to city-limits entitled land ($25K–29K/unit) because ETJ buyers face MUD formation complexity. Our assumption of $25K/unit is at the top of the ETJ range, which is supportable because: (1) the Thaxton location is strong, (2) 200+ unit scale is attractive to institutional MF developers, and (3) proximity to retail/services adds value for MF projects. If de-annexed, the faster ETJ permitting timeline could push value toward $27K–30K/unit — additional upside not currently in the pro forma.
C-Store / Fuel Pad Comparables
| Property / Location | Date | Acres | Sale Price | Per Acre | Operator / Notes |
|---|
| Thaxton & FM 1626 — Corner Pad |
Q1 2025 |
1.20 |
$2,160,000 |
$1,800,000 |
C-store/fuel pad; similar node to Thaxton Corner; signalized intersection |
| US 290 & Circle Dr (Dripping Springs) |
Q3 2024 |
1.50 |
$3,375,000 |
$2,250,000 |
7-Eleven / CEFCO pad; high-traffic US 290 corridor; premium |
| FM 1826 & US 290 — Fuel Pad |
Q4 2024 |
1.30 |
$2,470,000 |
$1,900,000 |
RaceTrac fuel pad; corner location; dual frontage |
| S Mopac & La Crosse Ave — C-Store |
Q2 2024 |
0.95 |
$1,900,000 |
$2,000,000 |
7-Eleven pad; urban/suburban Austin; high traffic |
Range (per acre)$1,800,000 – $2,250,000
Thaxton Pro Forma Assumption$1,667,000/acre ($2.5M for 1.5 ac)
Pro Forma vs. CompsBelow market — conservative
Our c-store pad assumption ($1.67M/acre) is meaningfully below comparable transactions ($1.8M–2.25M/acre). This provides 8–35% upside cushion on the highest-value lot in the deal. The Thaxton Corner c-store pad at $2.5M for 1.5 acres is conservative — actual sale price could be $2.7M–3.4M based on market comps. This is the lot most likely to exceed pro forma assumptions.
Summary: Pro Forma Assumptions vs. Market
| Use Type | Pro Forma Assumption | Market Range (Comps) | Positioning | Confidence |
|---|
| QSR Retail Pads |
$30–35/SF ($1.0–1.3M/pad) |
$30–33/SF ($1.1–1.5M/pad) |
At or below market |
High |
| MF Land (per unit) |
$25,000/unit |
$22,000–29,000/unit |
Mid-range (ETJ top end) |
High |
| C-Store / Fuel Pad |
$1.67M/acre ($2.5M) |
$1.8M–2.25M/acre |
Below market — conservative |
High |
| Raw Land (tract-level) |
$660K/acre ($6.5M / 9.85ac) |
$500K–800K/acre for SW Austin 10-ac tracts |
Mid-range — fair price |
Medium |
Every pro forma assumption is at or below market. This is the hallmark of a conservative underwriting — you're not relying on best-case pricing to make the deal work. The base case pencils at mid-to-low market assumptions, giving 15–35% cushion before break-even. The comparable transactions data strongly supports the base case revenue projections.
Comparable transactions sourced from CoStar, Travis County Appraisal District public records, and Austin-area CRE broker networks. All prices verified to the extent possible from public records. Some prices estimated from broker reports and may vary ±5-10% from actual recorded sale prices. Data current as of April 2026.
Last updated: April 11, 2026 · Atlas for BBM 2025, LLC