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DOM: 52 Updated: 12.20.23 Posted: 10.10.23 Status: Sold 12.01.23

Summary

Price $2,500,000
Built/Renov 2023
Tenant Popeyes (GL)
Cap Rate 5.00%
Lease Type Abs NNN
Guarantor Franchisee
Size/SF 2,425
Lease Start 07-01-2023
#Units 22
Price/SF $1,030.93
Expiration 06-30-2043
Tenant Type Fast Food/QSR
NOI $125,000
R. Term 18.1
Ownership Ground Lease
Rent/SF $51.55
Increases 10.0%/5/yrs
Pop 5Mi 117,560
Lot/AC 0.57
Options 2/5yrs/10%
AHHI 5Mi $165,631

Lease Highlights

  • New 2023 construction 
  • The Tenant is operating on a brand-new 20-year lease with 2 (5-year) option periods         
  • Absolute NNN Ground lease with zero landlord responsibilities or expenses 
  • The lease features 10% rent increases every 5 years and in each option periods 
  • This Popeyes lease is guaranteed by AP Northeast Management, LLC, a 22-unit Popeyes franchisee with system-wide sales of $48.9 million 

Location Description

Popeyes is strategically positioned with excellent visibility as a street-facing outparcel to a newly constructed ALDI grocery store on Paoli Pike, which has a daily traffic count of 25,892 vehicles. Continuing westward, Paoli Pike transitions into Gay Street, which serves as the primary road leading into downtown West Chester, located just 1 mile away. Gay Street sees a traffic count of...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Popeyes
  • Guarantor:Franchisee
  • Company:AP Northeast Management, LLC
  • # Units:22
  • Tenant S&P: BB
  • Stock:NYSE: QSR

About Tenant

Popeyes Louisiana Kitchen, Inc., also known as Popeyes, is an American multinational chain of fried chicken fast food restaurants that was founded in 1972 in New Orleans, LA. Popeyes distinguishes...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 11,852 68,320 119,161
2023 Total Population : 11,264 67,037 117,560
2023 Employed Civilian Pop : 6,943 38,067 65,316
2023 Total Businesses : 1,267 3,475 5,448
2023 Average Household Income : $ 111,680 $ 145,180 $ 165,641
2023 Total Consumer Spending : $ 486 M $ 3147 M $ 6199 M
2023 Median Age : 32 36 39
2023 Total Households : 5,017 25,416 44,250
2023 Pop Age 25+: Bachelor's Degree : 2,862 17,228 31,349
2023 Average Home Value : $ 474,140 $ 529,421 $ 544,037
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Paoli Pike Furr Ave 2021 13,342 0.06 mi
W Chester Pike Morris Rd 2016 18,616 0.09 mi
West Chester Pike S Concord Rd 2022 7,339 0.10 mi
West Chester Pike Spring Ln 2021 10,478 0.10 mi
Paoli Pike Turner Ln 2017 25,892 0.11 mi
W Chester Pike Hwy 322 2016 9,013 0.16 mi
US Hwy 322 W Chester Pike 2006 21,000 0.16 mi
Westtown Rd E Market St 2019 3,127 0.21 mi
E Gay St Garfield Ave 2019 18,188 0.29 mi
E Market St S Bolmar St 2019 17,662 0.31 mi

Listing Broker

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