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Updated: 08.06.24 Posted: 12.12.22 Status: Sold

Summary

Price $3,000,000
Built/Renov 2022
Tenant Freddy's Frozen Custard & Steakburgers (GL)
Cap Rate 5.50%
Lease Type Abs NNN
Guarantor Franchisee
Size/SF 6,000
Lease Start 08-10-2021
#Units 1
Price/SF $500.00
Expiration 08-30-2036
Tenant Type Fast Casual/Rest.
NOI $165,000
R. Term 11.3
Ownership Ground Lease
Rent/SF $27.50
Increases 9.0%/5/yrs
Pop 5Mi 462,777
Lot/AC 0.65
Options 4/5yrs/9%
AHHI 5Mi $113,495

Lease Highlights

  • Linden Steakburgers LLC, has over 13 years remaining on their lease with 4 (5-year) options to extend
  • The lease features 9% rental increases every 5 years throughout the initial term and at the beginning of each option period
  • The lease is personally guaranteed by Ethan Coleman

Location Description

The subject property is strategically located along W. Edgar Road (70,100 VPD), and is near Interstate 95, one of the busiest highways in the U.S. with daily traffic exceeding 251,400 vehicles per day. The newly constructed building features a state-of-the-art design and high-quality materials. In addition, the property is equipped with a drive-thru, providing ease and convenience for...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

About Tenant

Freddy's Frozen Custard & Steakburgers is an award-winning, American fast-casual restaurant chain . Its menu includes steakburgers, Vienna Beef hot dogs, and chicken...


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Demographics

  1 Miles 3 Miles 5 Miles
2027 Total Population : 14,602 148,953 470,142
2022 Total Population : 13,875 147,869 466,578
2022 Employed Civilian Pop : 6,564 71,910 223,350
2022 Total Businesses : 623 4,566 14,427
2022 Average Household Income : $ 92,363 $ 103,666 $ 112,614
2022 Total Consumer Spending : $ 395 M $ 4637 M $ 15559 M
2022 Median Age : 39 40 39
2022 Total Households : 5,051 53,010 163,774
2022 Pop Age 25+: Bachelor's Degree : 1,808 20,605 67,135
2022 Average Home Value : $ 428,530 $ 367,953 $ 432,057
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Pleasant Street 2017 7,735 0.21 mi
East Edgar Road Smith St 2017 62,489 0.27 mi
W Edgar Rd Edward St 2013 54,154 0.38 mi
W Edgar Rd S Stiles St 2013 54,154 0.40 mi
West Linden Avenue 2018 6,878 0.46 mi
S Stiles St W Munsell Ave 2013 8,405 0.50 mi
S Stiles St W 16th St 2017 6,844 0.54 mi
Lower Rd Range Rd 2015 6,217 0.58 mi
W Edgar Rd E Lincoln Ave 2013 64,613 0.59 mi
W Elizabeth Ave Lindegar St 2010 10,552 0.61 mi

Listing Broker

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