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Updated: 05.29.23 Posted: 04.17.23 Status: Inactive     06.27.23

Summary

Price $1,956,000
Built/Renov 2015
Tenant Chipotle (GL)
Cap Rate 4.50%
Lease Type Abs NNN
Guarantor Corp Traded
Size/SF 2,266
Lease Start 04-01-2016
#Units 3,224
Price/SF $863.20
Expiration 03-31-2031
Tenant Type Fast Casual/Rest.
NOI $88,000
R. Term 5.8
Ownership Ground Lease
Rent/SF $38.83
Increases 10.0%/3/yrs
Pop 5Mi 151,691
Lot/AC 0.46
Options 3/5yrs/10%
AHHI 5Mi $66,968

Highlights

  • Chipotle has been operating in this location since 2016
  • Tenant has 7+ years remaining on its current lease with 3 (5-year) options to extend
  • Ground lease features 10% rental increases throughout the initial term and at each option period
  • Existing rent is 37% below market/low rent to sales ratio
  • Absolute NNN with zero landlord responsibilities
  • Corporate guarantee by Chipotle Mexican Grill, Inc. (NYSE: CMG)

Location Description

Chipotle is strategically located along West Genesee Street with access to over 23,300 vehicles per day. The asset benefits from nearby direct on/off ramp access to NY 5 (44,672 VPD) and NY 695 (6,911 VPD). The site is situated within a shopping center with tenants like Starbucks, Dominos, and H&R Block providing a direct consumer base to draw from. Additional national/credit tenants in the...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Chipotle
  • Guarantor:Corp Traded
  • Company:Chipotle Mexican Grill, Inc.
  • # Units:3,224
  • Stock:NYSE: CMG

About Tenant

Chipotle Mexican Grill, Inc., (NYSE: CMG) often known simply as Chipotle, is an American chain of fast casual restaurants in the U.S., United Kingdom, Canada, Germany, and...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 9,359 46,699 133,573
2023 Total Population : 9,417 47,332 134,423
2023 Employed Civilian Pop : 4,941 24,676 60,821
2023 Total Businesses : 266 1,275 5,725
2023 Average Household Income : $ 96,338 $ 94,498 $ 79,869
2023 Total Consumer Spending : $ 345 M $ 1726 M $ 3958 M
2023 Median Age : 46 44 39
2023 Total Households : 4,168 21,144 56,819
2023 Pop Age 25+: Bachelor's Degree : 1,628 8,314 18,540
2023 Average Home Value : $ 216,028 $ 229,876 $ 222,068
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Onondaga Rd W Genesee St 2008 13,290 0.09 mi
West Genesee Street Knowell Rd 2018 23,975 0.12 mi
Onondaga Road Milton Ave 2021 12,690 0.16 mi
Sidney St Milo Ln 2019 14,065 0.16 mi
W Genesee St Sunnybrook Dr 2005 18,133 0.22 mi
Juniper Ln 2021 136 0.34 mi
Milton Ave Jones St 2008 8,940 0.41 mi
Onondaga Road Fay Rd 2018 13,739 0.46 mi
W Genesee St 2021 19,689 0.49 mi
Stockton Pl 2021 1,062 0.52 mi

Listing Broker

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