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Views: 27 DOM: 96 Updated: 05.24.24 Posted: 02.20.24 Status: Active

Summary

Price $1,684,210
Built/Renov 1988
Tenant Popeyes
Cap Rate 4.75%
Lease Type Abs NNN
Guarantor Franchisee
Size/SF 2,541
Lease Start 02-25-2022
#Units 40
Price/SF $662.81
Expiration 02-25-2042
Tenant Type Fast Food/QSR
NOI $80,000
R. Term 17.9
Ownership Fee Simple
Rent/SF $31.48
Increases 8.0%/3/yrs
Pop 5Mi 90,373
Lot/AC 0.68
Options 4/5yrs/8%
AHHI 5Mi $54,380

Lease Highlights

  • Popeye’s has 17+ years remaining on the current lease term with 4 (5-year) option to extend
  • The lease features 8% rental escalations every 5 years throughout the initial term and each option period
  • Absolute NNN | Zero landlord responsibilities
  • Lease guaranteed by AB Group (40-units)

Location Description

Popeyes is strategically located on W Norton Avenue, with access to 14,000 vehicles passing by daily. It boasts excellent signage, ingress, and egress on W Norton Ave, near the hard corner intersection with Seaway Drive (25,000 VPD). Additionally, the property is surrounded by national retailers such as Meijer, Walmart Supercenter, Home Depot, Aldi, CVS, Walgreens, Advance Auto Parts, and...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Popeyes
  • Guarantor:Franchisee
  • Company:AB Group
  • # Units:40
  • 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 founded in 1972 in New Orleans, LA. Popeyes distinguishes itself...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 8,772 53,516 93,705
2023 Total Population : 8,805 53,742 94,029
2023 Employed Civilian Pop : 3,917 23,642 39,868
2023 Total Businesses : 418 1,743 3,369
2023 Average Household Income : $ 66,059 $ 68,712 $ 70,089
2023 Total Consumer Spending : $ 221 M $ 1344 M $ 2313 M
2023 Median Age : 38 40 39
2023 Total Households : 3,812 22,296 37,588
2023 Pop Age 25+: Bachelor's Degree : 905 6,150 10,370
2023 Average Home Value : $ 188,913 $ 180,698 $ 188,906
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
BETWEEN US-31BR AND HENRY (IN NORTON SHORES) Henry St 2021 20,307 0.03 mi
W Norton Ave W Norton Ave 2021 15,721 0.10 mi
Seaway Dr W Norton Ave 2015 20,300 0.16 mi
Henry St Seminole Rd 2003 15,407 0.19 mi
Maple Grove Rd AND Henry St Henry St 2021 14,689 0.25 mi
0.1 Miles South of Cranbrook W Norton Ave 2021 18,353 0.32 mi
0.3 MILE E OF HENRY (IN NORTON SHORES) Waalkes St 2021 8,900 0.32 mi
Henry St Winslow Ct 2004 15,555 0.35 mi
Seaway Dr Seminole Rd 2015 27,000 0.46 mi
BETWEEN BROWNE AND WINSLOW (IN NORTON SHORES) Winslow Ct 2021 15,668 0.46 mi

Listing Broker

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