Jackson Heights, NY - Popeyes

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, Popeye’s investment property located in Jackson Heights (New York City MSA), New York . The tenant has approximately 18 years remaining on its 20-year lease with 2 (5-year) options to extend, demonstrating their commitment to the site. The lease features 2.50% annual rental increases throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for a passive investor.

The Popeye’s is located at the signalized, hard-corner intersection of Northern Blvd and 88th St. Northern Blvd averages over 31,600 vehicles passing by daily and is a major retail thoroughfare serving the city of Jackson Heights. The property is adjacent to a 16,000+ square foot shopping center that features Chipotle, Dunkin, Denny’s, T-Mobile, and more. The asset is located less than 2 miles from Citi Field, a 40,000+ seat stadium that is home to the New York Mets. The property is in the center of a primary retail corridor with other nearby national/credit tenants including Costco, Target, Home Depot, Best Buy, Aldi, Dollar Tree, CVS, McDonald’s, and more, further increasing consumer traffic to the site.. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. The 5-mile trade area is supported by approximately 2,353,000 residents and 997,000 employees, providing a direct consumer base from which to draw. Residents within 5 miles of the subject property boast an affluent average household income of $123,762.