Chicago, IL - 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, freestanding, drive-thru equipped, Popeyes investment property located in Chicago, IL. The tenant has over 3 years of firm term remaining with an additional 2 (5-year) option periods left to extend. The lease features 1% annual rental increases throughout the initial term and options, steadily increasing 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. Founded in 1972, Popeyes is among the largest QSR operators with roughly 4,000 restaurants around the world.

Popeyes is strategically located at the signalized, hard corner intersection of Addison Street and Western Avenue, averaging a combined 61,600 vehicles passing by daily. Western Avenue is the longest continuous street in Chicago, stretching 23.5 miles, while Addison Street connects the northern section of Roscoe Village, making this a centralized location with easy access to the surrounding neighborhoods. In addition, the property is just 1.6 miles west from Wrigley Field, home of the Chicago Cubs with an average of 34,000+ attendees per game. The asset is ideally situated within a dense retail trade area and is near Roscoe Square (144K+ SF), Addison Mall (194K+ SF), Elston Plaza (92K+ SF), and other shopping centers. The surrounding tenants include Jewel-Osco, Mariano’s, Petco, ClimbZone Chicago, Target, McDonald’s, and others. The strong trade area drives a loyal, local consumer base to the area, promoting crossover store exposure. Furthermore, the property is located in Chicago’s Roscoe Village neighborhood with numerous single-family homes and multi-family complexes, providing a direct residential consumer base. The 1-mile trade area is supported by over 52,300 residents and 20,100 daytime employees. Residents within 1-, 3-, and 5-miles of the subject boast an affluent average household income of $195,176, $146,636, and $137,977, respectively.