Cincinnati, OH - Popeyes Louisiana Kitchen
$2,956,000
35 W. Mitchell Avenue, Cincinnati, OH 45217
5.75
Cap Rate
170,000
NOI
Details:
Description:
SRS National Net Lease Group is pleased to present the opportunity to acquire the fee simple interest (land and building) in a personal and corporate guaranteed (Gilligan Oil Company), single tenant, absolute NNN leased, Popeyes with
drive-thru located in Cincinnati, Ohio. The tenant, Popeyes, will begin a brand new
20-year lease at the close of escrow with 3 (5-year) option periods to extend. The lease features rare 1.50% annual rental increases throughout the initial term and options, and is absolute NNN leased with no landlord responsibilities. The store features strong profitability and a healthy rent to sales ratio and EBITDA to rent coverage ratio (contact agent for details).
The subject site is located along West Mitchell Avenue and is just off the exit of Interstate 75 (combined 169,000 cars per day) with excellent visibility and access. Popeyes is located in a strong retail corridor with nearby national/credit tenants that include Kroger, Walgreens, Family Dollar, Dollar Tree, Advance Auto Parts, and more, further increasing consumer traffic and crossover shopping to the trade area. The 5-mile trade area is supported by a dense population of approximately 322,000 with an average household income of $61,000.
Location
Gallery
