Clarkston, WA - Papa Murphy's

606 Maple Street, Clarkston, WA

$1,693,000

Price

6.5%

Cap Rate

$110,028

NOI

Overview
Cap Rate
6.5%
NOI
$110,028
Building Size
4,448 sqft
Occupancy
100%
Year Built
2005
Description

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a two-tenant, NNN leased, freestanding, Qdoba Mexican Eats & Tropical Cafe investment property located in Clarkston, Michigan (Detroit MSA). Qdoba Restaurant Corporation recently executed a rare 10-year extension providing for an initial term through 2030, and has 1 additional (5-year) option to extend. The lease features a 5.6% rental increase in 2025 and a 10% rental increase at the beginning of the option period. The other tenant, St. Clair Industries, LLC d.b.a. Tropical Cafe, executed a rare 5-year extension in February 2018 providing for an initial term through 2023. The lease features 1.5% annual rental increases throughout the initial term, growing NOI and hedging against inflation. The leases are NNN with landlord responsibilities limited to parking lot maintenance and landscaping.

The subject property is strategically located along U.S. Highway 24, a major retail and commuter thoroughfare averaging 34,400 vehicles passing by daily. The asset benefits from excellent visibility via a large monument sign and significant street frontage, providing ease and convenience for customers. The building is ideally situated 0.5 miles south of Clarkston Oaks, a 87,000 SF strip center anchored by Kroger. Other nearby national/credit tenants include Office Depot, Rite Aid, CVS Pharmacy, Walgreens, Dollar Tree, AutoZone, and more, increasing consumer draw to the immediate trade area and promoting crossover store exposure. The asset is surrounded by several apartment complexes including Lancaster Lakes (296 units), Clarkston Place (36 units), and Greens Lake (132 units), providing a direct residential consumer from which to draw. The 5-mile trade area is supported by more than 91,000 residents and 32,000 daytime employees with an affluent average household income of $104,000.


Location
Gallery