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Restaurant

Popeyes

6329 9th St N, St. Petersburg, FL 33702

Listing Price: $3,400,000

Cap Rate
3.97%
Tenant Name
Popeyes
Years Remaining On Lease
20.2
Gross SF
2,198
Guarantor
Franchisee Guarantee
Rentable SF
2,198
Price/Gross SF
$1,546.86
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$61.42

Investment Overview

Marcus & Millichap is pleased to present for sale this single-tenant, absolute triple-net lease Popeyes Restaurant investment opportunity located in St. Petersburg Florida, within the Tampa-St. Petersburg MSA. The property consists of .58-acre parcel improved with an approximately 2,198-square foot building. The newly proposed restaurant will have a new 20-year NNN lease in place with Sailormen, Inc, one of the largest domestic franchisees of Popeyes Louisiana Kitchen restaurants, currently operating more than 130 Popeyes in Florida and Georgia, with approximately eight to ten new restaurants being built every year. Annual base rent is set at $135,000 with 10 percent rental increases every five years in the base term, as well as the four five-year renewal options. The restaurant is located near the signalized hard-corner of 62nd Avenue North and Dr M.K.K. Jr St., both major retail and residential arteries with combined traffic counts of over 33,700 vehicles per day. The half-acre lot is adjacent to a brand-new Dunkin’ and across the street from a busy, Winn-Dixie anchored shopping center. Additional nearby retailers, include McDonald’s, Checker’s, KFC, Subway, Baskin Robbins, Target, TJ Maxx, Starbucks, Big Lots, Bealls Outlet, and Pet Supplies Plus. It is also less than a mile from the educational complex of Northeast High School, Meadowlawn Middle and Sexton Elementary with combined enrollments of nearly 3,300 students.

Investment Highlights

  • New 20-Year Triple-Net Lease with Sailormen, Inc. | 130+Unit Guarantee
  • Located in Desirable St. Petersburg, FL | Income Tax-Free State
  • Nearly a Quarter Million Residents within a Five-Mile Radius | Excellent Traffic Counts

Exclusively Listed By

Financing By

Listing Price: $3,400,000

Cap Rate
3.97%
Tenant Name
Popeyes
Years Remaining On Lease
20.2
Gross SF
2,198
Guarantor
Franchisee Guarantee
Rentable SF
2,198
Price/Gross SF
$1,546.86
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$61.42

Investment Highlights

  • New 20-Year Triple-Net Lease with Sailormen, Inc. | 130+Unit Guarantee
  • Located in Desirable St. Petersburg, FL | Income Tax-Free State
  • Nearly a Quarter Million Residents within a Five-Mile Radius | Excellent Traffic Counts

Investment Overview

Marcus & Millichap is pleased to present for sale this single-tenant, absolute triple-net lease Popeyes Restaurant investment opportunity located in St. Petersburg Florida, within the Tampa-St. Petersburg MSA. The property consists of .58-acre parcel improved with an approximately 2,198-square foot building. The newly proposed restaurant will have a new 20-year NNN lease in place with Sailormen, Inc, one of the largest domestic franchisees of Popeyes Louisiana Kitchen restaurants, currently operating more than 130 Popeyes in Florida and Georgia, with approximately eight to ten new restaurants being built every year. Annual base rent is set at $135,000 with 10 percent rental increases every five years in the base term, as well as the four five-year renewal options. The restaurant is located near the signalized hard-corner of 62nd Avenue North and Dr M.K.K. Jr St., both major retail and residential arteries with combined traffic counts of over 33,700 vehicles per day. The half-acre lot is adjacent to a brand-new Dunkin’ and across the street from a busy, Winn-Dixie anchored shopping center. Additional nearby retailers, include McDonald’s, Checker’s, KFC, Subway, Baskin Robbins, Target, TJ Maxx, Starbucks, Big Lots, Bealls Outlet, and Pet Supplies Plus. It is also less than a mile from the educational complex of Northeast High School, Meadowlawn Middle and Sexton Elementary with combined enrollments of nearly 3,300 students.

Exclusively Listed By

Financing By

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