Investment Overview

Marcus & Millichap is pleased to present a freestanding Popeyes drive-thru at 1455 South River Road in St. George, Utah. The ±3,193-square-foot restaurant, built in 2017, sits on ±0.78 acres and will be secured by a new 20-year NNN lease commencing at close of escrow, with zero landlord responsibilities and four (4) five-year renewal options. Annual base rent of $136,000 reflects a 5.25% cap rate, with 10% rent increases every five years providing built-in income growth. The tenant is HZ Ops Holdings, Inc., a ±190-unit entity, and the restaurant is operated by The Dhanani Group, the largest franchisee in the Popeyes system. The property sits at the intersection of South River Road (±30,833 VPD) and George Washington Boulevard (1450 South, ±14,564 VPD), directly across from River Crossing Shopping Center and surrounded by Sprouts Farmers Market, Starbucks, McDonald's, and J. Dawgs. The 5-mile trade area holds 119,780 residents with an average household income of $122,766, supported by Intermountain Health St. George Regional Hospital, Utah Tech University (13,167 students), and the Dixie Convention Center (270,000+ annual visitors). The St. George MSA has grown to 209,249 residents and was ranked the #1 small city in America by the Milken Institute in 2026. Popeyes operates 3,700+ locations worldwide as a subsidiary of Restaurant Brands International (S&P: BB).