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Shopping Strip

Popeye's & Strip Center | Washington, D.C. MSA

5320 Marlboro Pike, District Heights, MD 20747

Listing Price: $5,000,000

Cap Rate
6.55%
Gross SF
7,698
Rentable SF
7,698
Price/Gross SF
$649.52
Lot Size
1.64 acres
Year Built
1986

Investment Overview

Marcus & Millichap, on behalf of ownership, is pleased to exclusively offer this freestanding Popeye’s and adjacent 4,761-square-foot strip center in District Heights, Prince George’s County, Maryland (the “Offering”). The Offering is fully occupied and anchored by the market’s dominant Popeye’s store with high store sales. It presents an investor with a stable, low management asset with upside potential situated in a highly dense Washington, DC metro location. The Offering features a high-performing Popeye’s store with five years remaining on an initial 10- year lease, and two, five-year renewal options. It is likely that the tenant will elect to remain long-term as sales are strong and trending upward year-over-year. The Tenant reported sales of over $3 Million in 2020, or $1,052-per-square-foot, which represents a 13 percent increase over the prior year. The average Popeye’s unit volume is around $1.4M according to Restaurant News. Geofencing data from Placer.ai ranks this location in the top six percent (6%) across the entire chain nationwide. Popeye’s pays percentage rent; thus, an Investor may consider the option to restructure the lease or simply continue collecting percentage rent. Popeye’s is operated by Janjer Enterprises, Inc., an established franchisee who owns and operates Popeye’, IHOP and Slap Fish restaurants. The company was founded in 1981 and is based in Silver Spring, Maryland. Popeye’s is supported by a three-tenant roster of local, neighborhood-oriented retailers. The tenant leases are short-term which provides upside potential in the opportunity to upgrade the tenant mix. The businesses have existed here for over 17 years on average. The Property is situated upon a prominent 1.64-acre corner parcel along Marlboro Pike at its signaled intersection with Brooks Drive, a high-traffic corner that features more than 39,222 vehicles per day. The Property has prominent frontage on both roads, features three means of access and ample off-street parking with 75 spaces. It is within one-half-mile of four notable apartment communities including Fox Club Apartments (258 units), Hillside Heights (231 units), Holly Springs Meadow (244 units) and the newly constructed (2016) Conifer Village at Oakcrest Senior Living Community with 120 units. Conveniently located eight miles southeast of Washington, DC and inside the Capital Beltway, the submarket is supported by a highly dense population. Presently there are more than 179,124 people with three-miles with an Average Household Income of $74,213.

Investment Highlights

  • Low Management Pad Site and Strip Center Offering
  • Popeye's Pays Percentage Rent with Sales of $1,000 PSF
  • High-Traffic Corner Parcel with 39,222 VPD

Exclusively Listed By

  • Dean Zang

    Executive Managing Director Investments

    (202) 536-3754

    Email Dean

    License(s): MD: 665335, VA: 0225239201

    Washington, D.C.

  • Josh Ein

    First Vice President Investments

    (202) 536-3726

    Email Josh

    License(s): DC: SP98371724, MD: 643676, VA: 0225242141

    Washington, D.C.

Shopping Strip

Popeye's & Strip Center | Washington, D.C. MSA

Listing Price: $5,000,000

Cap Rate
6.55%
Gross SF
7,698
Rentable SF
7,698
Price/Gross SF
$649.52
Lot Size
1.64 acres
Year Built
1986

Investment Highlights

  • Low Management Pad Site and Strip Center Offering
  • Popeye's Pays Percentage Rent with Sales of $1,000 PSF
  • High-Traffic Corner Parcel with 39,222 VPD

Investment Overview

Marcus & Millichap, on behalf of ownership, is pleased to exclusively offer this freestanding Popeye’s and adjacent 4,761-square-foot strip center in District Heights, Prince George’s County, Maryland (the “Offering”). The Offering is fully occupied and anchored by the market’s dominant Popeye’s store with high store sales. It presents an investor with a stable, low management asset with upside potential situated in a highly dense Washington, DC metro location. The Offering features a high-performing Popeye’s store with five years remaining on an initial 10- year lease, and two, five-year renewal options. It is likely that the tenant will elect to remain long-term as sales are strong and trending upward year-over-year. The Tenant reported sales of over $3 Million in 2020, or $1,052-per-square-foot, which represents a 13 percent increase over the prior year. The average Popeye’s unit volume is around $1.4M according to Restaurant News. Geofencing data from Placer.ai ranks this location in the top six percent (6%) across the entire chain nationwide. Popeye’s pays percentage rent; thus, an Investor may consider the option to restructure the lease or simply continue collecting percentage rent. Popeye’s is operated by Janjer Enterprises, Inc., an established franchisee who owns and operates Popeye’, IHOP and Slap Fish restaurants. The company was founded in 1981 and is based in Silver Spring, Maryland. Popeye’s is supported by a three-tenant roster of local, neighborhood-oriented retailers. The tenant leases are short-term which provides upside potential in the opportunity to upgrade the tenant mix. The businesses have existed here for over 17 years on average. The Property is situated upon a prominent 1.64-acre corner parcel along Marlboro Pike at its signaled intersection with Brooks Drive, a high-traffic corner that features more than 39,222 vehicles per day. The Property has prominent frontage on both roads, features three means of access and ample off-street parking with 75 spaces. It is within one-half-mile of four notable apartment communities including Fox Club Apartments (258 units), Hillside Heights (231 units), Holly Springs Meadow (244 units) and the newly constructed (2016) Conifer Village at Oakcrest Senior Living Community with 120 units. Conveniently located eight miles southeast of Washington, DC and inside the Capital Beltway, the submarket is supported by a highly dense population. Presently there are more than 179,124 people with three-miles with an Average Household Income of $74,213.

Exclusively Listed By

  • Dean Zang

    Executive Managing Director Investments

    (202) 536-3754

    Email Dean

    License(s): MD: 665335, VA: 0225239201

    Washington, D.C.

  • Josh Ein

    First Vice President Investments

    (202) 536-3726

    Email Josh

    License(s): DC: SP98371724, MD: 643676, VA: 0225242141

    Washington, D.C.

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