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Popeyes, Apopka, FL (Orlando MSA)

Popeyes, Apopka, FL (Orlando MSA)


Investment Summary

Price $3,681,000
Cap Rate 5.00%
NOI $184,048
Lease Term 20 years
Lease Type Absolute NNN lease, with tenant responsible for all taxes, insurance, maintenance, and repair, including roof, structure, and parking lot
Rental Increases 10% rental increases every five (5) years
Year Built 1988
Building Size 3,275 SF
Lot Size 0.68 acres (29,604 SF)
Status Available
Lead Brokers Vincent Aicale
Vice Chairman
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Vice Chairman
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

NEW 20-YEAR ABSOLUTE NNN LEASE WITH A STRONG GUARANTY
» New 20-year absolute NNN lease with 10% rental increases every five (5) years
» Four (4) extension periods of five (5) years each, providing a strong long-term investment opportunity
» Absolute NNN lease requires no landlord management, including all maintenance responsibilities -ideal for both local and out-of-area investors
» Leased to Sailormen, Inc., a strong and expanding operator with 150+ units
» Popeyes is the world’s second-largest quick-service chicken concept, with 3,771+ units
» Popeyes opened 146 new restaurants in the U.S. over the past year and approximately 200 globally despite the pandemic
» Popeyes has ramped up delivery significantly in the U.S. resulting in $250M in additional revenue

PRIME LOCATION ON MAJOR FLORIDA RETAIL THOROUGHFARE
» High-visibility and easily accessible location on East Main Street, Apopka’s primary retail thoroughfare, with access to 46,000 VPD directly in front of the site
» Located near the interchange of East Main St, East Semoran Boulevard, and South Orange Blossom Trail, exposing the site to nearly 50,000 vehicles traveling along these thoroughfares
» Located just half a mile down the street from a newly constructed Winn-Dixie shopping center, driving traffic into the area and positioning the site to capture significant crossover buyer activity
» Surrounded by national brand retail tenants including Winn-Dixie, Big Lots, Home Outlet, AutoZone, Dollar Tree, McDonald’s, KFC, Tractor Supply Co, Wawa, Dunkin’, Walgreens, Take 5 Oil Change, and many others
» Walking distance from the Hilton Garden Inn Apopka City Center, servicing 114 rooms and thousands of visitors per year
» Two miles from Apopka High School, servicing 3,523 students in grades 8-12

AFFLUENT AND RAPIDLY GROWING ORLANDO SUBURB
» 148,012 residents live withing five miles of the site, establishing a large and stable customer base for the property (21% increase since 2010)
» High Average Annual Household Income of $102,010 within five miles of the site
» Projected population and AAHI increases within 1-,3- and 5-mile radii over the next four years poise Apopka and Popeyes for steady concurrent growth.
» Gateway to Orlando, Florida, the sixth-largest metropolitan area in Southern United States and the third-largest metropolitan area in Florida.
» Florida is an income tax-free state

Property Description

» Easily-Accessible Location: Located at the intersection of East Main Street (46,000 AADT) and Oakland Avenue, with multiple access points into the property
» Ideal Nearby Customer Base: Positioned within three miles from Apopka High School, Apopka Memorial Middle School, and Apopka Elementary, serving the combined 5,500+ students and families that attend these schools
» Surrounded by National Retailers: This site is surrounded by major national brands and retailers, including a newly constructed Winn-Dixie shopping center, driving traffic into the area and positioning the site to capture significant crossover buyer activity
» Located Near Major Thoroughfares: This Popeyes is just west of the interchange of East Main St and U.S. Route 441 / South Orange Blossom Trail (a major artery connecting Apopka to Orlando), allowing the site to capture immense traffic
» Strong Demographics: Within a 5-mile radius of the site, there are 148,012 residents earning an average annual household income of $102,010 (projected to increase by at least 17% over the next five years)
» Set In A Major MSA: This Popeyes in Apopka is located less than 15 miles northwest of downtown Orlando, Florida’s most populous inland city and one of the most-visited cities in the world primarily due to tourism, major events, and convention traffic

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