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Phone: 916-403-1812

Email: McKenney.Houck@cushwake.com

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Popeyes, Bradenton, FL

Investment Summary

Price $3,220,000
Cap Rate 5.00%
NOI $161,000
Lease Term 20 years
Lease Type Absolute NNN lease, with tenant responsible for all taxes, insurance, and maintenance, including roof, structure, and parking lot
Rental Increases 10% rental increases every five (5) years
Year Built 2023
Building Size 1,820 SF
Lot Size 0.80 acres (34,848 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 TO A STRONG AND EXPANDING POPEYES OPERATOR
» 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 200+ 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

PROMINENT LOCATION IN HIGHLY POPULATED AND AFFLUENT FLORIDA SUBMARKET
» Prime location along Florida State Road 64, with direct visibility and access to more than 49,000 vehicles per day in front of the site
» Population density has nearly doubled within a five-mile radius of the property since 2010 and is projected to grow an additional 10% over the next five-years
» 91,162 residents within a five-mile radius, creating a large customer base for the property
» Exceptionally high average annual household income of $160,681 within one mile of the site and projected to increase 13% over the next five years
» Ideally located surrounded by Bradenton’s major traffic drivers, including Publix, CVS, Walgreens, McDonald’s, Summerhouse Apartment Complex (297 units), B. D. Gullett Elementary School (1,280 students), Dr. Mona Jain Middle School (1,062 students), and Savanna at Lake-wood Ranch (475 single family homes)

NEW 2023 CONSTRUCTION IN A TAX-FREE STATE
» New high-quality 2023 construction built to latest Popeyes prototype
» Site features a dual-lane drive-thru for ideal customer convenience
» Florida is an income tax-free state

Property Description

» This Popeyes features a prime location along Florida State Road 64, with direct visibility and access to more than 49,000 vehicles per day in front of the site
» 91,162 residents within a five-mile radius, creating a large customer base for the property
» The population density has nearly doubled within a five-mile radius of the property since 2010 and is projected to grow an additional 10% over the next five-years
» Ideally set near Bradenton’s major traffic drivers, the property is surrounded by two Publix locations, CVS, Walgreens, McDonald’s, Summerhouse Apartment Complex (297 units), B. D. Gullett Elementary School (1,280 students), Dr. Mona Jain Middle School (1,062 students), Savanna at Lake-wood Ranch (475 single family homes), and many more
» The site greatly benefits from its immediate surrounding customer base, with an exceptionally high average annual household income of $160,681 within one mile of the site and projected to increase 13% over the next five years
» Projected population and income increases within 1-, 3-, and 5-mile radii over the next five years poise Popeyes and Bradenton for steady concurrent growth

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