Listed by CBRE - Atlanta, CBRE Atlanta, CBRE Louisville
$3,823,544
Cracker Barrel: Owensboro, KY
Details
Property Type Retail
Sub Type Restaurant
Square Footage 9,970
Cap Rate 6.15%
NOI $235,148
Occupancy 100%
Tenancy Single
Brand/Tenant Cracker Barrel
Lease Type Absolute NNN
Lease Term 20
Lease Expiration 07/31/2040
Remaining Term 14
Rent Bumps Yes
Lease Options Ten, 5-Year Options
Year Built 1999
Acreage 3.200
Parking Spaces 159 spaces
Parking per 1,000 SqFt 15.95
Investment Type Net Lease
Lease Commencement 08/04/2020
Retail | 6.15% CAP | 9,970 SqFt
Marketing description
The CBRE Net Lease Property Group is pleased to offer for sale the 9,970-square-foot Cracker Barrel Old Country Store positioned on 3.02 acres in Owensboro, Kentucky (MSA Population: 113,387). Cracker Barrel's absolute NNN lease features ±14.1 years of primary term remaining with 1% annual rent increases throughout the remainder of the term and in each of the ten, 5-year renewal options (six fixed renewal terms, followed by four FMV renewal terms).
Investment highlights
- Absolute NNN Lease with Annual Rent Increases: Cracker Barrel's absolute NNN lease features ±14.1 years of primary term remaining with 1% annual rent increases throughout the remainder of the term and in each of the ten, 5-year renewal options (six fixed renewal terms, followed by four FMV renewal terms).
- Strong Performance | Low Rent-To-Sales Ratio: This location is an excellent performer with strong sales and a low rent-to-sales ratio.
- Top-Visited Location: By visits, this Owensboro Cracker Barrel ranks among the top 22% of Cracker Barrel locations nationwide and top 30% throughout Kentucky (Placer.ai).
- Excellent Access & Visibility: Positioned less than 5 miles south of the Indiana-Kentucky state border, Cracker Barrel is located at the intersection of Theatre Way and Frederica Street (11,258 VPD), where it is a mile south of Wendell Ford Expressway (40,316 VPD).
Listing Contacts
Listed by CBRE - Atlanta, CBRE Atlanta, CBRE Louisville
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$235,148.00
$19,595.67/mo
Valuation Metrics
0
DSCR
6.15%
Cap Rate
6.15%
ROI
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