Listed by Marcus & Millichap - Phoenix
$1,790,000
Sonic Drive-In Ground Lease
Details
Property Type Retail
Sub Type QSR/Fast Food
Net Rentable (SqFt) 1,483
Cap Rate 5.92%
NOI $105,875
Occupancy 100%
Tenancy Single
Brand/Tenant Sonic
Lease Type Absolute NNN
Lease Term 15
Lease Expiration 08/07/2032
Remaining Term 6.2
Rent Bumps Yes
Lease Options Three (5) Year
Price per SqFt $1,207
Broker Co-Op Yes
Year Built 2017
Acreage 1.000
Investment Type Net Lease
Tenant Credit Franchisee
Lease Commencement 08/07/2017
Ground Lease Yes
Retail | 5.92% CAP
Investment highlights
- Experienced Tenant and Lease Guarantor - Established multi-brand franchisee with over 33 years of experience, with a personal guarantee
- Absolute Triple Net (NNN) Ground Lease - No Landlord expense or maintenance responsibilities
- Attractive Pricing with Replaceable Rent - Lower priced ground lease with a major national brand at a below market rent
- Desirable Retail Location - Situated within Miramesa Town Center, a Walmart Supercenter with Gas anchored center with surrounding retail including McDonald’s, Taco Bell, Whataburger, Panda Express, AutoZone, Express Oil & Tire Engineers, Murphy USA, Star CinemaGrill, Christian Brothers Automotive, Quick Quack Car Wash and numerous other retailers and businesses in the area
- Bridgeland Community - Located to the north, Bridgeland is a masterplanned community spread over 11,400-acres and planned for +/- 20,000 homes with approx. 65,000 residents. New retail continues to come online in the area, including a new H-E-B and numerous other retailers
- Strong Demographics - Average Household Income of $144,322 and over 96,835 residents in a 3-mile radius
Listing Contacts
Listed by Marcus & Millichap - Phoenix
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Loan Amount
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Annual Debt Service
$--
$--
Annual Cash Flow
$105,875.00
$8,822.92/mo
Valuation Metrics
0
DSCR
5.91%
Cap Rate
5.91%
ROI
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