Listed by Sands Investment Group
$4,399,356
Cracker Barrel - Phoenix, AZ
Details
Property Type Retail
Sub Type QSR/Fast Food, Restaurant
Square Footage 9,702
Cap Rate 5.75%
NOI $252,963
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 10 x 5 Year Options
Price per SqFt $453
Year Built 1997
Buildings 1
Acreage 3.440
Investment Type Net Lease
Tenant Credit Corporate Guarantee
Lease Commencement 08/04/2020
Corporate Cracker Barrel | Directly Off I-17 - 111K+ VPD | Long-Term ABS NNN
Marketing description
We are pleased to exclusively offer for sale the 9,702 SF Cracker Barrel located at 21611 N 26th Avenue in Phoenix, AZ. This offering features a long-term Absolute Triple Net (NNN) lease with 14 years remaining in the primary term. The lease includes 1% annual rent increases throughout the base term and provides multiple extension opportunities through several 5-year renewal options, along with additional 5-year options at fair market value (FMV), supporting durable income and long term investment stability.
Investment highlights
- Absolute Triple Net (NNN) Lease with 1% Annual Increases: Long-term Absolute Triple Net (NNN) lease with 14 years remaining in the primary term. The lease includes 1% annual rent increases throughout the base term, along with 6 fixed 5-year renewal options followed by 4 additional 5-year fair market value (FMV) options.
- Conservative Rent Basis: Current rent of approximately $26.07 PSF with modest annual increases supports long-term renewal probability and reduces mark-to-market risk.
- Excellent Interstate Access: Located just off Interstate 17 (111,168 VPD), with immediate access to Loop 101, two of Phoenix’s primary transportation corridors. The interstate positioning aligns with Cracker Barrel’s highway-focused operating model.
- Proximity to $165B Semiconductor Mega-Campus: Located near the Phoenix campus of Taiwan Semiconductor Manufacturing Company (TSMC), representing an estimated $165 billion investment and projected to create approximately 12,000 direct high-wage tech jobs plus 40,000+ construction jobs, driving significant long-term population growth, housing demand, and sustained retail and restaurant traffic in North Phoenix.
- Large 3.44-Acre Parcel: Oversized land component enhances long-term residual value and redevelopment flexibility.
- Established National Tenant with 650+ Locations Nationwide: Cracker Barrel Old Country Store, Inc. operates 650+ locations across 45 states and has been in continuous operation since 1969. The brand’s highway-oriented real estate strategy and long-term occupancy history support durable site selection and renewal probability.
- Established North Phoenix Retail Corridor: Situated within the Deer Valley trade area, surrounded by national retailers and daily needs drivers, including Target, Walmart, Lowe’s, The Home Depot, and Costco.
Listing Contacts
Listed by Sands Investment Group
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$252,963.00
$21,080.25/mo
Valuation Metrics
0
DSCR
5.75%
Cap Rate
5.75%
ROI
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