Listed by SURMOUNT
$3,079,250
Popeyes
Details
Property Type Retail
Sub Type QSR/Fast Food
Square Footage 2,536
Cap Rate 6%
NOI $184,755
Occupancy 100%
Tenancy Single
Brand/Tenant Popeyes
Lease Type NNN
Lease Term 20
Lease Expiration 05/31/2043
Remaining Term 16.9
Price per SqFt $1,214
Year Built 2023
Acreage 0.820
Investment Type Net Lease
Tenant Credit Franchisee
Lease Commencement 06/01/2023
Ownership Fee Simple
Retail | 6.00% CAP | 2,536 SqFt
Marketing description
Surmount is pleased to present the exclusive listing for a Popeyes located at 1680 North 1st Street, Hermiston, OR 97838. The site consists of roughly 2,536 rentable square feet of building space on an estimated .82-acre parcel of land. Popeyes is subject to a 20-year Triple Net (NNN) lease, which commenced 6/1/2023. The current annual rent is $184,755 and has scheduled increases of 1.75% Annually Starting June 2029.
Investment highlights
- Strong Retail Corridor & National Co-Tenancy | Located within Hermiston’s primary retail corridor, the site is surrounded by national retailers including Walmart (84th percentile nationally for visitation – Placer.ai), The Home Depot, McDonald’s, Burger King, Harbor Freight, Chipotle, Planet Fitness, AutoZone, O’Reilly Auto Parts, and others. This concentration of necessity-based and service-oriented retailers drives consistent daily traffic and strong cross-shopping.
- Columbia River Recreation & McNary Lock & Dam Regional Draw | The property benefits from close proximity to the Columbia River, a major recreational destination that attracts boaters, anglers, and tourists throughout the year via nearby marinas, parks, and public boat launches. In addition, the site is located near McNary Lock & Dam, a significant regional attraction that draws over 2.8 million annual visits, supported by adjacent parks and viewing areas.
- Strong Franchisee Guarantee | The lease is backed by a strong franchisee guarantee from Pacific Quick Serve HoldCo LLC, a seasoned operator with 150+ units, providing additional credit support beyond the individual site. This structure strengthens income security and enhances the overall credit profile of the investment.
- Hermiston Municipal Airport | The site is located roughly 3 miles from Hermiston Municipal Airport, which supports general aviation, agricultural, and corporate travel. Airport-related activity further enhances traffic flow and supports convenience-oriented retail demand.
Listing Contacts
Listed by SURMOUNT
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$184,755.00
$15,396.25/mo
Valuation Metrics
0
DSCR
6%
Cap Rate
6%
ROI
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