Listed by Matthews
$1,250,000
Perkins
Details
Property Type Retail
Sub Type Restaurant
Square Footage 5,664
Cap Rate 13.34%
NOI $166,698
Tenancy Single
Lease Type Absolute NNN
Lease Expiration 04/15/2027
Rent Bumps Yes
Lease Options Four, 5-Year Options
Year Built 2006
Acreage 1.260
Investment Type Net Lease
Ground Lease No
Ownership Fee Simple
Retail | 13.34% CAP | 5,664 SqFt
Marketing description
Perkins American Food Co. is a family-style casual dining chain known for all-day breakfast, comfort food, and bakery items. Founded in 1958 and operated by Ascent Hospitality, it has a broad North American presence and typically occupies suburban, high-traffic retail locations, with a focus on value and recent efforts to modernize its brand and formats.
Investment highlights
- Strategic Highway Location Serving Okoboji Lakes Corridor: The property is ideally positioned along U.S. Highway 71, the primary north-south corridor connecting regional traffic directly into the Iowa Great Lakes and Okoboji area—one of the Midwest's most popular seasonal destinations. This location captures a combination of consistent local traffic and significant seasonal tourism flow, providing strong visibility and accessibility for both residents and travelers. The surrounding trade area is supported by solid consumer fundamentals, with average household incomes of approximately $111,108 within a 5-mile radius, reinforcing year-round dining demand.
- Gateway to Iowa Great Lakes — Seasonal Tourism Driver: Milford serves as the southern gateway to the Okoboji lakes region, a well-known vacation destination that draws substantial seasonal visitors for boating, recreation, and tourism. The area is also home to popular attractions such as Arnolds Park Amusement Park, a historic waterfront destination that drives consistent regional and tourist traffic. The subject property benefits from increased demand during peak travel months, creating a meaningful boost in restaurant traffic beyond the local consumer base.
- Established National Restaurant Concept – Perkins American Food Co.: Perkins is a long-standing, nationally recognized family dining concept with 260+ locations across the United States and Canada, with a strong concentration in Midwest markets. The brand is well-positioned for smaller and tertiary markets, offering all-day dining that caters to a broad demographic including local residents, travelers, and an older population base—supporting consistent, necessity-driven demand.
- Absolute NNN Lease — Fully Passive Ownership: Perkins is responsible for all expenses including taxes, insurance, CAM, roof, and structure—offering a truly passive, hassle-free investment.
Listing Contacts
Listed by Matthews
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Loan Amount
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Annual Debt Service
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$--
Annual Cash Flow
$166,698.00
$13,891.50/mo
Valuation Metrics
0
DSCR
13.34%
Cap Rate
13.34%
ROI
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