Listed by Marcus & Millichap - Milwaukee
$699,000
Checkers Ground Lease
Details
Property Type Retail
Sub Type QSR/Fast Food, Restaurant
Square Footage 978
Cap Rate 5.75%
NOI $40,181
Occupancy 100%
Tenancy Single
Brand/Tenant Checkers and Rally's
Lease Type Absolute NNN
Lease Term 43.4
Lease Expiration 08/31/2040
Remaining Term 14.2
Rent Bumps Yes
Lease Options two five-year
Year Built 1997
Stories 1
Acreage 0.440
Tenant Credit Franchisee
Lease Commencement 05/01/1997
Ground Lease Yes
14 Yr Abs Net Ground Lease
Marketing description
Marcus & Millichap is pleased to present this single-tenant Checkers with dual drive-thru. This location was built-to-suit in 1997 and Checkers signed a 20 year renewal in 2020 that extended their lease through August 2040. The ground lease features 12% rent increases every five years, with the next increase occurring in October 2027. The adjacent O'Reilly Auto Parts is also available for sale, contact Jeff Rowlett and Kelly Flowers for the OM and more information.
Investment highlights
- 14 Years Remaining on an Absolute Net Ground Lease
- Built-to-Suit in 1997 and Checkers Renewed for 20 Years in 2020
- 12% Rent Increases Every Five Years - Next Rent Increase in October 2027 Raises the Cap Rate to 6.44%
- Top 4% of Checkers Nationwide, per Placer.ai – More Info on Page 10
- 35,000+ Vehicles Per Day and 480,000+ Residents within Five Miles
Listing Contacts
Listed by Marcus & Millichap - Milwaukee
Valuation Calculator
Login or Sign up to see Valuation Metrics
Sign up for Crexi to see valuation metrics for this property
Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$40,181.00
$3,348.42/mo
Valuation Metrics
0
DSCR
5.75%
Cap Rate
5.75%
ROI
Map
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Additional Information
Name
License
Brokerage
Title
Is there information that looks off?
