Property History
Marcus & Millichap is pleased to present the opportunity to acquire a freestanding Popeyes drive-thru located at 3501 Lake City Highway in Warsaw, Indiana, the commercial hub of Kosciusko County. The ±1,958-square-foot restaurant, built in 2022, sits on ±0.67 acres and is secured by a brand-new 20-year absolute NNN lease commencing June 2026, with zero landlord responsibilities and four (4) five-year renewal options and scheduled 10% rent increases every five years delivering consistent organic income growth and long-term inflation protection. The property is operated by an award-winning, experienced Popeyes franchisee with an extensive portfolio across the Greater Chicago Area, Indiana, Michigan, and Wisconsin, recognized as 2024 Popeyes Developer of the Year and 2022 Popeyes Franchisee of the Year, with a personal guaranty in place (inquire with agent for details).
The property is positioned along Lake City Highway (US-30) at its intersection with E Old Rd 30 (±5,690 VPD), Warsaw's primary east-west commercial corridor carrying ±25,422 VPD, with adjacent neighbors including Rural King, Dollar General, Wings Etc., and Paragon Medical. The 5-mile trade area supports 57,060 residents with an average household income of $98,611, and the 3-mile population of 21,488 benefits from a strong daytime employment base anchored by Zimmer Biomet, DePuy Synthes Johnson & Johnson MedTech, Autocam Medical, and Grace College (2,485 enrollment). Warsaw's orthopedic industry supports 13,000 local jobs and approximately one-third of global orthopedic manufacturing, underpinning a stable, growing regional economy with long-term net-lease demand.
- Brand New 20-Year Absolute NNN Lease Commencing June 2026 | Zero Landlord Responsibilities
- Four (4) Five-Year Renewal Options Providing Up to 40 Years of Total Term
- Scheduled 10% Rent Increases Every 5 Years | $160,000 NOI at 6.15% CAP
- Personal Guaranty in Place (Inquire w/ Agent for Details)
- Operated by Award-Winning Franchisee | 2024 Popeyes Developer of the Year & 2022 Franchisee of the Year
- Popeyes Operates 3,700+ Locations Globally as a Subsidiary of Restaurant Brands International
- Located Along Lake City Hwy (US-30) | ±25,422 VPD | Strong Northern Indiana Retail Corridor
- 3-Mile Demographics: 21,488 Residents | $95,807 Avg. HH Income | Grace College (2,485 Enrollment)
- 5-Mile Demographics: 57,060 Residents | $98,611 Avg. HH Income
- Warsaw is the Orthopedic Capital of the World | 13,000+ Local Industry Jobs | ~1/3 of Global Orthopedic Manufacturing
Marcus & Millichap is pleased to present the opportunity to acquire a freestanding Popeyes drive-thru located at 3501 Lake City Highway in Warsaw, Indiana, the commercial hub of Kosciusko County. The ±1,958-square-foot restaurant, built in 2022, sits on ±0.67 acres and is secured by a brand-new 20-year absolute NNN lease commencing June 2026, with zero landlord responsibilities and four (4) five-year renewal options and scheduled 10% rent increases every five years delivering consistent organic income growth and long-term inflation protection. The property is operated by an award-winning, experienced Popeyes franchisee with an extensive portfolio across the Greater Chicago Area, Indiana, Michigan, and Wisconsin, recognized as 2024 Popeyes Developer of the Year and 2022 Popeyes Franchisee of the Year, with a personal guaranty in place (inquire with agent for details).
The property is positioned along Lake City Highway (US-30) at its intersection with E Old Rd 30 (±5,690 VPD), Warsaw's primary east-west commercial corridor carrying ±25,422 VPD, with adjacent neighbors including Rural King, Dollar General, Wings Etc., and Paragon Medical. The 5-mile trade area supports 57,060 residents with an average household income of $98,611, and the 3-mile population of 21,488 benefits from a strong daytime employment base anchored by Zimmer Biomet, DePuy Synthes Johnson & Johnson MedTech, Autocam Medical, and Grace College (2,485 enrollment). Warsaw's orthopedic industry supports 13,000 local jobs and approximately one-third of global orthopedic manufacturing, underpinning a stable, growing regional economy with long-term net-lease demand.
- Brand New 20-Year Absolute NNN Lease Commencing June 2026 | Zero Landlord Responsibilities
- Four (4) Five-Year Renewal Options Providing Up to 40 Years of Total Term
- Scheduled 10% Rent Increases Every 5 Years | $160,000 NOI at 6.15% CAP
- Personal Guaranty in Place (Inquire w/ Agent for Details)
- Operated by Award-Winning Franchisee | 2024 Popeyes Developer of the Year & 2022 Franchisee of the Year
- Popeyes Operates 3,700+ Locations Globally as a Subsidiary of Restaurant Brands International
- Located Along Lake City Hwy (US-30) | ±25,422 VPD | Strong Northern Indiana Retail Corridor
- 3-Mile Demographics: 21,488 Residents | $95,807 Avg. HH Income | Grace College (2,485 Enrollment)
- 5-Mile Demographics: 57,060 Residents | $98,611 Avg. HH Income
- Warsaw is the Orthopedic Capital of the World | 13,000+ Local Industry Jobs | ~1/3 of Global Orthopedic Manufacturing
Loan History
Financial History
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