Sonic Drive-In | Tonganoxie, KS
6.00% CAP | 20-Yr Abs NNN Lease | 6-Unit Portfolio
Marketing description
6-UNIT SONIC PORTFOLIO (AVAILABLE INDIVIDUALLY OR AS A PORTFOLIO)
CBRE is pleased to present an exclusive listing for a 6-Unit Sonic Sale Leaseback portfolio in Kansas. The tenant will sign long-term leases upon the close of escrow. The properties are available individually or as a portfolio.
20-YEAR ABSOLUTE TRIPLE NET (NNN) SALE LEASEBACK
Upon the close of escrow, the tenant will sign a 20-year Absolute Triple Net (NNN) Sale Leaseback. Tenant is responsible for taxes, insurance, and all repairs & maintenance at the property, including roof & structure, leaving landlord with zero management responsibilities. The lease features 10% rental increases every 5 years and three, five-year tenant renewal options.
CONSERVATIVE RENT TO SALES RATIO
The lease has been structured with a conservative rent to sales ratio, ensuring long term operational success. Contact agent for more details.
EXPERIENCED OPERATOR
The property is operated by SERJ Group, a successful multi-brand franchisee of Taco Bell and Sonic with 25+ locations across three states.
TONGANOXIE HIGH SCHOOL
The subject property is located directly across from Tonganoxie High School, the only high school in the market. Tonganoxie HS has a student enrollment of approximately 650 students and provides a reliable customer base for the restaurant. Also within close proximity to the school and restaurant is Chieftain Park and Magnatech Park, which are strong points of interest in this area.
Investment highlights
- PRICING: $2,400,000
- CAP RATE: 6.00%
- NOI: $144,000
- LEASE TERM: 20 YEARS
- INCREASES: 10% EVERY 5 YEARS
- 6-UNIT PORTFOLIO (AVAILABLE INDIVIDUALLY OR AS A PORTFOLIO)
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