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Views: 199 DOM: 523 Updated: 10.25.24 Posted: 11.07.23 Status: Active

Summary

Price $2,319,000
Built/Renov 2016
Tenant Dairy Queen
Cap Rate 5.52%
Lease Type Abs NNN
Guarantor Franchisee
Size/SF 3,147
Lease Start 12-21-2021
#Units 30
Price/SF $736.89
Expiration 12-31-2039
Tenant Type Fast Food/QSR
NOI $128,000
R. Term 14.8
Ownership Fee Simple
Rent/SF $40.67
Increases 9.0%/2/yrs
Pop 5Mi 57,053
Lot/AC 0.82
Options 4/5yrs/9%
AHHI 5Mi $77,038

Lease Highlights

  • Dairy Queen has 15+ years remaining on its current lease term with 4 (5-year) options to extend
  • Lease features a 9% rent increase in the first option period, a 7% rent increase in the 2nd option period, and a 6% rent increase in the third option period
  • Absolute NNN lease | Zero landlord responsibilities

Location Description

Dairy Queen is strategically located at the signalized, hard corner intersection of Charity Street and Veterans Memorial Drive seeing over 27,000 vehicles per day. The site is directly across from a Lowe’s anchored shopping center further increasing consumer draw to the area. Additional national/credit tenants in the area include Walmart Supercenter, Dollar Tree, Walgreens, Anytime Fitness,...

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Maps

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  • 1 Mile
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Tenant

About Tenant

Dairy Queen is an American chain of soft serve ice cream and fast-food restaurants. Dairy Queen opened its first store in 1940 in Joliet, IL and was considered a fixture of social life in small...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 3,082 14,998 22,563
2023 Total Population : 3,128 15,221 22,907
2023 Employed Civilian Pop : 1,442 6,520 10,363
2023 Total Businesses : 279 865 1,053
2023 Average Household Income : $ 55,471 $ 63,318 $ 69,669
2023 Total Consumer Spending : $ 61 M $ 346 M $ 560 M
2023 Median Age : 36 37 38
2023 Total Households : 1,270 6,188 9,091
2023 Pop Age 25+: Bachelor's Degree : 169 1,262 2,173
2023 Average Home Value : $ 139,148 $ 159,342 $ 174,899
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
LA 14 Bus Ardly Dr 2021 4,950 0.01 mi
Charity St Bobbie St 2011 7,950 0.33 mi
LA 338 Acadian Dr 2021 5,832 0.66 mi
Charity St N Airport Rd 2011 18,373 0.70 mi
LA0338 Wabash Ave 2020 5,690 0.70 mi
LA 14 Tabor St 2021 17,255 0.72 mi
LA 14 N Airport Rd 2021 12,059 0.76 mi
LA0338 E Villien Ave 2020 2,404 0.88 mi
LA 338 Marcia Ave 2021 4,025 0.94 mi
LA 3267 S Hospital Dr 2021 3,084 1.17 mi

Listing Broker

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Jeff Conover

Faris Lee Investments

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  • 33 Listings
  • 5334 Views
  • 19 Sold
Greg Lukosky

Faris Lee Investments

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  • 16 Listings
  • 3233 Views
  • 5 Sold

Jeff Conover was appointed Managing Principal at Faris Lee Investments in 2021 and has 34 years of transactional brokerage experience within the commercial real estate industry across the U.S. As Managing Principal of Faris Lee Investments, a national leading retail advisory and investment sales firm, Mr. Conover is a top producer year-over-year with proven performance specializing in the disposition of single tenant NNN leased investments, multi-tenant shopping centers, national portfolios &am

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Experienced, enthusiastic, and accomplished real estate executive with a distinct advantage of management positions in both Corporate Real Estate and Shopping Center Development. Seeking position with a company that will benefit from a creative and analytical background. Experienced in all aspects and phases of both Asset Management and Development from both the developer/owner and tenant perspective as a result of combined 20+ years within private retail development and corporate real estate.

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Hunter Steffien

Faris Lee Investments

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  • 21 Listings
  • 4761 Views
  • 12 Sold
Scott DeYoung

Faris Lee Investments

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  • 34 Listings
  • 5364 Views
  • 20 Sold

As a Director at Faris Lee Investments, Hunter Steffien specializes in the acquisition and disposition of net leased investments with a specific focus Single Tenant Assets. Mr. Steffien hit the ground running with Faris Lee Investments by quickly becoming a top performer in the company and earning an astounding reputation amongst his clients who consist of private-office owners, developers, REITS, franchisees & corporate restaurant chains. Mr. Steffien’s early and continued success is based

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As a Senior Managing Director at Faris Lee Investments, Mr. DeYoung was the co-top producer at the Company in 2021. Mr. DeYoung has more than a decade of brokerage experience and currently holds real estate broker licenses in California, Florida, Montana, and Hawaii. Mr. DeYoung is a fifth-generation broker and developer in Southern California, as well as an active real estate investor. In 2021, Mr. DeYoung acquired and disposed of over $26M in commercial real estate as a General Partner. His e

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