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Views: 87 Updated: 05.06.24 Posted: 08.11.23 Status: Inactive 05.07.24

Summary

Price $2,348,000
Built/Renov 2007
Tenant Sweet Basil Cafe
Cap Rate 7.00%
Lease Type Abs NNN
Guarantor Corporate
Size/SF 7,470
Lease Start 04-01-2023
#Units 7
Price/SF $314.32
Expiration 03-31-2034
Tenant Type Casual Dining
NOI $164,340
R. Term 9.6
Ownership Fee Simple
Rent/SF $22.00
Increases 47.0%/2/yrs
Pop 5Mi 148,760
Lot/AC 1.35
Options 2/5yrs/10%
AHHI 5Mi $131,049

Lease Highlights

  • The tenant, Basil Group, LLC, recently signed a brand new 11-year lease with 2 (5-year) options to extend
  • The lease features a 47% rental increase beginning in April 2025
  • The tenant is currently paying significantly below market rent
  • Tenant reimburses for CAM charges, taxes, and insurance, and maintains all aspects of the Premises
  • Corporate guaranteed lease

Location Description

The subject property is strategically located along S. Randall Rd., averaging 41,400 vehicles passing by daily. The site benefits from excellent visibility via significant street frontage and a large monument sign. Furthermore, the building is ideally situated within Algonquin Commons, a top-performing regional power center featuring anchor tenants such as Trader Joe’s, Ulta Beauty, Ross Dress...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Sweet Basil Cafe
  • Guarantor:Corporate
  • Company:Basil Group, LLC
  • # Units:7
  • Stock:Private

About Tenant

Basil Group, LLC (dba Sweet Basil Cafe) is a family owned and operated Greek/American cafe restaurant chain. Their restaurants feature a diverse range of breakfast, lunch, dinner, and catering...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 4,985 52,725 147,730
2023 Total Population : 5,063 52,845 148,760
2023 Employed Civilian Pop : 3,165 29,080 81,145
2023 Total Businesses : 292 1,403 3,978
2023 Average Household Income : $ 152,815 $ 140,241 $ 131,049
2023 Total Consumer Spending : $ 256 M $ 2231 M $ 5743 M
2023 Median Age : 39 38 36
2023 Total Households : 1,991 18,849 51,639
2023 Pop Age 25+: Bachelor's Degree : 1,109 10,308 25,571
2023 Average Home Value : $ 305,056 $ 302,013 $ 294,888
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Randall Rd N County Line Rd 2013 33,900 0.04 mi
County Line Rd N County Line Rd 2014 3,050 0.16 mi
N County Line Rd County Line Rd 2018 6,400 0.17 mi
Randall Rd Commerce Dr 2015 37,529 0.32 mi
Millbrook Drive Millbrook Dr 2018 3,500 0.41 mi
Boyer Rd Loren Ln 2014 3,450 0.47 mi
County Line Rd Boyer Rd 2010 2,650 0.47 mi
Boyer Road Williamsburg Dr 2018 2,250 0.48 mi
Stonegate Rd Tunbridge Trl 2013 2,800 0.53 mi
Boyer Road Corporate Pkwy 2018 3,250 0.53 mi

Listing Broker

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