Circle K

1600 Pike Avenue, North Little Rock, AR 72114

$3,973,000

Cap Rate 6.45%

$4,381,000

Cap Rate 5.85%

Views: 58 DOM: 71 Updated: 10.18.23 Posted: 08.06.23 Status: Sold 10.16.23

Summary

Price $3,973,000 $4,381,000	Built/Renov 2023	Tenant Circle K
Cap Rate 6.45% 5.85%	Lease Type Abs NNN	Guarantor Franchisee
Size/SF 3,600	Lease Start 05-22-2023	#Units 200
Price/SF $1,103.61 $1,216.94	Expiration 05-31-2043	Tenant Type Convenience/Gas
NOI $256,273	R. Term 18.5	Ownership Fee Simple
Rent/SF $71.19	Increases 10.0%/5/yrs	Pop 5Mi 128,535
Lot/AC 1.00	Options 4/5yrs/10%	AHHI 5Mi $69,435

Lease Highlights

Brand new 2023 construction
Circle K recently signed a brand new 20-year lease with 4 (5-year) options to extend
Lease features a 10% rental increase every 5 years throughout the initial term and at the start of each option
Property qualifies for 80 percent year one bonus depreciation or 15-year accelerated depreciation per IRS 1250 Property Designation
Absolute NNN | Zero landlord responsibilities
Lease guaranteed by Gas Express, LLC (200+ units)

Location Description

This newly constructed Circle K is strategically located at the signalized, hard corner intersection of Pike Avenue and W. 16th Street with access to 21,000 vehicles passing by daily. Its easily accessible central location is only three miles north of downtown Little Rock and within one mile of two major freeways (I-30 and I-40). The subject property is also located five minutes from the...

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Key Features

New construction
Signalized intersection
University college close
Dense 200M+ pop 5 mi
Top 100 MSA
New development zone
Brand new lease
Absolute NNN
Accelerated depreciation
Top franchise operator

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Links

Circle K Wikipedia Circle K Wikipedia Little Rock, Arkansas Zip Code 72114 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Circle K
Guarantor:Franchisee
Company:Gas Express, LLC
# Units:200
Tenant S&P: BBB
Moody’s: Baa2
Stock:TSE: ATD

About Tenant

Circle K Stores, Inc. is an international chain of convenience stores, and the largest independent convenience store operator in the U.S. in terms of the number of company-operated stores. Founded...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	7,532	62,012	126,491
2023 Total Population :	7,314	61,243	126,103
2023 Employed Civilian Pop :	3,010	30,320	60,678
2023 Total Businesses :	416	4,704	8,316
2023 Average Household Income :	$ 47,587	$ 77,209	$ 80,403
2023 Total Consumer Spending :	$ 154 M	$ 2044 M	$ 4115 M
2023 Median Age :	38	39	40
2023 Total Households :	3,638	30,293	58,793
2023 Pop Age 25+: Bachelor's Degree :	768	10,228	21,221
2023 Average Home Value :	$ 177,293	$ 284,025	$ 262,120

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
365	W 17th St	2020	20,000	0.07 mi
AR 365	W 17th St	2021	18,000	0.07 mi
Pike Ave	W Short 17th St	2017	19,000	0.14 mi
Pike Ave	W 13th St	2017	18,000	0.29 mi
AR 365	W 10th St	2021	17,000	0.41 mi
Pike Avenue	W 10th St	2018	18,000	0.41 mi
West 22nd Street	Marion St	2018	870	0.44 mi
W22NDST	Marion St	2021	900	0.44 mi
Percy Machin Drive	W 19th St	2021	4,000	0.44 mi
West 18th Street	Flora St	2021	1,400	0.47 mi

Listing Broker

Chris Lind

Marcus & Millichap: NLAG

Contact

191 Listings
26925 Views
118 Sold

Mark Ruble

Marcus & Millichap: NLAG

Contact

192 Listings
27027 Views
119 Sold

Chris Lind

Chris Lind specializes in advising the Net Lease Advisory Group’s clients in the acquisition and disposition of net-leased investment properties nationally. Chris is solely committed to single-tenant and multi-tenant net leased assets as well as structuring sale/leasebacks and portfolio sales throughout the United States. Chris has been with Marcus & Millichap since 2007 and his experience includes selling hundreds of properties located throughout the country. Chris prides himself on act

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Mark Ruble

Mark Ruble is the co-founder of the Net Lease Advisory Group and a top producing Agent with Marcus & Millichap. Mark has been with Marcus & Millichap for 19 years (2004) and has received numerous accolades for his superior service and outstanding performance. Mark has successfully closed over 1,840 properties totaling in excess of $5.7 Billion in transaction volume across 46 states. The key to Mark’s success has been his dedication to providing clients with market leading information an

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