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Views: 90 DOM: 140 Updated: 10.31.24 Posted: 07.04.24 Status: Active

Summary

Price $2,846,000
Built/Renov 1999
Tenant Wendy's
Cap Rate 4.78%
Lease Type Abs NNN
Guarantor Franchisee
Size/SF 3,450
Lease Start 06-01-2024
#Units 300
Price/SF $824.93
Expiration 06-30-2034
Tenant Type Fast Food/QSR
NOI $136,057
R. Term 9.7
Ownership Fee Simple
Rent/SF $39.44
Increases 8.0%/5/yrs
Pop 5Mi 67,588
Lot/AC 1.34
Options 4/5yrs/8%
AHHI 5Mi $83,399

Lease Highlights

  • Wendy’s recently executed a new 10-year lease extension with 4 (5-year) options to extend
  • The lease features 8% rental increases at the start of each option period
  • Absolute NNN lease | Zero landlord responsibilities
  • Double sided electronic billboard with a 24-year ground lease | 10% billboard escalations every 7 years
  • Lease guaranteed by WENDAB Associates (300 units backed)

Location Description

Wendy’s is strategically located on Sherwood Way, with access to 21,549 vehicles passing by daily. The property features a double-sided electronic billboard with outstanding visibility in a highly desirable location. It is a pad site to a Walmart Supercenter and Lowe’s Home Improvement. Additionally, an H-E-B grocery store is directly across the street, and just up the street are other...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Wendy's
  • Guarantor:Franchisee
  • Company:WENDAB Associates
  • # Units:300
  • Tenant S&P: B+
  • Moody’s: B3
  • Stock: NASDAQ: WEN

About Tenant

Wendy's is an American international fast food restaurant chain founded by Dave Thomas in 1969, in Columbus, OH. The Wendy’s Company, together with its subsidiaries, operates as a...


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Demographics

  1 Miles 3 Miles 5 Miles
2029 Total Population : 7,827 38,614 67,658
2024 Total Population : 7,543 38,130 67,075
2024 Employed Civilian Pop : 4,062 20,090 35,450
2024 Total Businesses : 289 1,309 2,906
2024 Average Household Income : $ 104,617 $ 99,672 $ 92,202
2024 Total Consumer Spending : $ 321 M $ 1424 M $ 2277 M
2024 Median Age : 38 37 37
2024 Total Households : 3,497 16,271 27,961
2024 Pop Age 25+: Bachelor's Degree : 1,402 6,396 9,410
2024 Average Home Value : $ 288,403 $ 274,375 $ 263,147
*ESRI data is presented for informational purposes only

Listing Broker

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