Popeyes

834 Springfield Avenue, Irvington, NJ 07111

$3,391,000

Cap Rate 5.75%

Views: 133 DOM: 342 Updated: 08.24.24 Posted: 10.10.23 Status: Active

Summary

Price $3,391,000	Built/Renov 2016	Tenant Popeyes
Cap Rate 5.75%	Lease Type Abs NNN	Guarantor Franchisee
Size/SF 3,324	Lease Start 03-01-2024	#Units 1
Price/SF $1,020.16	Expiration 02-28-2044	Tenant Type Fast Food/QSR
NOI $195,000	R. Term 19.5	Ownership Fee Simple
Rent/SF $58.66	Increases 10.0%/5/yrs	Pop 5Mi 845,436
Lot/AC 0.52	Options 0/0yrs	AHHI 5Mi $92,310

Lease Highlights

Popeyes has operated successfully at this site as one of the highest volume Popeyes locations in the system for 25 years
This location has a strong sales history that has consistently grown year-over-year and reached nearly $3.3M in 2022 (7% rent to sales ratio)
The tenant will execute a brand new 20-year lease with zero landlord responsibilities or expenses upon completion of the sale
Lease features 10% rental increases every 5 years
The restaurant is managed by an experienced, multi-unit franchisee, Quick Quality Restaurants, Inc., that operates a number of Burger King and Popeyes restaurants in New Jersey

Location Description

Popeyes benefits from excellent visibility on Springfield Avenue, located just a few hundred feet from its signalized corner intersection with Grove Street and a combined daily traffic count of 30,000 vehicles. The subject property is less than a mile away from 10 elementary schools, as well as Irvington High School and University High School. Additionally, it is within a 2-mile radius of the...

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Key Features

In location for years
Near major nationals
Strategically located
Dense 200M+ pop 5 mi
Top 100 MSA
Strong demographics
Long 20+ yr lease
Store sales reported
Absolute NNN
Personal guarantee

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Links

Popeyes Wikipedia Popeyes Wikipedia Irvington, New Jersey Zip Code 07111 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Popeyes
Guarantor:Franchisee
Company:Quick Quality Restaurants, Inc.
# Units:1
Tenant S&P: BB
Stock: NYSE: QSR

About Tenant

Popeyes Louisiana Kitchen, Inc., also known as Popeyes, is an American multinational chain of fried chicken fast food restaurants that was founded in 1972 in New Orleans, LA. Popeyes distinguishes...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	67,347	426,404	858,345
2023 Total Population :	67,863	421,936	848,740
2023 Employed Civilian Pop :	29,279	186,656	400,835
2023 Total Businesses :	1,057	10,018	22,287
2023 Average Household Income :	$ 62,966	$ 81,714	$ 94,237
2023 Total Consumer Spending :	$ 1349 M	$ 10704 M	$ 25007 M
2023 Median Age :	35	35	36
2023 Total Households :	24,639	151,165	307,938
2023 Pop Age 25+: Bachelor's Degree :	6,561	47,168	106,201
2023 Average Home Value :	$ 355,594	$ 424,760	$ 471,003

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Springfield Ave	Ellis Ave	2013	14,822	0.10 mi
Grove St	Berkeley Ter	2013	5,968	0.13 mi
Madison Avenue		2019	9,560	0.16 mi
Springfield Ave	Bruen Ave	2006	22,055	0.16 mi
Springfield Avenue	Bruen Ave	2019	22,736	0.16 mi
Eastern Parkway		2019	12,305	0.17 mi
Garden State Parkway	Garden State Pkwy	2017	235,003	0.20 mi
Western Pkwy	W Avon Ave	2011	5,190	0.21 mi
Eastern Pkwy	Berkeley Ter	2017	4,344	0.22 mi
Garden State Pkwy	Madison Ave	2011	9,970	0.23 mi

Listing Broker

Michael Shover

CBRE: NLPG Philadelphia

Contact

64 Listings
6400 Views
18 Sold

Matthew Gorman

CBRE: NLPG Philadelphia

Contact

64 Listings
6400 Views
18 Sold

Michael Shover

Michael Shover joined CBRE as Senior Vice President in 2015 specializing in the sale of Net Lease properties in the Mid-Atlantic Region and throughout the country. Shortly after, Michael was inducted into CBRE’s exclusive Net Lease Property Group, leading and specializing in the Mid-Atlantic area. The Net Lease Property Group comprises of a team of senior advisors located within major metropolitan areas throughout the United States who are dedicated to transacting single-tenant assets and net-l

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Matthew Gorman

Matthew Gorman joined CBRE as Senior Vice President in 2015 specializing in the sale of Net Lease properties in the Mid-Atlantic Region and throughout the country. Matthew and his team's primary goal is to execute for their clients at the highest level by representing their best interests professionally, honestly and with integrity in all aspects of the marketing and sales process. Shortly after joining CBRE, Matthew was inducted into the exclusive Net Lease Property Group, leading the Philadel

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