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Views: 95 DOM: 87 Updated: 03.20.24 Posted: 10.17.23 Status: Sold 01.12.24

Summary

Price $1,600,000 $1,760,000
Built/Renov 2018
Tenant Burger King (GL)
Cap Rate 5.50% 5.00%
Lease Type Abs NNN
Guarantor Franchisee
Size/SF 3,237
Lease Start 12-27-2018
#Units 55
Price/SF $494.28 $543.71
Expiration 12-31-2038
Tenant Type Fast Food/QSR
NOI $88,000
R. Term 14.2
Ownership Ground Lease
Rent/SF $27.19
Increases 10.0%/5/yrs
Pop 5Mi 69,077
Lot/AC 0.84
Options 4/5yrs/10%
AHHI 5Mi $94,107

Lease Highlights

  • Burger King has over 15 years remaining on the current lease term with 4 (5-year) options to extend
  • Lease features 10% rental increase every 5 years throughout the initial term and at the start of each option
  • Absolute NNN | Zero landlord responsibilities
  • Lease guaranteed by Barnett Management Company

Location Description

Burger King benefits from excellent frontage along South Watson Road, with a daily traffic count of 60,260 vehicles. Additionally, it is conveniently located in close proximity to the I-10 Freeway, which sees approximately 93,400 vehicles, providing a direct connection to downtown Phoenix. The property is situated in a highly accessible dense retail corridor, adjacent to national big-box...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

About Tenant

Burger King is an American-based multinational chain of hamburger fast food restaurants, and the second largest fast food hamburger chain in the world. The Burger King menu features their...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 12,837 41,264 82,114
2023 Total Population : 11,064 38,460 78,291
2023 Employed Civilian Pop : 5,317 18,844 37,103
2023 Total Businesses : 166 289 697
2023 Average Household Income : $ 103,475 $ 103,683 $ 107,139
2023 Total Consumer Spending : $ 310 M $ 1030 M $ 2194 M
2023 Median Age : 36 32 32
2023 Total Households : 3,467 11,484 23,708
2023 Pop Age 25+: Bachelor's Degree : 1,285 3,282 7,559
2023 Average Home Value : $ 342,882 $ 387,912 $ 403,497
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
S Watson Rd W Hopi St 2015 15,900 0.13 mi
South Watson Road W Hopi St 2018 16,722 0.13 mi
S Watson Rd W Hammond Dr 2014 14,161 0.61 mi
I-10 Exit 116 A-Ramp I- 10 2020 2,666 0.66 mi
S Watson Rd 2021 12,914 0.68 mi
I- 10 S Watson Rd 2009 42,000 0.70 mi
North Watson Road I- 10 2021 2,529 0.72 mi
S Watson Rd 2021 3,195 0.77 mi
S Watson Rd 2021 13,490 0.78 mi
I- 10 S Watson Rd 2015 68,116 1.24 mi

Listing Broker

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