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Views: 78 Updated: 11.21.23 Posted: 07.27.23 Status: Inactive

Summary

Price $2,064,000
Built/Renov 2000
Tenant Little Caesars
Cap Rate 7.00%
Lease Type Abs NNN
Guarantor Franchisee
Size/SF 2,240
Lease Start 07-01-2023
#Units 13
Price/SF $921.43
Expiration 06-30-2048
Tenant Type Fast Casual/Rest.
NOI $144,476
R. Term 23.7
Ownership Fee Simple
Rent/SF $64.50
Increases 1.5%/5/yrs
Pop 5Mi 38,598
Lot/AC 0.42
Options 4/5yrs/1.5%
AHHI 5Mi $87,634

Lease Highlights

  • Little Caesars recently signed a brand new 25-year lease with 4 (5-year) options to extend
  • The lease features 1.5% rental increases beginning on the sixth year of the initial term
  • Absolute NNN | Zero landlord responsibilities
  • Franchisee guaranteed lease (13 units)

Location Description

The subject property is strategically located near the signalized, hard-corner intersection of W. 39th Street and 2nd Avenue, which averages a combined 39,900 vehicles passing by daily. The site benefits from excellent visibility via significant street frontage and a large pylon sign and has multiple points of ingress/egress. Furthermore, the building is equipped with a drive-thru, providing...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Little Caesars
  • Guarantor:Franchisee
  • Company:Franchisee
  • # Units:13
  • Stock:Private

About Tenant

Little Caesars Enterprises, Inc (dba Little Caesars) is the third largest American pizza chain. It operates and franchises pizza restaurants in the United States and internationally in Asia, the...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 9,897 36,789 39,777
2023 Total Population : 9,807 36,018 38,925
2023 Employed Civilian Pop : 5,588 19,779 21,373
2023 Total Businesses : 554 1,680 1,812
2023 Average Household Income : $ 91,518 $ 85,661 $ 87,480
2023 Total Consumer Spending : $ 316 M $ 1073 M $ 1173 M
2023 Median Age : 37 33 33
2023 Total Households : 4,007 14,444 15,466
2023 Pop Age 25+: Bachelor's Degree : 1,955 5,881 6,383
2023 Average Home Value : $ 242,178 $ 251,648 $ 259,063
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
W 39th St 2nd Ave 2018 12,960 0.05 mi
2nd Ave W 38th St 2018 26,905 0.11 mi
2nd Ave W 42nd St 2018 23,825 0.11 mi
W 39th St Central Ave 2018 12,380 0.17 mi
6th Avenue W 39th St 2018 2,415 0.19 mi
6th Ave W 35th St 2018 2,205 0.32 mi
W 35th St 7th Ave 2018 2,270 0.37 mi
6th Ave W 35th St 2018 2,720 0.38 mi
W 33rd St 3rd Ave 2018 1,950 0.40 mi
5th Ave W 33rd St 2018 2,960 0.43 mi

Listing Broker

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