1323 E North St
Rapid City, SD 57701
Popeye's | 18-Yr Abs NNN · Retail Property For Sale

SRS National Net Lease Group is pleased to present the rare opportunity to acquire Popeyes, an absolute NNN leased, investment property located in Rapid City, SD. The tenant, Platinum Restaurant Group, Inc., has 18 years remaining on the initial term, and has one (5-year) option to extend. The lease features rare 1.5% annual rental increases throughout the initial term and options. The lease is franchisee guaranteed and is absolute NNN with zero landlord responsibilities. The subject site is located along E. North Street (25,200 VPD), a prominent thoroughfare traveling in and out of Rapid City. The subject site has excellent visibility, access and frontage. The asset is less than 1 mile from Rushmore Crossing strip center, which features national/credit tenants such as Target, TJ Maxx, Michael' s, Boot Barn, PetCo, Gordmans, Bed Bath & Beyond and more. In addition, Popeyes is near Northgate Shopping Center anchored by Kmart and Family Dollar. The subject site is poised to benefit from the strong tenant synergy and dense consumer traffic in the immediate area. The 5-mile trade area is supported by a population of approximately 76,000 with an average household income of $58,400. Furthermore, there are approximately 60,000 employees who service the area.