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Freddy's Frozen Custard & Steakburgers 190 Vaughan Ln 3,241 SF Retail Building Pell City, AL 35125 $2,583,000 ($796.98/SF) 6% Cap Rate
INVESTMENT HIGHLIGHTS
- Located in the Birmingham MSA, the largest MSA in Alabama
- 10% rental increases every five years
- Absolute triple net lease with no landlord responsibilities
- New 20-year lease
- Strategically positioned Walmart Supercenter outparcel with excellent visibility
- Located along Interstate 20 (52,000 VPD) at the I-20 and U.S. 231 interchange
EXECUTIVE SUMMARY
The Boulder Group is pleased to exclusively market for sale a single tenant Freddy’s Frozen Custard & Steakburgers sale leaseback property located in Pell City, AL (Birmingham MSA). The Freddy’s property is a strategic outparcel to a Walmart Supercenter and is located at the Interstate 20 and U.S. 231 interchange. The 3,241 square foot drive thru property was recently constructed in 2022.
The twenty-year absolute triple net lease will feature 10% rental increases every five years. The lease will be guaranteed by Bama Custard & Bama Custard 2, which operates seven Freddy’s locations in Alabama, and is controlled by ERC Hospitality. ERC Hospitality is one of the largest Freddy’s franchisee operating 37 Freddy’s locations across Alabama, Colorado, Texas, and New Mexico. Freddy’s Frozen Custard & Steakburgers is one of the fastest growing chains in the U.S. and operates over 560 locations across the country.
The twenty-year absolute triple net lease will feature 10% rental increases every five years. The lease will be guaranteed by Bama Custard & Bama Custard 2, which operates seven Freddy’s locations in Alabama, and is controlled by ERC Hospitality. ERC Hospitality is one of the largest Freddy’s franchisee operating 37 Freddy’s locations across Alabama, Colorado, Texas, and New Mexico. Freddy’s Frozen Custard & Steakburgers is one of the fastest growing chains in the U.S. and operates over 560 locations across the country.
PROPERTY FACTS
Sale Type
Investment NNN
Sale Conditions
Property Type
Retail
Property Subtype
Building Size
3,241 SF
Building Class
B
Year Built
2022
Price
$2,583,000
Price Per SF
$796.98
Cap Rate
6%
NOI
$155,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.07
Lot Size
1.03 AC
Zoning
B2 - Business District
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 23-07-25-0-001-029.003 | Improvements Assessment | $154,390 |
| Land Assessment | $174,240 | Total Assessment | $328,630 |
PROPERTY TAXES
Parcel Number
23-07-25-0-001-029.003
Land Assessment
$174,240
Improvements Assessment
$154,390
Total Assessment
$328,630
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Freddy's Frozen Custard & Steakburgers | 190 Vaughan Ln
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