Casa Olé 1700 Ruth St 4,576 SF Retail Building Sulphur, LA 70663 $2,905,881 ($635.03/SF) 6.75% Cap Rate
INVESTMENT HIGHLIGHTS
- Casa Olé & MRI Heritage Brands: Long Term Operator with a Great Restaurant Group
- Remarkable Tenure at this Location and the Ability for Continued Symbiotic Success
- Barriers to Entry Location, Off I-10
- Sulphur / Lake Charles MSA Advantage
EXECUTIVE SUMMARY
Colliers is pleased to offer qualified investors the opportunity to acquire a seasoned, single-tenant absolute net leased Casa Olé restaurant in the town of Sulphur in the Lake Charles, Louisiana MSA. Casa Olé has been at this location for 21 years and has five years of term remaining. The lease which contains annual lease escalations of 1.5% to help protect the income stream against inflation. Investors will benefit as this lease is structured as absolute NNN, with zero Landlord responsibilities (mailbox money).
The 4,576 SF building fronts Ruth Street, a busy four lane road, and sits on a large 2.44-acre parcel with an ample parking ratio. The subject property allows an attractive opportunity to acquire an oversized parcel which could be utilized to create arbitrage. The size of the building and the flexibility afforded due to the parcel size offers an investor great downside protection in this investment. The subject property benefits from being located within the Lake Charles MSA which has a population of 240,000 people. Sulphur benefits from its uniquely advantageous infrastructure, including I-10, Highway 90, and the Port of Lake Charles.
The 4,576 SF building fronts Ruth Street, a busy four lane road, and sits on a large 2.44-acre parcel with an ample parking ratio. The subject property allows an attractive opportunity to acquire an oversized parcel which could be utilized to create arbitrage. The size of the building and the flexibility afforded due to the parcel size offers an investor great downside protection in this investment. The subject property benefits from being located within the Lake Charles MSA which has a population of 240,000 people. Sulphur benefits from its uniquely advantageous infrastructure, including I-10, Highway 90, and the Port of Lake Charles.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Restaurant
Building Size
4,576 SF
Building Class
C
Year Built
2004
Price
$2,905,881
Price Per SF
$635.03
Cap Rate
6.75%
NOI
$196,147
Tenancy
Single
Building Height
1 Story
Building FAR
0.04
Lot Size
2.44 AC
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 01331428 | Improvements Assessment | $57,870 |
| Land Assessment | $36,300 | Total Assessment | $94,170 |
