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Sonic 229 Carson St NW 1,728 SF Retail Building Elk River, MN 55330 $1,950,391 ($1,128.70/SF) 6% Cap Rate
Investment Highlights
- Absolute NNN lease with zero landlord responsibilities and 2% annual rent increases.
- Average household income exceeds $149,836 within a 5-mile radius.
- 18-year operating history demonstrating long-term site performance and market viability.
- Personal guarantee — absolute, unconditional, and irrevocable, beyond the tenant entity.
- Direct Highway 101 access with traffic counts exceeding 53,840 vehicles per day.
- 7% percentage rent provision above a defined sales breakpoint for income upside.
Executive Summary
License # 40628602, 41005445 (MN)
Matthews of Minnesota, LLC
701 Xenia Ave S, Ste 485 Minneapolis MN 55416
(866) 889-0550
Property Facts
Amenities
- Pylon Sign
- Signage
- Signalized Intersection
- Drive Thru
Major Tenants Click Here to Access
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
-
- Accommodation and Food Services
- -
-
$9.99
-
Lorem Ipsum
-
Jan 0000
Sonic Drive-In is an American drive-in fast-food chain founded in 1953 in Shawnee, Oklahoma. The company grew from a small root beer stand originally known as Top Hat before adopting the Sonic name in 1959. Over the decades, it expanded across the United States with a model centered on car-based ordering and service. Sonic became known for its extensive drink options, customizable menu items, and the use of carhops for food delivery. The brand continues to operate as a subsidiary of Inspire Brands, a restaurant holding company that acquired it in 2018. Sonic maintains its headquarters in Oklahoma City, where corporate operations and brand management are based. The company remains privately held under Inspire Brands and continues to oversee a national franchise system.
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
|
|
Accommodation and Food Services | - | $9.99 | Lorem Ipsum | Jan 0000 |
Nearby Major Retailers
Property Taxes
| Parcel Number | 75-802-0105 | Improvements Assessment | $249,500 |
| Land Assessment | $230,000 | Total Assessment | $479,500 |
Property Taxes
Presented by
Sonic | 229 Carson St NW
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