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301 Constitution Dr 5,744 SF Retail Building West Monroe, LA 71292 $2,325,000 ($404.77/SF) 6.01% Cap Rate
Investment Highlights
- No Landlord Responsibilities -- Absolute Net Lease with 7.5 Years Remaining
- Excellent Credit Tenant - Brinker (NYSE: EAT)
- Proven Location....Tenant recently (2 years ago) opted to exercise a 10 year renewal rather than than the regular 5 year option
- Strong Demographics and Trade Area (Mixed Retail/Hospitality) (Adjacent to Buffalo Wild Wings, Outback Steakhouse, Cracker Barrell & Harbor Freight)
- (4) additional 5 year lease renewal options at 1.5% annual rent increases
- Asking $2,325,000 (6.06% CAP RATE) at closing NOI = $139,750
Executive Summary
Great Opportunity to acquire a superior Absolute Net investment with a strong credit Tenant! This Chili's restaurant recently renewed their lease for 10 years. (7.5 Years Remaining) There are (4) additional 5-Year renewal options with 1.5% annual increases in Base Rent. Strong corporate credit..... Brinker (NYSE: EAT)
Property Facts Under Contract
Sale Type
Investment NNN
Sale Condition
1031 Exchange
Property Type
Retail
Property Subtype
Building Size
5,744 SF
Building Class
C
Year Built
1997
Price
$2,325,000
Price Per SF
$404.77
Cap Rate
6.01%
NOI
$139,750
Tenancy
Single
Building Height
1 Story
Building FAR
0.08
Lot Size
1.68 AC
Zoning
Commercial
Parking
110 Spaces (19.15 Spaces per 1,000 SF Leased)
Frontage
170’ on Constitution Drive
Nearby Major Retailers
Property Taxes
| Parcel Number | 103662 | Improvements Assessment | $87,510 |
| Land Assessment | $45,249 | Total Assessment | $132,759 |
Property Taxes
Parcel Number
103662
Land Assessment
$45,249
Improvements Assessment
$87,510
Total Assessment
$132,759
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301 Constitution Dr
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