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Popeyes | New 20-Yr Abs NNN | Warsaw, IN 3501 Lake City Hwy 1,958 SF Retail Building Warsaw, IN 46580 $2,601,626 ($1,328.72/SF) 6.15% Cap Rate
Investment Highlights
- Brand New 20-Year Absolute NNN Lease Commencing June 2026 | Zero Landlord Responsibilities
- Scheduled 10% Rent Increases Every 5 Years | $160,000 NOI at 6.15% CAP
- Operated by Award-Winning Franchisee | 2024 Popeyes Developer of the Year & 2022 Franchisee of the Year
- Four (4) Five-Year Renewal Options Providing Up to 40 Years of Total Term
- Personal Guaranty in Place (Inquire w/ Agent for Details)
- Popeyes Operates 3,700+ Locations Globally as a Subsidiary of Restaurant Brands International
Executive Summary
Marcus & Millichap is pleased to present the opportunity to acquire a freestanding Popeyes drive-thru located at 3501 Lake City Highway in Warsaw, Indiana, the commercial hub of Kosciusko County. The ±1,958-square-foot restaurant, built in 2022, sits on ±0.67 acres and is secured by a brand-new 20-year absolute NNN lease commencing June 2026, with zero landlord responsibilities and four (4) five-year renewal options and scheduled 10% rent increases every five years delivering consistent organic income growth and long-term inflation protection. The property is operated by an award-winning, experienced Popeyes franchisee with an extensive portfolio across the Greater Chicago Area, Indiana, Michigan, and Wisconsin, recognized as 2024 Popeyes Developer of the Year and 2022 Popeyes Franchisee of the Year, with a personal guaranty in place (inquire with agent for details).
The property is positioned along Lake City Highway (US-30) at its intersection with E Old Rd 30 (±5,690 VPD), Warsaw's primary east-west commercial corridor carrying ±25,422 VPD, with adjacent neighbors including Rural King, Dollar General, Wings Etc., and Paragon Medical. The 5-mile trade area supports 57,060 residents with an average household income of $98,611, and the 3-mile population of 21,488 benefits from a strong daytime employment base anchored by Zimmer Biomet, DePuy Synthes Johnson & Johnson MedTech, Autocam Medical, and Grace College (2,485 enrollment). Warsaw's orthopedic industry supports 13,000 local jobs and approximately one-third of global orthopedic manufacturing, underpinning a stable, growing regional economy with long-term net-lease demand.
The property is positioned along Lake City Highway (US-30) at its intersection with E Old Rd 30 (±5,690 VPD), Warsaw's primary east-west commercial corridor carrying ±25,422 VPD, with adjacent neighbors including Rural King, Dollar General, Wings Etc., and Paragon Medical. The 5-mile trade area supports 57,060 residents with an average household income of $98,611, and the 3-mile population of 21,488 benefits from a strong daytime employment base anchored by Zimmer Biomet, DePuy Synthes Johnson & Johnson MedTech, Autocam Medical, and Grace College (2,485 enrollment). Warsaw's orthopedic industry supports 13,000 local jobs and approximately one-third of global orthopedic manufacturing, underpinning a stable, growing regional economy with long-term net-lease demand.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Fast Food
Building Size
1,958 SF
Building Class
C
Year Built
1995
Price
$2,601,626
Price Per SF
$1,328.72
Cap Rate
6.15%
NOI
$160,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.07
Lot Size
0.67 AC
Zoning
C-3 A - Commercial
Amenities
- Signage
- Air Conditioning
- Smoke Detector
Somewhat walkable
30/100
Exceptionally drivable
100/100
Somewhat bikeable
30/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 43-11-15-100-002.000-032 | Improvements Assessment | $469,300 |
| Land Assessment | $196,000 | Total Assessment | $665,300 |
Property Taxes
Parcel Number
43-11-15-100-002.000-032
Land Assessment
$196,000
Improvements Assessment
$469,300
Total Assessment
$665,300
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