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Popeyes | Abs NNN | Drive-Thru Equipped 809 US-51 3,165 SF Retail Building Covington, TN 38019 $1,438,000 ($454.34/SF) 5.75% Cap Rate
Investment Highlights
- 12+ Years Remaining | Options To Extend | 10% Rental Increases | Corporate Signature | Drive-Thru Equipped
- Dense Retail Corridor | Steps From Park Plaza
- Direct Residential Consumer Base
- Absolute NNN | Fee Simple Ownership | Zero Landlord Responsibilities
- Strong Frontage On US-51 (18,600 VPD)
Executive Summary
• More than 12 years of remaining primary term with two (2) 5-year renewal options, providing stable in-place income and long-term extension potential
• 10% rental increases every 5 years during the primary term and at the beginning of each option period support NOI growth and provide a hedge against inflation
• The tenant, Popeyes Louisiana Kitchen, Inc., is a corporate entity for Popeyes, one of the world’s largest chicken QSR brands with more than 5,000 locations
• The property features drive-thru infrastructure, promoting efficient customer flow and supporting tenant performance
• 10% rental increases every 5 years during the primary term and at the beginning of each option period support NOI growth and provide a hedge against inflation
• The tenant, Popeyes Louisiana Kitchen, Inc., is a corporate entity for Popeyes, one of the world’s largest chicken QSR brands with more than 5,000 locations
• The property features drive-thru infrastructure, promoting efficient customer flow and supporting tenant performance
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Fast Food
Building Size
3,165 SF
Building Class
C
Year Built/Renovated
1986/2018
Price
$1,438,000
Price Per SF
$454.34
Cap Rate
5.75%
NOI
$82,680
Tenancy
Single
Building Height
1 Story
Building FAR
0.08
Lot Size
0.92 AC
Opportunity Zone
Yes
Zoning
B-2 - City / Highway Oriented Business District
Parking
54 Spaces (17.06 Spaces per 1,000 SF Leased)
Amenities
- Pylon Sign
- Drive Thru
Fairly walkable
40/100
Exceptionally drivable
100/100
Somewhat bikeable
20/100
Nearby Major Retailers
1 of 11
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Popeyes | Abs NNN | Drive-Thru Equipped | 809 US-51
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