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Popeyes Louisiana Kitchen, Crawfordville, FL

Popeyes Louisiana Kitchen

Price $2,286,000
Cap Rate 5.25%
NOI $120,000
Lease Term 20 Years
Lease Type Absolute NNN, with Tenant Responsible for All Taxes, Insurance, and Maintenance, Including Roof, Structure, and Parking Lot
Rental Increases 10% Rental Increases Every Five (5) Years
Year Built 2020
Building Size ±2,145 SF
Lot Size ±1.00 Acres (43,696 SF)
Status Available
Lead Broker Information Michael T. Yuras, CCIM
Cushman & Wakefield
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Senior Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Vincent Aicale
Cushman & Wakefield
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Cushman & Wakefield
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

NEW 20-YEAR ABSOLUTE NNN LEASE
» 10% rental increases every five years, providing an excellent hedge against inflation
» Absolute NNN lease requires no landlord management, ideal for an out of area investor
» Long-term lease to strong and expanding operator with 119 units
» Popeye’s is the world’s second largest quick-service chicken concept, with 3,000 units

POPEYES U.S. SAME-STORE SALES CLIMBED 29.2% DURING THE FIRST THREE MONTHS OF 2020, OUTPACING ALL COMPETITORS
» Popeyes’ new chicken sandwich has provided a historic sales boost – visits are 114.8% above the company’s baseline since the chicken sandwich launched
» Popeyes is proving to be COVID-proof and a pioneer in the fast food industry with its delivery program
» Popeyes has ramped up delivery significantly in the U.S. resulting in $250MM in additional revenue

EASILY ACCESSIBLE AND HIGH-TRAFFIC LOCATION IN POPULOUS FLORIDA SUBMARKET
» 71,524 residents within 15 miles of the property, providing a large customer base for the location
» Located along U.S. Route 319/Crawfordville Highway, a major north-south thoroughfare traversing the entirety of Crawfordville (19,400 AADT)
» Projected 11 percent average annual household income increase within a 15-mile radius of the property in the next five years, poising Popeyes and Crawfordville for significant concurrent growth
» The nearest Popeyes location is 19 miles away, providing minimal competition for the property

CENTRAL LOCATION NEAR MULTIPLE TOURIST ATTRACTIONS, RETAILERS, AND COMMUNITY HUBS
» Neighbored by the only Walmart Supercenter location within 20 miles of the property
» Surrounded by a strong mix of local and national retailers, including Burger King, Taco Bell, Zaxby’s, Tractor Supply, Walgreens, Dollar General, and many more
» Within a five-mile radius of four schools with a combined enrollment of 2,078 students, greatly increasing lunchtime traffic to the location
» Gateway to the Gulf of Mexico/Apalachee Bay to the south and Tallahassee to the north (2.4 million annual visitors, $901 million in annual economic impact)

NEW 2020 CONSTRUCTION IN TAX FREE STATE
» High-quality construction completed in 2020 with drive-thru
» Florida has no state income tax, estate tax, or inheritance tax
» New building, limiting near-term deferred maintenance or capital costs
» Ample on-site parking



Property Description

The property is conveniently located along U.S. Route 319/Crawfordville Highway, a major north-south thoroughfare traversing the entirety of Crawfordville (19,400 AADT). The site benefits from its location in a populous area, with 71,524 residents living within a 15-mile radius of the property. With a projected 11 percent average annual household income increase within a 15-mile radius of the property in the next five years, Popeyes and Crawfordville are poised for significant concurrent growth. The nearest Popeyes location resides 19 miles away, providing minimal competition for the property.

The property also has a central location near multiple tourist attractions, retailers, and community hubs. The site is neighbored by the only Walmart Supercenter location within 20 miles of the location and is surrounded by a strong mix of local and national retailers, including Burger King, Taco Bell, Zaxby’s, Tractor Supply, Walgreens, Dollar General, and many more. The property is also within a five mile radius of four schools with a combined enrollment of 2,078 students, greatly increasing lunchtime traffic to the location. The Crawfordville property serves as a common gateway to the Gulf of Mexico/Apalachee Bay to the south and Tallahassee to the north (2.4 million annual visitors, $901 million in annual economic impact).

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