POPEYES WITH 1.75% ANNUAL RENT INCREASES - LoopNet
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INCOME TAX-FREE STATE!
POPEYES WITH 1.75% ANNUAL RENT INCREASES
ACTUAL STORE 649 SOUTH MCDUFF AVENUE, JACKSONVILLE, FL 32205
30445 Northwestern Highway, Suite 275
BRYAN BENDER BENJAMIN SCHULTZ
Farmington Hills, MI 48334
MANAGING DIRECTOR SENIOR DIRECTOR
248.254.3410 D: 248.419.3810 D: 248.254.3409
fortisnetlease.com BBENDER@FORTISNETLEASE.COM BSCHULTZ@FORTISNETLEASE.COM
POPEYES 649 SOUTH MCDUFF AVENUE, JACKSONVILLE, FL 32205 DISCLOSURE : All materials and information received or derived from Fortis Net Lease (hereinafter collectively referred to as “FNL”), its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty by FNL its directors, officers, agents, advisors, or affiliates as to com- pleteness, veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, suitability, financial performance of the property, projected financial performance of the property for any party’s intended use or any and all other matters. Neither FNL its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of the any materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of significance to such party. FNL will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing. ALL PARTIES SHALL CONDUCT THEIR OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE: Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. FNL makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. FNL does not serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions, vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by FNL in compliance with all applicable fair housing and equal opportunity laws. E XC L U S I V E LY L I S T E D B Y: BRYAN BENDER BENJAMIN SCHULTZ Florida Broker of Record: MANAGING DIRECTOR SENIOR DIRECTOR MICHAEL ORDEN | NAPLES REAL ESTATE CONSULTANTS D: 248.419.3810 D: 248.254.3409 FL LICENSE #BK3224663 BBENDER@FORTISNETLEASE.COM BSCHULTZ@FORTISNETLEASE.COM BRYAN BENDER | 248.419.3810 | BBENDER@FORTISNETLEASE.COM // BENJAMIN SCHULTZ | 248.254.3409 | BSCHULTZ@FORTISNETLEASE.COM DISCLAIMER // 2
POPEYES
649 SOUTH MCDUFF AVENUE, JACKSONVILLE, FL 32205
INVESTMENT SUMMARY
PRICE $1,624,000
List Price: $1,624,000
Current NOI: $73,080.00
Initial Cap Rate: 4.50%
CAP RATE 4.50%
Land Acreage: 0.34 +/-
Year Renovated 2010
Building Size: 1,382 SF LEASE TYPE Absolute NNN
Price PSF: $109.65
Lease Type: Absolute NNN
TERM REMAINING 18 Years
Lease Term: 20 Years
INVESTMENT OFFERING
Fortis Net Lease is pleased to present this 1,382 SF Popeye's located in Jacksonville, RENT INCREASES 1.75% Annually
Florida. The property is secured with a twenty (20) Year Absolute NNN Lease, leaving
zero landlord responsibilities. The lease contains 1.75% rental rate increases every year
and four (5 year) options to renew (with the 1.75% annual rent increase continuing INVESTMENT HIGHLIGHTS
through the options). The lease also has a strong guarantee from a 111 unit operator, 20 Year Absolute NNN Lease | 18 Years Remaining
Sailormen, Inc. This site has been open & operating successfully since September 2020.
Florida is an Income Tax-Free State!
This Popeye's is highly visible as it is strategically located on the northeast corner of Situated in Dense Retail Corridor | Adjacent to Sunoco Gas Station
Phyllis Street and McDuff Avenue South (seeing 11,804 cars per day) just off of the I-10
Located on Hard Corner Just Off an Exit for Interstate-10
Exit (seeing 129,455 cars per day). It sits adjacent to a Sunoco Gas Station with other
notable retailers nearby such as Lowe’s, Winn Dixie, Walgreens, Family Dollar, 11,804 VPD on McDuff Avenue South | 129,455 VPD on I-10
McDonald’s, Burger King, Wendy’s, Taco Bell, Dunkin’ Donuts, Pizza Hut, Domino’s, Krispy Five Mile Population 190,435 | Expected 4.47% Growth
Kreme, AutoZone, O’Reilly Auto Parts, and many more. The five mile population from the
One Mile Average Household Income $55,011
site is 190,435 and the one mile average household income is $55,011 per year. This area
is experiencing great growth with the one mile population growth rate at 4.71%. The site Five Mile Consumer Spending $1.8 Billion
is only 3 miles from the heart of downtown Jacksonville. Total consumer spending Approximately Three Miles from the Heart of Downtown
within a 5 mile radius is estimated at $1.8 Billion. List price reflects a cap rate of 4.50% Jacksonville
based on NOI of $73,080.
Immediate Access to Healthcare | Less than Two Miles from
Ascension St. Vincent’s Medical Center Riverside | 528-Bed Facility
BRYAN BENDER | 248.419.3810 | BBENDER@FORTISNETLEASE.COM // BENJAMIN SCHULTZ | 248.254.3409 | BSCHULTZ@FORTISNETLEASE.COM INVESTMENT OFFERING // 3
POPEYES
649 SOUTH MCDUFF AVENUE, JACKSONVILLE, FL 32205
FINANCIAL SUMMARY LEASE SUMMARY
INCOME PER SF Tenant: Popeyes
Initial Rent $73,080.00 $52.88 Lease Type: Absolute NNN
Gross Income $73,080.00 $52.88 Primary Lease Term: 20 Years
Annual Rent: $73,080.00
EXPENSE PER SF
Rent PSF: $52.88
Landlord Expenses $0 $0.00
Landlord Responsibilities: None
Gross Expenses $0 $0.00
Taxes, Insurance & CAM: Tenant Responsibility
NET OPERATING INCOME $73,080.00 $4.93 Roof, Structure & Parking: Tenant Responsibility
Lease Start Date: 9/20/2019
PROPERTY SUMMARY
Lease Expiration Date: 9/30/2039
Year Built: 1983
Lease Term Remaining: 18 Years
Year Renovated: 2010
Rent Bumps: 1.75% Annually
Lot Size: 0.34 +/- Acres
Renewal Options: Four (5 Year)
Building Size: 1,382 SF
Lease Guarantor: Sailormen, Inc.
Traffic Count 1: 11,804 on S. McDuff Ave.
Lease Guarantor Strength: 111 Unit Operator
Traffic Count 2: 129,455 on I-10
Tenant Website: www.popeyes.com
Roof Type: Rubber Membrane
Zoning: Commercial
Construction Style: Prototype
Parking Lot: Asphalt
# of Parking Spaces 12
HVAC Roof Mounted
BRYAN BENDER | 248.419.3810 | BBENDER@FORTISNETLEASE.COM // BENJAMIN SCHULTZ | 248.254.3409 | BSCHULTZ@FORTISNETLEASE.COM PROPERTY & LEASE // 4
POPEYES
649 SOUTH MCDUFF AVENUE, JACKSONVILLE, FL 32205
TENANT UNIT LEASE LEASE ANNUAL % OF ESC RENT
NAME SIZE (SF) START END RENT GLA DATE PER SF/YR
Popeye's 1,382 9/20/2019 9/30/2039 $73,080.00 100.0 10/1/2021 $51.97
$74,358.90 10/1/2022 $52.88
$75,660.18 10/1/2023 $53.81
$76,984.23 10/1/2024 $54.75
$78,331.46 10/1/2025 $55.70
$79,702.26 10/1/2026 $56.68
$81,097.05 10/1/2027 $57.67
$82,516.25 10/1/2028 $58.68
$83,960.28 10/1/2029 $59.71
$85,429.59 10/1/2030 $60.75
$86,924.60 10/1/2031 $61.82
$88,445.78 10/1/2032 $62.90
$89,993.59 10/1/2033 $64.00
$91,568.47 10/1/2034 $65.12
$93,170.92 10/1/2035 $66.26
$94,801.41 10/1/2036 $67.42
$96,460.44 10/1/2037 $68.60
$98,148.49 10/1/2038 $69.80
$71.02
Averages 1,382 $84,340 $61.03
TOTAL SF TOTAL ANNUAL RENT OCCUPANCY RATE AVERAGE RENT/SF NUMBER OF TENANTS
1,382 $73,080.00 100.0% $61.03 1
BRYAN BENDER | 248.419.3810 | BBENDER@FORTISNETLEASE.COM // BENJAMIN SCHULTZ | 248.254.3409 | BSCHULTZ@FORTISNETLEASE.COM RENT ROLL // 5
POPEYES
649 SOUTH MCDUFF AVENUE, JACKSONVILLE, FL 32205
RENT SCHEDULE
LEASE YEARS STARTING ANNUAL STARTING MONTHLY BUMP
Current-20 $71,823 $5,985.25 1.75% Annually
Option 1 $99,866 $8,322.17 1.75% Annually
Option 2 $101,614 $8,467.81 1.75% Annually
Option 3 $103,392 $8,616.00 1.75% Annually
Option 4 $105,201 $8,766.78 1.75% Annually
OVERVIEW TENANT OVERVIEW
Company: Popeyes Louisiana Kitchen, Inc. Popeyes is an American multinational chain of fried chicken fast food
restaurants that was founded in 1972 in New Orleans, Louisiana and
Founded: June 12, 1972 headquartered in Miami, Florida. Since 2008, its full brand name is Popeyes
Louisiana Kitchen, Inc., and it was formerly named Popeyes Chicken & Biscuits
Total Revenue: $3.7 Billion and Popeyes Famous Fried Chicken & Biscuits. It is currently a subsidiary of
Toronto-based Restaurant Brands International.
Number Of Locations (US): 3,100+
According to a company press release dated June 29, 2007, Popeyes is the
Headquarters: Miami, Florida second-largest "quick-service chicken restaurant group, measured by number of
units", after KFC. Popeyes has 3,102 restaurants, which are located in more than
Website: www.popeyes.com
40 states and the District of Columbia, Puerto Rico, and 30 countries worldwide.
About thirty locations are company-owned; the rest franchised.
TENANT HIGHLIGHTS Popeyes serves chicken dishes in mild and spicy flavors and offers sides such as
On February 21, 2017, Restaurant Brands International announced a deal to red beans and rice, Cajun fries, mashed potatoes with Cajun-style gravy, Cajun
rice, macaroni & cheese, biscuits, and coleslaw. In addition to chicken, Popeyes
buy Popeyes for US$1.8 billion. On March 27, 2017, the deal closed with RBI
also serves fish and shrimp entrées.
purchasing Popeyes at $79 per share via Orange, Inc, an indirect subsidiary of
RBI. Sailormen, Inc. was founded in 1987 when Robert Bergand Steve Wemple
purchased 10 Popeye’s restaurants in Miami, Florida. Since, the company has
In 2019 Popeyes introduced it's chicken sandwich. It reported a 103% grown both organically and through acquisitions. Today, the company operates
increase in traffic in the days following the launch of the sandwich. 111 stores throughout Florida, Georgia, Mississippi, Alabama, Illinois, Missouri and
Louisiana, and has over $185 million in revenue. Sailormen, Inc. operates as a
Popeyes outperforms it's sister brands; Burger King and Tim Hortons.
subsidiary of Inter foods of America, Inc.
BRYAN BENDER | 248.419.3810 | BBENDER@FORTISNETLEASE.COM // BENJAMIN SCHULTZ | 248.254.3409 | BSCHULTZ@FORTISNETLEASE.COM TENANT PROFILE // 6
POPEYES 649 SOUTH MCDUFF AVENUE, JACKSONVILLE, FL 32205 BRYAN BENDER | 248.419.3810 | BBENDER@FORTISNETLEASE.COM // BENJAMIN SCHULTZ | 248.254.3409 | BSCHULTZ@FORTISNETLEASE.COM PROPERTY PHOTOS // 7
POPEYES 649 SOUTH MCDUFF AVENUE, JACKSONVILLE, FL 32205 BRYAN BENDER | 248.419.3810 | BBENDER@FORTISNETLEASE.COM // BENJAMIN SCHULTZ | 248.254.3409 | BSCHULTZ@FORTISNETLEASE.COM SITE PLAN // 8
POPEYES 649 SOUTH MCDUFF AVENUE, JACKSONVILLE, FL 32205 BRYAN BENDER | 248.419.3810 | BBENDER@FORTISNETLEASE.COM // BENJAMIN SCHULTZ | 248.254.3409 | BSCHULTZ@FORTISNETLEASE.COM LOCATION MAPS // 9
POPEYES 649 SOUTH MCDUFF AVENUE, JACKSONVILLE, FL 32205 BRYAN BENDER | 248.419.3810 | BBENDER@FORTISNETLEASE.COM // BENJAMIN SCHULTZ | 248.254.3409 | BSCHULTZ@FORTISNETLEASE.COM AERIAL MAP // 10
POPEYES 649 SOUTH MCDUFF AVENUE, JACKSONVILLE, FL 32205 BRYAN BENDER | 248.419.3810 | BBENDER@FORTISNETLEASE.COM // BENJAMIN SCHULTZ | 248.254.3409 | BSCHULTZ@FORTISNETLEASE.COM AERIAL MAP // 11
POPEYES 649 SOUTH MCDUFF AVENUE, JACKSONVILLE, FL 32205 BRYAN BENDER | 248.419.3810 | BBENDER@FORTISNETLEASE.COM // BENJAMIN SCHULTZ | 248.254.3409 | BSCHULTZ@FORTISNETLEASE.COM AERIAL MAP // 12
POPEYES 649 SOUTH MCDUFF AVENUE, JACKSONVILLE, FL 32205 BRYAN BENDER | 248.419.3810 | BBENDER@FORTISNETLEASE.COM // BENJAMIN SCHULTZ | 248.254.3409 | BSCHULTZ@FORTISNETLEASE.COM AERIAL MAP // 13
POPEYES
649 SOUTH MCDUFF AVENUE, JACKSONVILLE, FL 32205
POPULATION 1 MILE 3 MILES 5 MILES
Total Population 2021 14,248 76,250 190,435
Total Population 2026 14,919 79,825 198,952
Population Growth Rate 4.71% 4.69% 4.47%
Median Age 35.9 37.5 37.4
# Of Persons Per HH 2.3 2.2 2.3
HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES
Total Households 6,109 33,436 78,196
Average HH Income $55,011 $60,772 $59,555
Median House Value $146,094 $137,450 $150,047
Consumer Spending $135.4 M $763.9 B $1.8 B
Jacksonville is the ideal Florida destination to explore the outdoors, enjoy active
eco-adventures and be surrounded by nature!
Come experience a different side of Florida, combining both relaxation and
family adventures. Enjoy the 22 miles of beaches, extensive park system, world-
class fishing, historic neighborhoods, eclectic museums, vibrant street arts
scene, creative coastal cuisine, delicious craft beer and so much more!
Jax, as locals call it, is perfectly located in Northeast Florida, just a quick trip
away from most of the Southeast and on the intersection of I-95 and I-10. Take
an unforgettable road trip to our affordable and exciting waterfront destination.
Our commitment to keeping all visitors safe can be seen across our hospitality
industry with enhanced cleanliness and occupancy standards in restaurants,
attractions and shops. So, let Jacksonville lift the weight off your shoulders and
replace it with the vacation memories you crave – smiles, laughter, fun and sun.
BRYAN BENDER | 248.419.3810 | BBENDER@FORTISNETLEASE.COM // BENJAMIN SCHULTZ | 248.254.3409 | BSCHULTZ@FORTISNETLEASE.COM AREA & DEMOGRAPHICS // 14TOTAL SALES VOLUME PROPERTIES SOLD BROKER & BUYER REACH STATES SOLD IN
$6.7B 3,300+ 345K 43
Click to Meet Team Fortis
E XC L U S I V E LY L I S T E D B Y:
30445 Northwestern Highway, Suite 275
Farmington Hills, MI 48334 BRYAN BENDER BENJAMIN SCHULTZ
248.254.3410 MANAGING DIRECTOR SENIOR DIRECTOR
D: 248.419.3810 D: 248.254.3409
fortisnetlease.com BBENDER@FORTISNETLEASE.COM BSCHULTZ@FORTISNETLEASE.COMYou can also read
