Property details

Denny's For Sale, Southeast Region

Property Description

• GOING IN CAP RATE: 8.50% (Years 1-5)

• CAP RATE ON 2/2/2014: 9.35% (Years 6-10)

• CAP RATE ON 2/2/2019: 10.28% (Years 11-15)

• CAP RATE ON 2/2/2024: 11.31% (Years 16-20)

• AVERAGE CAP RATE: 9.86% (Years 1-20)

• 2 entrances/exits on Loyola Drive; Access via Strand Dr

• Traffic counts of 54,200 on US Hwy and 46,400 on the other Hwy (2005 Estimates)

• Approximately 74 spaces with 2 handicap (16 per 1,000 SF of bldg area)

• No first right of refusal available to the tenant

Tenant financials and restaurant sales are available upon execution of a confidentiality agreement

About the Tenant

Denny's

http://www.dennys.com

Over the past 50 years, Denny’s has been bringing on the day with round-the-clock breakfast and casual family dining across America. From freshly cracked eggs to craveable salads and burgers, Denny’s has an endless list of possibilities to fuel your day. And with approximately 1,500 restaurants nationwide, wherever you are, wherever you’re going, a fresh start is never too far away. At Denny’s, it’s always a new day, and it’s yours for the taking.

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Highlights

Status:
Sold
Price:
$2,308,500
PSF:
$496
Cap Rate:
8.50%
Annual Rent:
$192,216
Rent Increases:
Years 1-5: $196,216.13

Years 6-10: $215,837.74 (10% Increase)

Years 11-15: $237,421.52 (10% or CPI Increase)

Years 16-20: $261,163.67 (10% or CPI Increase)
 

Property Information

Building Size:
4,650 sq.ft.
Property Type:
Net Lease
Industry Type:
Restaurant
Units/Spaces:
1
Year Built:
2009
Land Area:
1.05 acres
Purchase Tenure:
Fee Simple
 

Lease information

Tenant:
Denny's
Lease Type:
NNN
Lease Commencement:
02/02/2009
Lease Expiration:
02/28/2029
Lease Term:
20 years
Lease Remaining:
14.6 years
Landlord Responsibilities:
None - Absolute NNN
Options:
4 Options of 5 Years each

Years 21-25: $287,280.04 (10% or CPI Increase)

Years 26-30: $316,008.04 (10% or CPI Increase)    

           Years 31-35: $347,608.84 (10% or CPI Increase)

Years 36-40:
 

Existing financing information

N/A

The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.