INVESTMENT SUMMARY • Sale Price: $1,351,350 • Cap Rate: 9.25% • Building Size: 5,500 sq. ft. • Land Size: 54,000 sq. ft. (1.24 ac) • Seats: 201 • Drive Thru: No • Opening Date: Oct. 1, 2010 (New Construction) • NOI: $125,000 • Lease Term: 20 years + 4 five year options to renew • Lease Type: Absolute NNN (No LL Responsibility) • Increases: 5% increases every five years • Options: 4 x 5 years with same increases No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and same is submitted to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals 1010 Northern Blvd, Ste 208 Great Neck, NY 11021 PH: 516-482-0220 FX: 516-977-8555 [email protected]om TENANT INFORMATION This franchisee has 20 years of experience with Perkins, both as an operator and a Senior Area Director, with responsibility for 35-50 stores. Currently operating three profitable units and about to open this 4 th store 10/1/10 Down payment at closing w/balance due when store opens and rent commences; all at 9.25% cap rate
Transcript
INVESTMENT SUMMARY
• Sale Price: $1,351,350
• Cap Rate: 9.25%
• Building Size: 5,500 sq. ft.
• Land Size: 54,000 sq. ft. (1.24 ac)
• Seats: 201
• Drive Thru: No
• Opening Date: Oct. 1, 2010 (New Construction)
• NOI: $125,000
• Lease Term: 20 years + 4 five year options to renew
• Lease Type: Absolute NNN (No LL Responsibility)
• Increases: 5% increases every five years
• Options: 4 x 5 years with same increases
No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and same is submitted to errors, omissions, change of price, rental or other
conditions, withdrawal without notice, and to any special listing conditions imposed by our principals
This franchisee has 20 years of experience with Perkins, both as an operator and a Senior Area Director, with responsibility for 35-50 stores. Currently operating three profitable units and about to open this 4th store 10/1/10
Down payment at closing w/balance due when store opens
and rent commences; all at 9.25% cap rate
AREA INFORMATION
• This new Perkins, off Rts 20 & 169, will be located near the Trinity Regional Medical Center (200 bed cardiovascular w/1000 staff)
• Iowa Central Community College (5,500 students) and Fort Dodge Correctional Facility (1,250 bed medium security) opened in 1998
• The medical center is expanding and the city of Fort Dodge has designated $150 million for city infrastructure improvements, to attract national big box retail.
• Right near AmericInn, Best Value Inn, Budget Host, McDonald’s, Subway, Tom Thumb Burgers and other retailers
No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and same is submitted to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals
Demographics City Population - 2000 census 25,136 2008 estimate
25,180
Median HH Income $39,500 Traffic Count (Hwy 20 Bus) 13,600 vpd
No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and same is submitted to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals
