For Sale
$1,429,000

2248 South BlvdMontgomery, AL 36116

High-yield Popeyes investment; 19-year lease.

Overview

Added:
Dec 11, 2024
Days on market:
117
This exceptional investment opportunity presents a single-tenant, absolute NNN leased Popeyes restaurant located at 2248 E South Blvd, Montgomery, Alabama 36116. The property boasts a 19-year lease (commencing June 1, 2023, and expiring May 31, 2043), offering significant long-term stability. The 2,572 square foot building, constructed in 2019, sits on a 0.69-acre lot with ample parking (28 spaces). The property benefits from a strong location, with excellent visibility and access from South Blvd (U.S. Hwy 82), experiencing approximately 87,380 vehicles per day. It's an outparcel to Capitol Plaza, anchored by Capitol International Market, and enjoys proximity to Baptist Medical Center South, Governors Square shopping center, and JAG High School. The lease includes annual rent bumps, increasing by the greater of 2% annually or 7% of gross sales. A one-time increase of approximately 7.5% is also scheduled for 2026. The current Net Operating Income (NOI) is $89,300, representing a 6.25% cap rate. The tenant is a franchisee operating 61 Popeyes locations across Alabama, Florida, and Georgia, providing a strong operational background. The lease is structured with four, 5-year renewal options, further enhancing the long-term value of this investment. The property is currently 100% occupied. This is a truly exceptional opportunity for a passive income investment with significant upside potential.

Highlights

  • $1,429,000 asking price for a 2,572 SF retail property in Montgomery, AL.
  • 19-year absolute NNN lease with 18.5 years remaining, commencing June 1, 2023.
  • 6.25% cap rate based on a $89,300 NOI.
  • Tenant is a Popeyes franchisee operating under a 61-unit operator guarantee.
  • Rent increases annually by the greater of 2% or 7% of gross sales.
  • Property is located on South Blvd (US Hwy 82) with high visibility and traffic counts, near Baptist Medical Center South, Governors Square shopping center, and JAG High School.

Property Details for 2248 South Blvd

Property type
Retail properties, Restaurants
Square Feet
2,572 SF
Class
B
Year Built
2019
Buildings
1
Stories
1
Lot Size (sq. ft)
30,056 SF
Units
1

Location Insight

City
Montgomery
County
Montgomery
State
Alabama
Latitude
32.3265516
Longitude
-86.2668644
2248 South Blvd, Montgomery, Alabama

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2248 South Blvd
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