1680 1St StHermiston, OR 97838

Property Details for 1680 1St St

Year built

2023

Lot size

0.82 AC

Property size (Sq ft)

2,536 SF

Property type

Retail properties

Property subtype

Other retail properties

Description

This exceptional investment opportunity presents a fee-simple, 2,536 square foot Popeyes restaurant in Hermiston, Oregon. Located at 1680 N 1st St, this single-tenant, 100% occupied property sits on a 0.82-acre lot and boasts a new construction (2023) building. The property is subject to a 20-year absolute triple-net (NNN) lease, commencing June 1, 2023, and expiring May 31, 2043, with a remaining term of 18.3 years. The current annual net operating income (NOI) is $215,000, representing a 6.25% cap rate. The lease includes annual rent increases of 1.75% starting in year seven, providing a hedge against inflation. The tenant is a franchisee, Ambrosia QSR, a reputable operator with a significant portfolio of fast-food locations in the Pacific Northwest, providing a strong financial guarantee. This investment offers a secure, long-term income stream with significant upside potential. The property's modern design and prime location in Hermiston, Umatilla County, ensure continued strong performance. This is a rare opportunity to acquire a high-performing, low-maintenance, net-leased asset in a growing market. The asking price is $3,440,000.

Location Insight

City

Hermiston

County

Umatilla

State

Oregon

Latitude

45.8539

Longitude

-119.289

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