100 Makena DrSomerset, KY 42503

Property Details for 100 Makena Dr

Year built

2020

Lot size

0.89 AC

Property size (Sq ft)

2,513 SF

Property type

Retail properties

Property subtype

Other retail properties

Description

This exceptional investment opportunity presents a fee-simple, 2,513 square foot Popeyes restaurant located at 100 Makena Dr, Somerset, KY 42503. The property sits on a 0.89-acre lot and boasts a 100% occupancy rate under an absolute NNN lease with Carrols Corp Guarantee, expiring December 31, 2039. This represents a remaining lease term of approximately 15.1 years, featuring 1% annual rent bumps. The current annual net operating income (NOI) is $128,905, yielding a 6.25% cap rate on the asking price of $2,062,000. Built in 2020, this property benefits from its strategic location on US Highway 27, a major thoroughfare with over 29,000 vehicles daily, and its proximity to other national retailers including Starbucks, Chili's, Walmart, and Lowe's. A planned large-scale retail development, Makena Road Development, further enhances the property's long-term value. The surrounding area shows strong population growth, exceeding 5% in the past decade, with over 18,000 residents within a 3-mile radius and a daytime population exceeding 30,000. The lease includes six 5-year options. This is a prime opportunity for a 1031 exchange.

Location Insight

City

Somerset

County

Pulaski

State

Kentucky

Latitude

37.0631

Longitude

-84.6224

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