Available For Sale - Retail

4,500 SF | Show Pricing $

AVAILABILITY DETAILS

Size
4,500 SF
Price/SF
Show Pricing $
Listing ID
SA439773
Notes
Description

SVN Stone Commercial is pleased to present this new 10-year NNN Ground Lease Chili's investment offering in Somerset, KY. Rent commenced and Chili's opened November 2019, and they have just over 9 years remaining on the initial term of the lease. The annual rent is $94,000 for years 1-5 and has a 10% rental increase years 6-10 with four 5-year options. The lease is guaranteed by Brinker Restaurant Corporation (Brinker International) which has over 1,600 restaurants in 31 countries and generated over $3B in revenue in 2019. Somerset is the seat of Pulaski County which has a population of nearly 65,000. It borders Lake Cumberland, a popular vacation destination that brings in almost 4,000,000 tourists each year. The property is in an excellent location along US-27 which boasts a traffic count of 27,841 VPD. This is a dense commercial corridor in Somerset with surrounding retailers including Kroger Marketplace, Lowe's, Walmart, Chick-fil-A, Texas Roadhouse, Steak 'n Shake, T.J. Maxx, Hobby Lobby, and many others. This Chili's is positioned as an out parcel to a larger planned commercial development.



Highlights

⇾ Brand New Construction 10-Year NNN Ground Lease Chili's

⇾ Significantly Below Replacement Cost | Land Valued at $1.54M

⇾ 5.74% Blended Cap Rate

⇾ 5.5% Cap Yr 1 (6.0% Cap Yr 6)

⇾ 27,841 VPD

⇾ 10% Rental Increase at Year 6

⇾ 4,500 sqft Building Size

⇾ 1.54 acres Lot Area

⇾ 100% Occupancy

⇾ 1 Units

⇾ 2019 Year Built
Uses
Retail

This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for you needs.

Listing provided courtesy of
Nathan Dilly, SVN | Stone Commercial Real Estate