Perkins Restaurant & Bakery

Salina, KS

Price $2,131,000
Cap Rate 6.75%
TYPE Single-Tenant
STATUS Under Contract
Tenant Perkins Restaurant & Bakery
LEASE TYPE Absolute NNN
SQUARE FEET 6,355
PRICE/SQ FT $335
YEAR BUILT 2008
LEASE EXP. 06/20/2038
LISTING AGENT Justin Zahn
480-718-5555
justin@ciadvisor.com
Robert E Begley, Lockwood Realty, LLC
Arkansas Local Broker #PB00068219

Property Description

Perkins Restaurant & Bakery has 19 years remaining on an Absolute NNN lease with attractive 1% annual rental escalations during initial lease term with four 5-year renewal options. The tenant, CyHawk Hospitality, Inc. is an experienced 17-unit Perkins franchise with locations in Iowa, Colorado, Kansas, Missouri, South Dakota, & Nebraska. This lease is also personally guaranteed by a high net worth operator!

Perkins Restaurant & Bakery is located in Salina, Kansas off I-35 and in a main retail corridor across the street from Lowe’s Home Improvement with excellent drive by visibility. Nearby retailers include: Walmart Supercenter, Target, Sam’s Club, Lowe’s Home Improvement, Menards, Hobby Lobby, Ashley HomeStore, Kohl’s, Marshalls, Five Below, Old Navy, JOANN Fabrics, Big Lots, Tractor Supply Co., JCPenney, Books-A-Million, Hibbett Sports, Goodwill, Dillons, AMC Salina, etc. This asset is 2.5 miles from Kansas State University Polytechnic Campus (enrollment of 814), 3 miles from Kansas Wesleyan University (enrollment of 791) and 4 miles from Salina Regional Health Center (393 licensed beds).

*In Association with Kansas Local Broker: Robert E. Begley, Lockwood Realty, LLC #232226

Property Highlights

  • 19 Years Remaining on Absolute NNN Lease with Attractive 1% Annual Rental Escalations During Initial Lease Term
  • Conveniently Positioned Off I-135 (24,100 CPD) in Main Retail Corridor – Across the Street from Lowe’s Home Improvement with Great Visibility from Old Hwy 81 (23,837 CPD)
  • CyHawk Hospitality, Inc. is an Experienced 17-Unit Perkins Franchise with Locations in Iowa, Colorado, Kansas, Missouri, South Dakota & Nebraska. The Lease is Also Personally Guaranteed by High Net Worth Operator!
  • Demographics: Total Population (5-MI): 46,273 | Avg HH Income (3-MI): $61,371