Sonic Drive-In

Atlanta, GA

Price $1,668,000
Cap Rate 6.15%
TYPE Single-Tenant
STATUS Closed
Tenant Sonic Drive-In
LEASE TYPE Absolute NNN
SQUARE FEET 2,384
PRICE/SQ FT $699
YEAR BUILT 2008
LEASE EXP. 2032
LISTING AGENT Justin Zahn
480-214-5088 x102
justin@ciadvisor.com

Property Description

Sonic Drive-In has a brand new 15 year Absolute NNN lease with 7.0% rental escalations every 5 years with two 5 year renewal options. The lease guarantor, PVG Restaurant Group, LLC, is the largest Sonic franchisee in the Atlanta DMA operating 31 Sonic locations throughout Georgia and South Carolina. This subject property has been open for business since 2008 with an attractive 6.68% rent-to-sales ratio. The building was recently remodeled in 2017, updating the entire store including the POS system digital boards, restrooms, LED lighting and more, costing the tenant approximately $120,000.

Sonic is located in Atlanta, Georgia, on Moreland Ave with high drive-by visibility. The subject property is 5 miles from Georgia State University (a public research university with a total enrollment of 32,464), 7 miles from Georgia Tech aka Georgia Institute of Technology (a public research university with a total enrollment of 26,839), and 4.5 miles from Wellstar Atlanta Medical Center. Surrounding retailers include ALDI, Dollar Tree, dd’s Discounts, O’Reilly Auto Parts, CVS Pharmacy, Advance Auto Parts, AutoZone, Piggly Wiggly, Dollar General, Citi Trends, Kroger, Family Dollar, etc.

*In Association With: Summit Real Estate

Property Highlights

  • Brand New 15 Year Absolute NNN Lease with 7.0% Rental Escalations every 5 Years
  • Open for Business since 2008 with an Attractive 6.68% Rent-to-Sales Ratio! Drive-Thru Location
  • Recent Remodel Completed in 2017 – Included New POS System Digital Boards, Restrooms, LED Lighting, etc. (Est. ±$120,000)
  • Lease Guarantor: PVG Restaurant Group, LLC (Largest Sonic Franchisee in the Atlanta DMA) is an Experienced 31 Unit Sonic Operator in Georgia & South Carolina – Tenant/Lease Guarantor Encompasses 13 Restaurant Locations
  • High Drive-by Visibility on Moreland Ave (Main North/South Thoroughfare) where Traffic Counts Exceed 32,910 CPD!
  • Demographics (5-MI) – Total Population: 269,102 | Avg HH Income: $70,557