Sonic Drive-In

Milledgeville, GA

Price $1,629,000
Cap Rate 6.15%
TYPE Single-Tenant
STATUS Available
LEASE TYPE Absolute NNN
SQUARE FEET 1,624
PRICE/SQ FT $1,003
YEAR BUILT 2003
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 and three 5 year renewal options. This property has 2 lease guarantors, RLGH Holdings, LLC and ACW Holdings, LLC, together having a combined 15 unit guaranty with experienced Sonic Franchisee. Sonic has been open for business since 2003 with an attractive 8.50% rent to sales ratio and was recently remodeled in 2017 with new paint and LED lighting, costing the tenant approximately $30,000.

Sonic is located in Milledgeville, Georgia, in the dominant retail corridor. The subject property is 1.5 miles from Georgia College & State University, a public liberal arts university w/ over 6,040 students, and is 2 miles from Georgia Military College, divided into the junior college, a military junior college program, high school & middle school w/ 8,260 undergraduate students. Sonic is also 1 mile from Oconee Regional Medical Center. Nearby retailers include Lowe’s Home Improvement, Tractor Supply Co., Hibbett Sports, Hobby Lobby, O’Reilly Auto Parts, Food Depot, Bealls Outlet, ALDI, Belk, T.J. Maxx, OfficeMax, AMC Theatres, Dollar General, CitiTrends, CVS Pharmacy;  2 miles from Walmart, Tractor Supply Co., 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 2003 with an Attractive 8.50% Rent-to-Sales Ratio!
  • Recent Remodel Completed in 2017 – New Paint, LED Lighting, etc. (Est. ±$30,000)
  • Demographics (10 MI): Total Population: 48,547 | Average Household Income: $51,743
  • Lease Guarantors: RLGH Holdings, LLC (8 Unit Operator) & ACW Holdings, LLC (7 Unit Operator) – Combined 15 Unit Guaranty with an Experienced Sonic Franchisee
  • Well Positioned on N Columbia St (Main North/South Thoroughfare) where Traffic Counts Exceed 24,900 CPD!
  • Surrounding retailers include Lowe’s Home Improvement, Tractor Supply Co., Hibbett Sports, Hobby Lobby, O’Reilly Auto Parts, Food Depot, Bealls Outlet, ALDI, Belk, T.J. Maxx, OfficeMax, AMC Theatres, Dollar General, CitiTrends, CVS Pharmacy; 2 miles from Walmart, Tractor Supply Co., etc.