9606 Rosedale Highway Bakersfield, CA 93312 absolute triple net-leased restaurant Chris Peters | cpeters@capitalpacific.com [415] 274-2703 CA BRE#: 01339983 Zeb Ripple | zripple@capitalpacific.com [415] 274-2702 CA BRE#: 01242540 Chris Kostanecki | ck@capitalpacific.com [415] 274-2701 CA BRE#: 01002010 Dave Lucas | dlucas@capitalpacific.com [415] 274-7390 CA BRE#: 01389761 net-leaseD popeyes
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net-leaseD popeyes - Capital Pacific Popeyes (or AFC Enterprises) operates under the tradenames Popeyes Louisiana Kitchen, and Popeyes Chicken & Biscuits. The Popeyes brand was created
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NEWLY RE-LEASED CORPORATE POPEYES CHICKEN NET LEASED RESTAURANT BUILDING IN STRONG RETAIL CORRIDOR IN A GROWING AREA OF BAKERSFIELD, CA
INVESTMENT HIGHLIGHTS: > The building was originally constructed as a KFC building in 1990. The previous KFC tenant assigned the lease to AFC ENTERPRISES INCORPORATED in 2012. The building was completely rehabbed into the existing Popeyes Chicken prototype in 2013
> The building is roughly an acre and has 48 parking spaces including two designated ADA parking spaces
> The parcel has access on both Calloway Drive (23,400+ ADT) and Rosedale Highway (32,000+ADT)
> The property has monument signage on Rosedale Highway and also shares signage with CVS on Calloway Drive
> Location is a ground zero retail location in Bakersfield with major retailers within two blocks of the site including Target, Walmart, Home Depot, Lowes, and Tractor Supply among many other national retailers
> Drive thru restaurant building and recent Popeyes design/package build-out
> The subject property is in an infill area of West Bakersfield that has
experienced strong growth over the past decade.
LEASE HIGHLIGHTS:
> Corporate guaranty from AFC Enterprises Inc. (Corporate Popeyes)
> Absolute triple net lease – landlord has no responsibilities
> Fixed annual increases
> Two additional 5-year options to extend at fixed 5 year increases
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This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
Income & Expense
PRICE $1,936,000
Price Per Square Foot: $730.57
Capitalization Rate: 5.5%
Total Rentable Area (SF): 2,650
Year built: 1990/2009/2012
STABILIZED INCOME Per Square Foot
Scheduled Rent $40.22 $106,575
Effective Gross Income $40.22 $106,575
LESS Per Square Foot
Taxes NNN $0.00
Insurance NNN $0.00
Total Operating Expenses NNN $0.00
EQUALS NET OPERATING INCOME $106,575
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Tenant Name Sq. Ft. Current Rent Monthly Rent Yearly RentMonthly
Rent/FT
Yearly
Rent/FT
Cap Rate at
List Price
AFC Enterprises Inc. 2,650 12/4/2009 11/30/2013 $105,000 $8,750 $105,000 $3.30 $39.62
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
Rent Roll
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This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
Close Aerial
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This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
Aerial
5858 58Rosedale Highway
Hageman Road
Meacham Road
Enger Street
Riverlakes Drive
Jew
etta
Ave
nue
Verd
ugo
Lane
Coffe
e Ro
ad
Patto
n W
ay
Callo
way
Driv
e
Fruitvale Jr. High School
Rosedale North Elementary
Centennial High School
Freedom Middle School
Patriot Elementary Discovery
Elementary
Vista West Continuation High School
NORTHWEST PROMENADE
RIVER LAKES VILLAGE
ROSEDALE VILLAGE
LOS ANGELES
29,000 DAILY 39,929 DAILY
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ROSEDALE HIGHWAY WIDENING PROJECT:The property is located on Rosedale Highway in Bakersfield. Rosedale Highway is currently being widened to accommodate the increasing traffic counts. The City of Bakersfield is in the process of acquiring a 527sf taking at the entrance to the property on Rosedale Highway. The taking will not affect access, the number of parking spaces, or the improvements at the property. The City of Bakersfield has also acquired a temporary construction easement across the property that will be utilized when the widening project occurs which is estimated to be within the next two to three years. The escrow for the permanent taking is scheduled to close April 9, 2014.
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Popeyes
Tenant
Popeyes was founded in 1992 as AFC Enterprises, Inc., and is a developer, operator, and franchisor of quick-service restaurants. Popeyes (or AFC Enterprises) operates under the tradenames Popeyes Louisiana Kitchen, and Popeyes Chicken & Biscuits. The Popeyes brand was created in 1972 in New Orleans, LA, and is now known worldwide, operating and franchising over 2,000 restaurants across the globe.
Popeyes is known for its Louisiana Heritage and authentic cuisine. The restaurant’s “New Orleans” style menu features a variety of regional items such as spicy chicken, chicken tenders, fried shrimp, and other seafood, as well as jambalaya, and red beans and rice.
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Photos
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POPEYE’S
Regional Map
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The city of Bakersfield, California, is the 9th largest city in California, and is the county seat of Kern County, the 3rd largest county in California by area. Boasting a population of 358,597, Bakersfield is roughly equidistant between Fresno and Los Angeles.
Bakersfield has a thriving and diverse economy whose industries include the extraction of natural gas and other energy, aerospace, mining, petroleum refining, manufacturing, distribution, food processing, and houses a number of corporate and regional headquarters. Among these many industries, Kern County is responsible for approximately 10% of the nation’s domestic oil production, making it the most productive in this industry in the United States.
The San Joaquin Valley is widely known for being highly productive agriculturally, and Kern County is a major contributor to its success. Kern County ranks 5th in the nation in terms of agricultural production, and includes major crops such as grapes, citrus, almonds, carrots, alfalfa, cotton, and roses.
Bakersfield is also seeing a great deal of growth in its manufacturing and distribution sector due to its prime location with easy access to ports in Los Angeles and Oakland, teamed with friendly business policies, the lowest sales tax in the state, and no local utility or inventory taxes. Among other products, Bakersfield now manufactures ice cream (at the world’s largest ice cream plant), central vacuums, highway paint, and stock racing cars.
Demographics Top Employers in Bakersfield
Bakersfield, CA
Population 1 Mile 3 Miles 5 Miles
2010 Population 8,596 82,030 195,2132013 Population 8,459 83,302 200,2312018 Population (Projection) 8,536 87,949 211,692
2013 Income
2013 Average Household Income $82,239 $101,057 $86,2422013 Median Household Income $68,042 $83,308 $65,581