38681 Tanger Dr - Restaurant FOR SALE


North Branch, MN 55056- Chisago Outlying Northern Suburbs
$1,500,000 USD
507-951-2960
38681 Tanger Dr, North Branch, MN for Sale
$1,500,000 USD
Restaurant - FOR SALE
1/8
null | Request Cap Rate


HIGHLIGHTS

  • 15-Year Absolute Net Sale Leaseback
  • Recently Remodeled - Sales Up Significantly Since Remodel
  • Experienced Multi-State Operator - Since 1995
  • Healthy Rent to Sales Ratio
  • Additional Buildable Lot Available

OVERVIEW

Marcus & Millichap is pleased to offer this outstanding Denny's location for sale in the form of a 15-year sale-leaseback executed at closing. The lease provides for very passive income for the investor with zero landlord responsibilities. In addition, the lease provides for an inflation hedge with 7.5% annual rent bumps every 5 years. Subject location underwent a signi?cant remodel in September 2022 including: parking lot resurfacing and restriping; new front entrance doors; and new LED parking lot lighting including repainting the poles. This included extensive cosmetic upgrades to the interior including: new booth seating matching the new color scheme; new tables and chairs; new restroom doors, tile and trim; new interior trim and laminate surfaces; decorative screens for booth partitions; new window shades; and new logo behind the front counter. Sales are up more than 20% since remodel. The operator has been a Denny's franchisee since 1995. They are a multi-state operator and have eight locations backing this lease. There has been significant development recently in the immediate area. The property also benefits from direct visibility to the 37,000+ cars per day traveling on Interstate 35. NOTE: There is an additional adjacent buildable lot potentially available for purchase. Inquire with broker for details.

FOR SALE DETAILS

PRICE

$1,500,000 USD

PRICE/SF

$452 USD /SF

CAP RATE

Request Cap Rate

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Denny's

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Restaurant

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1999

SPRINKLERS

-

PARKING SPACES

40

LAND DETAILS

LAND ACRES

0.97 AC

LAND SF

42,253 SF

ZONING

B3

APN/PARCEL ID

11-01029-01

ASK ABOUT THIS PROPERTY

Tom GommelsMarcus & MillichapMore Info
507-951-2960

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Tom GommelsMarcus & MillichapMore Info
507-951-2960

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.