420 Westbank Expy - Restaurant FOR SALE
Gretna, LA 70053 |
$2,400,000 USD
332-345-4222
420 Westbank Expy
Gretna, LA 70053
HIGHLIGHTS
- Long-Term, Absolute Triple Net (NNN) Lease
- The lease will feature 10% increases every 5 years, in both the base term and tenant renewal options.
- The lease features a corporate guarantee from Shoney's North America LLC. Shoney's operates over 55 locations throughout 17 states.
- The subject investment property is situated in an affluent community where the average household income within a five-mile radius exceeds $79,000.
OVERVIEW
NNN Pro is pleased to present the exclusive listing for a Shoney's
located at 420 Westbank Expwy, Gretna, LA 70053. The site
consists of roughly 5,693 rentable square feet of building space
on an estimated 0.87-acre parcel of land. This Shoney's is subject
to a 20-year Triple Net (NNN) lease, which commenced 1/2/2007.
The current annual rent is $168,000 and has scheduled increases
of 10.00% every 5 years.
FOR SALE DETAILS
PRICE
$2,400,000 USD
PRICE/SF
$421 USD /SF
CAP RATE
7%
% LEASED
-
TENANCY
Single
SALE TYPE
Investment
BUILDING DETAILS
PROPERTY NAME
Shoney's
PROPERTY TYPE
Retail
PROPERTY SUBTYPE
Restaurant
TOTAL BUILDING SIZE
-
STORIES
1
YEAR BUILT
1969
SPRINKLERS
-
PARKING SPACES
55
LAND DETAILS
LAND ACRES
0.87 AC
LAND SF
37,897 SF
ZONING
R1A
APN/PARCEL ID
0100002034
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332-345-4222
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332-345-4222
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