Address: 2200 E Austin Blvd, Nevada, Missouri, United States 64772
Cap Rate: 5.75%
Lease Type: Triple Net (NNN)
Annual Rent: $79,719
Net Operating Income: $79,719
Lease Term Remaining: 16 Years
Rental Increases: 1.50% Annual Increases Starting in 2020
Options: Four, 5-Year Renewal Option
Rentable Sq/Ft: 3,895 SF
Rent Sq/Ft: $20.47
Price Sq/Ft: $356
Lot Size: +/-1.82 Acres
The subject investment is a Burger King located at 2200 East Austin Blvd in Nevada, Missouri. This site was a built to suit for Burger King in 2000 and they have operated at this location ever since. The property is compromised of approximately 3,895 square feet of building space and sits on roughly 1.82 acres of land.
Burger King extended their lease early, showing their commitment to this site. As a result, there are more than 16 years remaining on the triple-net (NNN) lease with zero landlord responsibilities. The current rent is $79,719 and is scheduled to increase by 1.50 percent annually starting in 2020. The rent will continue to increase through the four, five-year tenant renewal options.
This Burger King property is located at 2200 E Austin Boulevard in Nevada, Missouri. Nevada is a suburban town in Vernon County. Nevada possesses the comforts and tranquility of a small town and the vibrant fabric of a diverse community.
The subject property benefits from being well-positioned in a dense retail corridor consisting of national and local tenants, hotels, manufacturing plants, and medical centers all within close proximity of this property. Major national tenants include: Walmart, Verizon, Holiday Inn Express, Subway, Dollar Tree, Auto Zone, Super 8, Sonic, as well as many others. Additionally, 3M has a significant manufacturing plant directly across the street from this property that has been there since 1971. In 2017, 3M made$31.7 billion in total sales, and the company ranked No. 97 in the 2018 Fortune 500 list of the largest United States corporations by total revenue. In addition, the subject property is located less than three miles from Nevada High School, which has a total enrollment of more than 750 students and helps drive traffic to this store. This Burger King is approximately two and a half miles from Nevada Regional Medical Center, which is a 71-bed acute, intensive and skilled care hospital in the Nevada community.
Furthermore, the surrounding area has a robust population with more than 12,000 people residing within a five-mile radius of the property and approximately 15,600 people within a ten-mile radius. This Burger King property is situated on East Austin Boulevard, which boasts average daily traffic counts exceeding 14,000 vehicles. East Austin Boulevard intersects with Interstate-49, which brings an additional 15,910 vehicles into the immediate area on average daily.
Nevada is located approximately 100 miles south of Kansas City, the third largest city in Missouri. As an industrial hub Kansas City is an area center of culture, media, and trade. It hosts several large museums, theatres, parks and entertainment venues, notable Kemper Arena and Sprint Center. Kansas City is home to the General Motors Fairfax Assembly Plant, which manufactures the Chevrolet Malibu and the Buick LaCrosse. On March 30, 2011, Google announced that Kansas City had been selected as the site of an experimental fiber-optic network that it would build at no cost to the city. Fiber provides ultra high-speed one-gigabit internet connection. Nearly five years later, Kansas City’s tech scene continues to expand, posting five straight years of job growth.
Broker of Record: Bradley Barham – License # 2005038930