Address: 3095 Gardner-Edgewood Drive, Neosho, Missouri, United States 64850
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: 4,140 SF
Rent Sq/Ft: $19.26
Price Sq/Ft: $335
Lot Size: +/-1.08 Acres
The subject investment is a Burger King located at 3095 Gardner Edgewood in Neosha, 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 4,140 square feet of building space and sits on roughly 1.07 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 3095 Gardner-Edgewood Drive in Neosho, Missouri. Neosho is a suburban town in Newton County. Neosho possesses the industry and development of a small city coupled with a sense of community only found in small towns.
The subject property benefits from being well-positioned in a dense retail corridor consisting of national and local tenants, hotels, and manufacturing plants all within close proximity of this property. Major national tenants include: Walmart, Lowe’s, Best Western Big Spring Lodge, Quiznos, Dollar Tree, Super 8, KFC, and Denny’s as well as many others. Additionally, Orscheln Farm and Home, a major retail farm and ranch supply store in the Midwest, has a significant warehouse supplier just down the street from this property. In addition, the subject property is located less than three miles from Neosho High School, which has a total enrollment of more than 1,318 students and helps drive traffic to this store. This Burger King is also within three miles of Freeman Neosho Hospital, a 21-bed critical care access hospital, offering world-class medical service in the Neosho community.
Furthermore, the surrounding area has a robust population with more than 18,000 people residing within a five-mile radius of the property and approximately 32,100 people within a ten-mile radius. This Burger King property is situated with excellent frontage on US Route 59, which boasts average daily traffic counts exceeding 12,100 vehicles. US Route 60 intersects with US Route 49, which brings an additional 15,100 vehicles into the immediate area each day.
Interstate 49 connects Neosho to Joplin, a major city approximately 20 miles to the north west. Joplin has two major hospitals which serve the Four States region, Freeman Health System and Mercy Hospital. The city’s park system has nearly 1,000 acres and includes a golf course, three swimming pools, 15 miles of walking/biking trails, the world’s largest remaining globally unique Chert Glades and Missouri’s first Audubon Nature Center located in Wildcat Park. Due to its location near two major highways and its many event and sports facilities, Joplin attracts travelers and is a destination for conferences and group events. Joplin offers nearly 2,500 hotel rooms, the majority located within a quarter mile area of Range Line Road and I-44. It has the 30,000-square-foot John Q. Hammons Convention and Trade Center, which serves as the primary event facility for conventions, associations, and large events.
Broker of Record: Bradley Barham – License # 2005038930