Address: 434 E Ellendale Ave, Dallas, Oregon, United States 97338
Cap Rate: 5.50%
Lease Type: Triple Net (NNN)
Annual Rent: $132,500
Net Operating Income: $132,500
Lease Term Remaining: 20 Years
Rental Increases: 2.00% Annually Starting Year 6
Options: Four (4), Five (5)-Year Options
Rentable Sq/Ft: 2,520 SF
Rent Sq/Ft: $52.58
Price Sq/Ft: $956
Lot Size: +/- 1.01
Marcus & Millichap is pleased to present the exclusive listing for a Burger King located at 434 E Ellendale Ave, Dallas, OR. The property consists of 2,520 square feet of building space and is situated on roughly 1.01 acres of land. The tenant is subject to a 20-year absolute triple net (NNN) lease, that will commence upon close of escrow. The base rent is $132,500 and will increase by 2.00% percent annually starting in year six and continuing throughout the base term and into each of the four (4), five (5)-year tenant renewal option periods.
The Burger King property is situated on E Ellendale Ave, which turns into US 22 and serves as the only way to travel from Dallas to Salem. E Ellendale Ave boasts average daily traffic counts of 13,680 vehicles. E Ellendale Avenue intersects with NE Kings Valley Highway, which brings an additional 8,421 vehicles into the immediate area on average daily. There are more than 18,079 individuals residing within a three-mile radius and 20,181 individuals within a five-mile radius with an expected population growth of 10.59% in the year 2024. This Burger King property benefits from being situated in an affluent suburban community. The average household income within a five-mile radius is $70,488.
The subject property benefits from being well-positioned in a dense retail corridor consisting of national and local tenants, hotels, and shopping centers. Major national tenants in the area include: Walmart, Safeway, Dollar Tree, Rite Aid, Starbucks, McDonald’s, Subway, Taco Bell, as well as many more. This Burger King property benefits from being located within a five mile radius of several academic institutions. Most notable of these are Dallas High School and LaCreole Middle School, with a combined total enrollment exceeding 1,500 students. Located less than a mile and a half from the subject property is Dallas Aquatic Center. The Dallas Aquatic Center features five pools; a six lane lap pool, warm therapy pool, hot and relaxing spa, a multi-use pool, and a wading pool. The Dallas Aquatic Center is also apart of the Roger Jordan park which includes multiple soccer fields, skate park, baseball field and two tennis courts.
Dallas is a city in and the county seat of Polk County, Oregon. Dallas is situated along Rickreall Creek, about 15 miles west of Salem. Salem is the capital of the U.S. State of Oregon and the county seat of Marion County. It is located in the center of Willamette Valley alongside the Willamette River, which runs through the city. The river forms the boundary between Marion and Polk counties. In 2017, Salem had a population of 169,798 making it the second-largest city in the state after Portland. The city is home to Willamette University, Corban University, and Chemeketa Community College. The State of Oregon is the largest public employer in the city, and Salem Health is the largest private employer. The city serves as a hub for the area farming communities and is a major agricultural food processing center. Riverfront Park is the City’s premier urban event park, located along the Willamette River and in close proximity to businesses, restaurants, entertainment, and other parks and trails. The park is home to a number of Salem’s famous annual events, including the World Beer Festival.
Broker of Record: Adam Lewis License #200709023