Address: 270 E Fairmount Ave, Lakewood, New York, United States 14750
Cap Rate: 5.50%
Lease Type: Triple-Net (NNN)
Annual Rent: $113,115
Net Operating Income: $113,115
Lease Term Remaining: 18.5 Years
Rental Increases: 10% Every 5 Years
Options: One (1), Five (5)-Year & One (1) Four (4)-Year and Eleven (11) Months
Year Built: 2000
Rentable Sq/Ft: 3,295 SF
Rent Sq/Ft: $34.33
Price Sq/Ft: $624
Lot Size: +/- 0.72 Acres
Marcus & Millichap is pleased to present the exclusive listing for the KFC located at 270 East Fairmount Avenue in Lakewood, NY. The building consists of approximately 3,295 square feet of building space and is situated on approximately 0.72 acres of land. The tenant is subject to a recently extended triple-net (NNN) lease with over 18 years of lease term remaining. The base rent is $113,115 with 10 percent rental increases every five years throughout the remainder of the base lease term and each option period.
Based in Louisville, Kentucky, KFC Corporation is the franchisor of the world’s most popular chicken restaurant chain. KFC has been serving customers complete, freshly prepared family meals since 1952. KFC serves more than 12 million customers each day in more than 115 countries and territories around the world. KFC operates more than 19,500 restaurants in the Unites States and internationally.Charter Foods, Inc. is a YUM! Brands Franchisee that is headquartered in Morristown, Tennessee. The company operates more than 200 locations across 12 states in the south and northeast regions of the United States, consisting of Taco Bell, Long John Silver’s, Kentucky Fried Chicken and A&W restaurants. Charter Foods, Inc. is one of the fastest growing YUM! Brands franchisees in the country and has annual revenues in excess of $200 million.
This KFC property is located at 270 East Fairmount Avenue in Lakewood, New York. The property benefits from excellent frontage along East Fairmont Avenue (NY-394), which provides direct access into downtown Jamestown, the largest city in Chautauqua County, New York.
The subject property is strategically positioned in a highly dense retail corridor that features a healthy mix of local and national retailers, shopping centers and academic institutions, all within close proximity of the site. Major national tenants in the immediate area include: Walmart, Home Depot, Aldi, OfficeMax, JCPenney, McDonald’s, Burger King, Panera Bread, Taco Bell, Wendy’s, Dollar Tree, Rite Aid, Starbucks, Arby’s, Domino’s and many more. This KFC is within walking distance of Chautauqua Mall, a regional shopping mall with approximately 45 stores consisting of shopping options, dining, entertainment and more. Multiple academic institutions are located within a one-mile radius of the subject property, including Southwest Elementary School and Southwest High School. Together these schools boast a total combined enrollment exceeding 1,000 students. The subject property additionally benefits from its immediate access to healthcare, being located within four miles of UPMC Chautauqua, a 317-licensed bed medical facility that serves Lakewood and the surrounding areas.
There are more than 14,000 individuals that reside within a three-mile radius of the subject property and more than 43,000 individuals that reside within a five-mile radius. Average household income exceeds $70,000 for homes within three miles of the subject property.
Lakewood is located directly west of Jamestown, New York, an economically sound and vibrant community serving as the industrial, commercial, financial and recreational hub of Southwestern New York. As the center of a metropolitan area of more than 70,000 residents and a market area of nearly 175,000 people, Jamestown supports a broad diversity of industry, modern commercial establishments and financial institutions, and provides a myriad of cultural and recreational opportunities for the city’s residents. Jamestown’s “balanced community living” reflects the commitment of both public and private sector forces to provide the highest quality of life possible.
Broker of Record: John Krueger License #10311205789