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Perkins Restaurant and Bakery

$ 3,478,261
Brainerd, Minnesota
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Newly Listed

Address: 623 W Washington Street, Brainerd, Minnesota, United States 56401

Type: Restaurant

Cap Rate: 5.75%

Lease Type: Triple Net (NNN)

Annual Rent: $200,000

Net Operating Income: $200,000

Lease Term Remaining: 20 Years

Rental Increases: 1.50% Annually

Options: One (1), Five (5) Year Option

Year Built: 1990

Rentable Sq/Ft: 5,930 SF

Rent Sq/Ft: $33.73

Price Sq/Ft: $587

Lot Size: +/- 1.19

Marcus & Millichap is pleased to present the exclusive listing for a Perkins Restaurant and Bakery located at 623 West Washington St in Brainerd, MN. The site consists of roughly 5,930 rentable square feet of building space on estimated 1.19-acre parcel of land. This Perkins Restaurant and Bakery is subject to a brand new, long term, 20-year absolute triple-net (NNN) lease, which commenced on November 1st, 2019. The current annual rent is $200,000 and is scheduled to increase by 1.50% annually throughout the base term and in the one (1), five (5)-year tenant renewal option period.

The subject property is situated on West Washington Street, which boasts an average daily traffic count exceeding 21,019 vehicles. West Washington Street interests with MN-371, which brings an additional 23,667 vehicles into the immediate area daily. There are more than 19,176 individuals residing within a three-mile radius of the subject property and more than 27,084 individuals within a five-mile radius of the property.

The property is well positioned in a dense retail corridor with many national and local tenants, shopping centers, car dealerships and hospitality accommodations all within immediate proximity to the site. Major national tenants include: Costco, Home Depot, Best Buy, Target, OfficeMax, Kohl’s, Dunham’s Sports, GNC, Big Lots, Dollar Tree, Burger King, Subway, Domino’s Pizza, Wendy’s, Pizza Hut, Taco Bell, as well as several others. This Perkins benefits from being located less than a mile and a half from Central Lakes College, a two-year community and technical college, with a total enrollment exceeding 2,020 students. The subject property is located within a five-mile radius of all three of Brainerd’s waterparks. Brainerd is home to three of the best Minnesota waterparks, most notable being Paul Bunyan Waterpark & Recreation Center, a 30,000-sqft indoor waterpark.

Brainerd is a city in and the county seat of Crow Wing, Minnesota and is one of the largest cities in Central Minnesota. Brainerd straddles the Mississippi River several miles upstream from its confluence with the Crow Wing River, having been founded as a site for a railroad crossing above said confluence. Brainerd is the principal city of the Brainerd Micropolitan Area, a micropolitan area covering Cass and Crow Wing counties. The Brainerd area serves as a major tourist destination for Minnesota. Brainerd is the home to one of five medevac helicopter flight stations in the state for “AirCare,” operated by North Memorial Medical Center in Robbinsdale, a Level 1 Trauma Center. This station covers the central part of Minnesota. Brainerd is situated in the heart of lake country with a booming retail district and several well-known attractions. These attractions include the Brainerd International Raceway, North Central Speedway, Paul Bunyan Land Amusement Park, Safari North Wildlife Park and many more. The Brainerd International Raceway, hosts races frequently throughout the year and has a national drag racing meet annually in August.

 

Broker of Record:  Jon Ruzicka  License #40583288

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Glen Kunofsky

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(212) 430-5115

Michael Liu

Vice President
(212) 430-5221