The subject investment is a Kentucky Fried Chicken quick-service restaurant located in Kirkland, Washington. The property sits on approximately 0.96 acres of land and is comprised of roughly 2,630 square feet of building space.
The property will be subject to a new 20-Year absolute, triple net “NNN” lease with no landlord responsibilities. The lease will call for 10% rental increases every 5 years and there will be four, 5-year options to renew on the lease. The lease will be guaranteed by Northwest Restaurants, Inc., which is backed by approximately 29 franchisee operated units throughout Washington.
The subject property is located at 11747 124th Avenue in Kirkland, Washington. Kirkland is located in King County which has the highest population of all the counties in Washington state. Approximately twenty-three minutes from Seattle, the population of Kirkland is roughly 49,000 people. The residents of Kirkland are served by Boeing Field-King County International Airport, and by the Seattle Amtrak Station. This KFC is positioned on 124th Avenue which has an average daily traffic count of 15,000+ vehicles. It is located a half mile off I-405. Interstate 405 is a heavily trafficked thoroughfare with average daily traffic counts of 164,000+ vehicles.
The subject property is located across the street from a Ford dealership, several hundred feet from Elite Kids Learning Academy, Hertz Rent-A-Car, Subway, as well as a Hyundai and Infiniti dealership.
Net Operating Income $73,749.84