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Sonic 3218 Rainbow Dr 1,219 SF Retail Building Rainbow City, AL 35906 $3,346,020 CAD ($2,744.89 CAD/SF) 6.05% Cap Rate
INVESTMENT HIGHLIGHTS
- 20-Year Sale-Leaseback | Experienced Operator (191+ Units) | Options to Extend | Established Location
- Rainbow Plaza Shopping Center | Dense Retail Corridor
- Absolute NNN | Fee Simple Ownership | Zero Landlord Responsibilities
- Strong Demographics In The Immediate Trade Area
EXECUTIVE SUMMARY
SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, guaranteed by Soar QSR (191+ unit operator) Sonic investment property located in Rainbow City, Alabama. Soar QSR is the 3rd largest Sonic franchisee and will sign a brand new, 20-year lease at the close of escrow (sale-leaseback) with 4 (5-year) options to extend, demonstrating their commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for a passive investor.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
1,219 SF
Building Class
C
Year Built
1981
Price
$3,346,020 CAD
Price Per SF
$2,744.89 CAD
Cap Rate
6.05%
NOI
$202,408 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.03
Lot Size
1.07 AC
Zoning
HC - Highway Commercial
Parking
40 Spaces (32.81 Spaces per 1,000 SF Leased)
Frontage
70’ on Rainbow Dr
AMENITIES
- Pylon Sign
- Drive Thru
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 15-09-29-4-000-125.000 | Improvements Assessment | $80,340 CAD |
| Land Assessment | $75,543 CAD | Total Assessment | $155,883 CAD |
PROPERTY TAXES
Parcel Number
15-09-29-4-000-125.000
Land Assessment
$75,543 CAD
Improvements Assessment
$80,340 CAD
Total Assessment
$155,883 CAD
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Sonic | 3218 Rainbow Dr
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