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Popeyes | New 20-Yr NNN Sale-Leaseback 620 N Howard St 2,520 SF Retail Building Akron, OH 44310 $2,110,500 CAD ($837.50 CAD/SF) 6% Cap Rate
Investment Highlights
- New 20-Year Sale-Leaseback NNN Lease Commencing at Close of Escrow | Zero Landlord Responsibilities
- Operated and Guaranteed by an Established 13-Unit Popeyes Franchisee
- Signalized Intersection of North Howard Street (±7,000 VPD) and Tallmadge Avenue (±10,736 VPD)
- Scheduled 10% Rent Increases Every 5 Years | Four (4) Five-Year Renewal Options
- Tenant-Funded Remodel Slated for 2028 at No Cost to Landlord
- Convenient Access to State Route 8 (±100,071 VPD), Interstate 77, and Interstate 76
Executive Summary
Marcus & Millichap is pleased to present the opportunity to acquire a freestanding Popeyes drive-thru located at 620 North Howard Street in Akron, Ohio. The ±2,520-square-foot restaurant is secured by a new 20-year sale-leaseback NNN lease commencing at close of escrow, with zero landlord responsibilities and four (4) five-year renewal options. The property generates $90,000 in annual base rent at a 6.00% cap rate, with scheduled 10% rent increases every five years providing consistent income growth. The lease is operated and guaranteed by an established 13-unit Popeyes franchisee, and the tenant is slated to remodel the location at their own expense in 2028.
The property sits along North Howard Street (±7,000 VPD) at its signalized intersection with Tallmadge Avenue (±10,736 VPD), with access to State Route 8 (±100,071 VPD), Interstate 77, and Interstate 76. Nearby retailers include Home Depot, Best Buy, Sam's Club, and Lowe's at The Plaza at Chapel Hill Shopping Center. The 3-mile trade area holds 104,813 residents with an average household income of $69,312, supported by The University of Akron (15,000+ enrollment), Cleveland Clinic Akron General (500+ beds), and Summa Health (600+ beds). The asset sits within the Akron MSA (706,559 residents), pairing brand strength from Popeyes' 3,700+ global locations under Restaurant Brands International (S&P: BB) with passive, long-term net-lease income.
The property sits along North Howard Street (±7,000 VPD) at its signalized intersection with Tallmadge Avenue (±10,736 VPD), with access to State Route 8 (±100,071 VPD), Interstate 77, and Interstate 76. Nearby retailers include Home Depot, Best Buy, Sam's Club, and Lowe's at The Plaza at Chapel Hill Shopping Center. The 3-mile trade area holds 104,813 residents with an average household income of $69,312, supported by The University of Akron (15,000+ enrollment), Cleveland Clinic Akron General (500+ beds), and Summa Health (600+ beds). The asset sits within the Akron MSA (706,559 residents), pairing brand strength from Popeyes' 3,700+ global locations under Restaurant Brands International (S&P: BB) with passive, long-term net-lease income.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Fast Food
Building Size
2,520 SF
Year Built
1979
Price
$2,110,500 CAD
Price Per SF
$837.50 CAD
Cap Rate
6%
NOI
$126,630 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.28
Lot Size
0.21 AC
Parking
20 Spaces (7.93 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Bus Line
- Pylon Sign
- Signage
- Signalized Intersection
- Drive Thru
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
-
- Accommodation and Food Services
- -
- -
- -
Founded in New Orleans in 1972 by Al Copeland, the company began as a small fried chicken restaurant and later became known for a Louisiana-inspired approach to quick-service dining. The business serves fried chicken, chicken sandwiches, tenders, seafood, biscuits, desserts, and regional sides, with franchising forming a major part of the operating model. A broad restaurant network now supports service across the United States and international markets, and digital ordering, delivery, and franchise development remain part of the company's business mix.
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
|
|
Accommodation and Food Services | - | - | - |
Moderately walkable
70/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
50/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 68-34230 | Improvements Assessment | $36,990 CAD |
| Land Assessment | $11,152 CAD | Total Assessment | $48,142 CAD |
Property Taxes
Parcel Number
68-34230
Land Assessment
$11,152 CAD
Improvements Assessment
$36,990 CAD
Total Assessment
$48,142 CAD
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Popeyes | New 20-Yr NNN Sale-Leaseback | 620 N Howard St
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