Fast Stop Gas Station, New Orleans, Louisiana

5855 Chef Menteur Hwy no-imageVIEW MAP

Property Information

Price: $2,446,015

Cap Rate: 6.0%
NOI: $146,760.90
Lease Term: 17 Years with 15 Years Remaining
Lease Type: Absolute NNN
Building Size: Approximately 676 Square Feet
Year Built: 1960/1996
Status: Available
Lead Broker Information:

Carston Bossow


Property Description

Investment Highlights

  • New 17 Year Absolute NNN Lease with 15 Years Remaining – Stable Cash Flow Asset – Zero Landlord Responsibilities – Four (5-Year) Options to Renew
  • Rental Increases Throughout the Initial Term and Option Periods, Providing a Strong Hedge Against Inflation
  • Strong Personal Guaranty, Evidencing the Tenant’s Commitment to the Location
  • Strong Store Performance with Healthy Rent Coverage – Contact Broker for Details
  • The Tenant, IMTAA, Operates 40+ Locations in Multiple States, Including 14 Fast Stops in the Greater New Orleans Metropolitan Area
  • High Traffic Location – Nearly 33,000 Vehicles Per Day on Chef Menteur Highway (US-90), Over 13,000 Vehicles Per Day on Downman Rd & More Than on 136,000 Vehicles Per Day on Nearby Interstate-10
  • Densely Populated Location with More Than 190,000 People Living in a 5-Mile Radius with Average Household Income Exceeding $59,000
  • Over 20 Million Square Feet of Industrial & Office Space and 16.8 Million Square Feet of Restaurant & Retail within a 5-Mile Radius of the Property, Resulting in a High Daytime Population of More Than 80,000 Employees
  • Less Than 1-Mile from the Folgers Coffee Manufacturing Plant that Employs Over 650 New Orleans Residents
  • Approximately 1-Mile from the Crescent Crown Distributors Warehouse, Which Employs More Than 630 People & Distributes Over 14.4 Million Cases of Beverages of the State of Louisiana Annually
  • Approximately 1.8 Miles from New Orleans Lakefront Airport, Which is Still the Only Full-Service Airport in the Metropolitan Area of New Orleans
  • Approximately 3.7 Miles from the University of New Orleans with Over 8,200 Students Enrolled and More Than 730 Total Faculty & Staff
  • Located 6 Miles from Downtown New Orleans, Drawing Over 19 Million Annual Tourists to Visit Attractions Such as the French Quarter, Bourbon Street, Mardi Gras and the St. Louis Cathedral
  • Tremendous Multi-Family Density with Over 15,751 Apartment Units in a 5-Mile Radius of the Property