Current Use by Public Records
- Retail properties & Spaces
Property Details for 100 Makena Dr
- Year built
- 2020
- Lot size
- 0.89 lot acres
- Property type
- Retail properties & Spaces
- Property subtype
- Restaurants
Description
This exceptional investment opportunity presents a fee-simple, 2,513 square foot Popeyes restaurant located at 100 Makena Dr, Somerset, KY 42503. The property sits on a 0.89-acre lot and boasts a 100% occupancy rate under an absolute NNN lease with Carrols Corp Guarantee, expiring December 31, 2039. This represents a remaining lease term of approximately 15.1 years, featuring 1% annual rent bumps. The current annual net operating income (NOI) is $128,905, yielding a 6.25% cap rate on the asking price of $2,062,000. Built in 2020, this property benefits from its strategic location on US Highway 27, a major thoroughfare with over 29,000 vehicles daily, and its proximity to other national retailers including Starbucks, Chili's, Walmart, and Lowe's. A planned large-scale retail development, Makena Road Development, further enhances the property's long-term value. The surrounding area shows strong population growth, exceeding 5% in the past decade, with over 18,000 residents within a 3-mile radius and a daytime population exceeding 30,000. The lease includes six 5-year options. This is a prime opportunity for a 1031 exchange.
Value Estimations
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Somerset
- County
- Pulaski
- State
- Kentucky
- Longitude
- -84.6224
- Latitude
- 37.0631
