3513 E Race Ave Searcy, AR 72143
- Turn key restaurants
- 5,050 SF
- 0.85 lot acres
Current Use by Public Records
- IHOP / Breakfast Restaurant / American Restaurant
Property Details for 3513 E Race Ave
- Year built
- 2006
- Lot size
- 0.85 lot acres
- Property size
- 5,050 SF
- Property type
- Turn key restaurants
- APN
- 016-09916-002-A
- APU
- 01609916002A
Description
This fee-simple, Class A retail property in Searcy, Arkansas, offers a compelling redevelopment opportunity. The 4,800-square-foot building, constructed in 2005, sits on a 0.83-acre lot and is currently 100% occupied by an IHOP restaurant under a NNN lease. The lease, commencing March 24, 2005, has a remaining term of approximately 1.4 years, expiring April 1, 2026. The current lease includes rent bumps of 10% every five years. The property boasts a strong location as an outparcel to Walmart and Lowe's, providing excellent visibility and accessibility. With a current NOI of $221,212 and a pro-forma NOI of $190,000, the property offers a current cap rate of 8.51% and a pro-forma cap rate of 7.31%. The asking price is $2,600,000, translating to a price per square foot of $541.67. The property is zoned for commercial use and benefits from the area's high market rents and population growth. The lease includes two five-year options. This investment presents a unique chance to capitalize on a prime location in a thriving market, with potential for significant returns through redevelopment or continued operation under the existing tenant. The property's address is 3513 E Race Ave, Searcy, AR 72143.
Value Estimations
-
AI approach
- Method
- Estimation
- ML approach
- $215,000
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Location Insight
- Map
- Local Demand
- City
- Searcy
- County
- White
- State
- Arkansas
- Longitude
- -91.687
- Latitude
- 35.2494
- CBSA code
- 42620
- CBSA name
- SEARCY, AR MICROPOLITAN STATISTICAL AREA
