5855 Chef Menteur Hwy New Orleans, LA 70126-5039

Property Details for 5855 Chef Menteur Hwy

Year built

1960

Lot size

0.52 lot acres

Property size

768 SF

Property type

Auto shops

APN

39W921426

APU

39W921426

Description

This exceptional investment opportunity presents a 768 square foot convenience store and gas station located at 5855 Chef Menteur Highway, New Orleans, Louisiana, 70126. The property boasts a strong absolute triple-net (NNN) lease with Kings Oil, a reputable operator with over 128 locations across 12 states, ensuring minimal landlord responsibilities and a steady income stream. The lease, commencing January 21, 2020, and expiring January 31, 2037, has a remaining term of approximately 12.2 years, providing long-term security. The lease includes a crucial 2% annual rent increase, effectively hedging against inflation and ensuring consistent growth in rental income. The property benefits from a 7% cap rate and a current NOI of $152,690, with a sale price of $2,182,000 ($2,841.15 per square foot). The property is situated in a high-traffic area with over 35,000 vehicles passing daily and a population of approximately 200,000 residents within a 5-mile radius. Its proximity to major tourist attractions like the French Quarter and the Superdome further enhances its appeal. The lease is secured by both corporate and personal guarantees from Kings Oil, minimizing risk for the investor. Furthermore, this type of investment offers significant tax advantages due to increased depreciation expenses. This is a turnkey investment ideal for those seeking a stable, high-return, low-maintenance commercial property. The building was constructed in 2000. Four five-year lease options are included.