600 Skyline Dr Conway, AR 72032-3519
- Turn key restaurants
- 8,364 SF
- 1.99 lot acres
Current Use by Public Records
- MarketPlace Grill / Restaurant
Property Details for 600 Skyline Dr
- Year built
- 2000
- Lot size
- 1.99 lot acres
- Property size
- 8,364 SF
- Property type
- Turn key restaurants
- APN
- 710-08187-001C
- APU
- 71008187001C
Description
This exceptional investment opportunity presents a fee-simple ownership of a thriving Marketplace Grill restaurant in Conway, Arkansas. The property boasts a 6,364 square foot building situated on a 3.67-acre lot, with an additional 1.68 acres available for future development. The current tenant, Marketplace Grill, operates under a triple-net (NNN) lease with a corporate guarantee, commencing November 13, 2018, and expiring July 1, 2032. This lease includes three renewal options and features a 1% annual rent increase. The property generates a substantial net operating income (NOI) of $223,865, resulting in a compelling 6.58% cap rate. The restaurant has a proven track record, reporting $2.49 million in sales during fiscal year 2023 and enjoying over 25 years of operation at this location. Its prime location on Skyline Drive, a major retail artery with over 31,000 vehicles daily, places it within a thriving retail corridor alongside prominent national brands such as Walmart, Lowe's, Cinemark, Starbucks, and Harbor Freight. The property's strategic position benefits from Conway's robust population growth (nearly 10% in the last decade) and high consumer spending on food and alcohol ($100M within a 3-mile radius). A recently signed long-term billboard lease adds further income potential. The asking price for this exceptional property is $3,400,000. The property's APN is 71008187001C.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $2,800,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $3,130,000
- 6.5%
- $2,705,000
- 7%
- $3,100,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $3,275,000
- Geo Method
- $2,975,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $2,275,000
- Retail
- $3,070,000
- Mixed-Use
- $2,845,000
- Hospitality
- $2,660,000
- Educational
- $2,845,000
- Residential Income
- $2,855,000
- Energy
- $2,930,000
- Income-Based Land
- $3,025,000
- Food Service
- $2,940,000
Location Insight
- Map
- Local Demand
- City
- Conway
- County
- Faulkner
- State
- Arkansas
- Longitude
- -92.4333
- Latitude
- 35.113
- CBSA code
- 30780
- CBSA name
- LITTLE ROCK-NORTH LITTLE ROCK, AR METROPOLITAN STATISTICAL AREA
