CAP Rate: 8.00%
Net Operating Income: $699,143
Lot Size: 6.70 AC
The subject offering is a 71,410 square foot Academy Sports + Outdoors situated on 6.70 acres in Lake Charles, Louisiana. The fee simple net lease is corporately guaranteed by Academy Sports + Outdoors. The strong operator has been in business for 82 years and has an estimated revenue of over $5 Billion and operates 290 stores nationwide.
The net lease calls for minimal landlord obligations. The tenant has three, 5-year renewal options with 5% increases in rent every five years. The building is ideally located on a major retail thoroughfare. Neighboring tenants include Walmart SuperCenter, Lowe’s and Old Navy.
Lake Charles is a city in southwest Louisiana. Downtown, the Mardi Gras Museum explores the history of the iconic festival through colorful costumes. The 1911 Historic City Hall Arts & Cultural Center features traveling exhibitions and local art. Nearby, the giant, centuries-old Sallier Oak tree stands on the grounds of the Imperial Calcasieu Museum, a visual arts center. The city also has several large casinos.