Cap Rate: 6.35%
Net Operating Income: $55,000
Total Square-Footage: 3,566
Pizza Hut Square-Footage: 2,173
Vacant Space Square-Footage: 1,393
Market: Little Rock
The subject property is a freestanding Pizza Hut located in Pine Bluff, AR. Pizza Hut has a brand new 10 year net lease with four five-year options to renew. The lease calls for rent escalations of 10% every 5 years. The building is 3,525 square-feet and includes a drive thru. The asset is located nearby several retailers including Walgreens, Goodwill, Exxon and many others.
This is an NPC International sale leaseback of a two-tenant building with immediate upside potential through lease of vacant space.
Pine Bluff is the tenth-largest city in the state of Arkansas and the county seat of Jefferson County. It is the principal city of the Pine Bluff Metropolitan Statistical Area and part of the Little Rock-North Little Rock-Pine Bluff Combined Statistical Area.
Agriculture is a mainstay in Pine Bluff. Jefferson County is located in the heart of a rich agricultural area in the Arkansas River Basin. The leading products include cotton, soybeans, cattle, rice, poultry, timber and catfish. Principal industries in the area are engaged in processing cotton; production of cottonseed oil, paper and wood products; the manufacture of wire products; poultry processing; the manufacture of electric transformers; and metal fabrication.