1031 Doctor loves a good steak! and Outback Steakhouse is a top contender in the field. The public company that owns and operates these also own many other brands and continue to grow. there are almost 7000 locations and units are being planned and built in other countries as well. https://www.outback.com
The Steak industry is not without its’ issues, and the obvious one is input and operational cost operating sit-down restaurants. I would definitely attempt to ascertain sales at this location using placer.ai to make sure the rent versus sales are below 8% before pulling the trigger on this deal but being next to a major airport and a major arena and two popular hotels should prove out this location to be well thought out and profitable for the company. I would grade this deal a B to B+ and offer 6.25% cap and try to get it for your 1031 exchange. Chicago isn’t my favorite place to invest but this location is worth the effort and obviously flying in won’t be hard. Always remember the axiom Location, location, locations, and this is definitely a good one.
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