It’s not always the case that I wake up and see what’s new on Crexi and find a gem like this, but today April 1s, I did just that! At first, I thought perhaps it’s an “April Fool’s Day” prank being played on me by the folks at CREXI but that’s not the case. This is a deal you can actually make some money on, and the type of deal I typically purchase for my own account if I’m in an exchange. I would even consider this deal for fresh capital to be frank. https:www.crexi.com
This Outback Steak House in Rapid City South Dekota hits all the marks! its lease is coming up without options to extend; the tenant is making serious cashflow, and the area has the best type of anchor you could ever have! Gateway to Mount Rushmore and the Black Hills! one of the most picturesque and historic places in the country. I have been there a few times and honestly would say there is something magical in the air. remember camping in my RV on someone’s farm with my old dog MAX and having two B1 Lancer bombers flying over my camps early in the morning just over my head! there was nobody around for miles and I still remember the sound and ground shaking under my feet! God Bless America! https://www.nps.gov
This NNN Outback Steak House is one of those small price point deals with credit that are hard to find that are worth the risk. You certainly, couldn’t build this again for that amount, and the fact that they have a 3% rent V sale ratio tells me all I need to know! Yes, it’s true that sit down restaurants are having troubles these days, especially when it comes to expensive protein like steak! With a 3% ratio, even this unit can turn a profit, so I think it’s fair to say that they will want to renew their lease at the end of 2030 and there is the opportunity to make a profit on this deal. With no options to extend you will have them over a barrel, and possible be able to get much higher rents! https://www.outback.com
I grade this deal an A- only because my rule of thumb is to not invest in smaller towns under 100,000 residents, and this one barely makes it, but being next to an Airforce base, let alone being the gateway to Mount Rushmore alleviates a lot of risk in this deal.
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