Investment Offering
Flowood, MS - Freddy's
421 W Pineview Dr | Flowood, MS 39232
$3,175,000
Price6.35%
Cap Rate$201,617
NOI2,788
± SF Offering GLADescription
SRS Real Estate, LLC and SRS Real Estate Partners, LLC are pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN, drive-thru equipped, newly built, Freddy’s Frozen Custard & Steakburgers (Freddy’s) investment property located in Flowood, MS (Jackson MSA). The tenant, MS Steakburger, LLC, recently signed a brand new 15-year lease with 4 (5-year) option periods to extend, demonstrating their long-term commitment to the site. The lease features 5% rental increases every 5 years throughout the initial term and option periods, growing NOI and hedging against inflation. The lease is franchisee guaranteed and is absolute NNN with zero landlord responsibilities, making it an ideal, management-free investment opportunity for a passive investor. Founded in 2002, Freddy’s is among the leading quick service restaurant chains with more than 500 locations across 36 states.
Location
Freddy’s is strategically located along Lakeland Drive with clear visibility and access to an average of 54,000 vehicles passing by daily. Lakeland Drive / State Highway 25 is the primary retail corridor in the city, making it a centralized location with convenient access. The asset is ideally situated within a dense retail trade area and is near The Market at Grant’s Ferry (80K+ SF), Dogwood Festival Market (307K+ SF), Dogwood Promenade Mall (577K+ SF), Lakeland Commons (547K+ SF), and other major shopping centers. The surrounding tenants include ALDI, Kroger, Walmart Supercenter, Target, Lowe’s, Kohl’s, PetSmart, and others. The strong trade area drives a loyal, local consumer base to the area, providing crossover exposure and contributing to the local economy. Furthermore, the property is near numerous single-family communities and multi-family complexes including Carlton Park (100 units), Ashford Place (192 units), Laurel Park (312 units), and others, providing a direct residential consumer base. The 5-mile trade area is supported by over 57,500 residents and 29,500 daytime employees. Residents within 1-, 3-, and 5-miles of the asset boast a healthy average household income of $118,212, $112,678, and $109,895, respectively.
Documents & Links
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 Offering Memorandum |  |  |