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OFallon, MO - Cracker Barrel
120 Progress Point Court | OFallon, MO 63368
$2,867,000
Price5.75%
Cap Rate$164,836
NOI10,053
± SF Offering GLA2.56
± AC Land AreaDescription
McKelvey Properties in collaboration with SRS National Net Lease Group is pleased to offer the opportunity to acquire the leased fee (land ownership) in an absolute NNN leased, freestanding, Cracker Barrel investment property located in O’Fallon, Missouri (St Louis MSA). The tenant, Cracker Barrel Old Country Store, Inc., has approximately 11 years remaining with 4 (5-year) options to extend, demonstrating their long-term commitment to the site. The lease features 1.5% annual rental increases throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for a passive investor. Established in 1969, Cracker Barrel and its affiliates operate more than 660 company-owned locations across 45 states.
Location
Cracker Barrel is strategically located near the interchange of Highway K and Interstate 64 providing clear visibility and access to an average of 94,000 vehicles per day. The site also benefits nearby access to State Highway 94 (42,000 VPD), making it an ideal, centralized location with easy commutes for both employees and customers. Located within a dense retail corridor, the asset is within close proximity to multiple national/credit tenants including Target, Home Depot, Ross, Ashley Home Store, Petco, CVS, Dollar Tree, and more. Strong tenant synergy increases consumer draw to the immediate subject trade area and promotes crossover tenant exposure to the site. Furthermore, the site is ideally positioned adjacent to Progress West Hospital (68 bed) and approximately 4-miles south of St. Charles Community College (11,982 students), further increasing consumer traffic to the immediate subject trade area. Moreover, the site is within walking distance from Avenue 64 Luxury Apartment Homes (316 units) and The Southernside Apartments (220 units), providing a direct residential consumer base from which to draw. The 5-mile subject trade area is supported by more than 93,000 residents and 36,000 daytime employees. Residents within a 1-mile radius boast an extremely affluent average household income of more than $164,000.
Documents & Links
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 Offering Memorandum |  |  |
Contact
Matthew Mousavi
Sr Managing Principal & Co-Head of National Net Lease
949.698.1116949.698.1116[email protected]CA #: 01732226
Patrick Luther, CCIM
Sr Managing Principal & Co-Head of National Net Lease
949.698.1115949.698.1115[email protected]CA #: 01912215
Patricia McKelvey
McKelvey Properties[email protected]