RibCrib
5,027 SF | Retail Building | Joplin, MO 64804 | $1,457,142 ($290/SF) | 7% Cap Rate
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $1,457,142
- Property Type
-
Retail, Restaurant
- Square Feet
- 5,027 SF
- Price / Square Foot
- $290
Listing Contacts
Will Pural
Verified Profile
- Property Info
Property Overview
CIRE Partners is pleased to present a single-tenant net leased investment property in Joplin, Missouri, a main hub where Kansas City, Wichita, Oklahoma City, and Fayetteville join forces. The subject property has been occupied by RibCrib since the property was built in 2004, and is located at 2915 E 24th Street. The site consists of an approximately 5,027 square foot building on an approximately 0.92 acre parcel of land. Strategically located near the signalized intersection of E 24th Street and S Range Line Road, which is a main retail thoroughfare that provides direct access to Interstate 44, the subject property benefits from prominent visibility, excellent ingress and egress, strong traffic volumes, and a local trade area that provides demand and synergy.
This RibCrib property is store #35 of approximately 60 in the entire RibCrib system. RibCrib #35 has successfully operated at this same location for almost 20 years. In addition, RibCrib recently extended their lease term for 10 years, and is required to remodel/renovate the property within 24 months per the Seventh Amendment to Lease Agreement, which further demonstrates their commitment to this location. The long-term operating history, combined with a corporate lease guarantor and an investment from the tenant, equates to a highly demanded and seasoned property.
This RibCrib property is store #35 of approximately 60 in the entire RibCrib system. RibCrib #35 has successfully operated at this same location for almost 20 years. In addition, RibCrib recently extended their lease term for 10 years, and is required to remodel/renovate the property within 24 months per the Seventh Amendment to Lease Agreement, which further demonstrates their commitment to this location. The long-term operating history, combined with a corporate lease guarantor and an investment from the tenant, equates to a highly demanded and seasoned property.
Property Details
- Class
- C
- Year Built
- 2004
- Stories
- 1
- Property Subtype
- Freestanding
- Lot Size (sq. ft)
- 40,075 SF
Highlights
- Absolute NNN Lease: ± 9.5 Years Remaining w/ 1-5 Year Option
- Fixed 2% Annual Rent Increases
- Corporate Lease Guaranty (The RibCrib BBQ, Inc.)
- Fee Simple Ownership (Land & Building)
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