1314 S Broadway St, Pittsburg KS 66762
Freddy's Frozen Custard & Steakburgers
Retail Sold - KS
- 1314 S Broadway St., Pittsburg KS 66762
- Year Built: 1997
- Building Size: 2,970
- Property Name: Freddy’s Frozen Custard & Steakburgers
- Sold Price: $2,350,000.00
- Price PSF: $791.25
- Sold Date: 8/1/2019
- Cap Rate: 6.3%
- NOI: $150,000.00
- Property Type: Retail Restaurant
- Lease Type: Absolute Net
- Type: Investment
- Role: Buyer Rep
Ideal single-tenant absolute triple-net (NNN) investment opportunity, offering a 15-year lease with attractive 10% rental increases every five years. The Property is strategically positioned on the western side of US Route 69, just south of downtown Pittsburg.
The Property is made up of ±2,970 rentable square feet on approximately 22,312 square feet of land. The tenant, JRI Management is the largest Freddy’s franchisee with +59 locations in 10 states. Freddy’s Frozen Custard & Steakburgers is a fast-casual restaurant franchise, known for premium, lean, ground beef steakburgers and dessert treats, prepared with freshly-churned chocolate or vanilla frozen custard. A privately owned and family-oriented company, their tasty menu items coupled with exceptional guest service and industry-leading cleanliness standards are why their guests make return visits.
The Property benefits from a great location just around the corner from Pittsburg State University, approximately 1-mile south of downtown Pittsburg. Pittsburg State is a fully accredited state university with more than 200 academic programs and approximately 7,000 students (Source: Pittstate. edu).
Approximately 1-mile south of the Property and within walking distance of the Pittsburg State University campus is Meadowbrook Mall & Meadowbrook Commons. Meadowbrook Mall is at near capacity with national and regional retailers including: AMC Theatres, JCPenney, Hibbett Sports, GNC, Gordmans, Maurices, Bath & Body Works, and many more.
Pittsburg is a family oriented community that is committed to their city. They have invested more than $52M in the last decade to revitalize their downtown, largely with funds from private investors (Source: pittks.org). A public-private partnership with the city, PSU, and a private developer resulted in Block22; an innovative, mix-use, living-learning community in downtown Pittsburg. Block22 transforms four historic buildings at 4th and Broadway into an entrepreneurial epicenter; minutes from the Property (Source: block22psu.com).