1680 1St StHermiston, OR 97838

Property Details for 1680 1St St

Year built

2023

Lot size

0.82 AC

Property size (Sq ft)

2,536 SF

Property type

Retail properties

Property subtype

Other retail properties

Description

This exceptional investment opportunity presents a brand-new, 2,536 square foot Popeyes restaurant located at 1680 N 1st St, Hermiston, Oregon. Built in 2023, this property sits on a 0.82-acre lot and boasts a strong 6.25% cap rate, generating a net operating income (NOI) of $215,000. The property is subject to a 20-year triple-net (NNN) lease, commencing June 1, 2023, and expiring May 31, 2043, with a remaining term of 18.5 years. The lease includes annual rent increases of 1.75% starting in year seven. The asking price is $3,440,000, translating to a price per square foot of $1,356.47. This single-tenant, franchisee-operated property benefits from its location in a densely populated area with high traffic volume, including nearby businesses such as Auto Zone, Taco Bell, and other national chains. The proximity to Hermiston High School, with over 1,500 students, further enhances the property's long-term potential. This is a rare opportunity to acquire a high-performing, long-term net lease investment in a prime location. The property is 100% occupied and offers a secure, passive income stream for years to come. The strong tenant, favorable lease terms, and strategic location make this an attractive investment for discerning buyers.

Location Insight

City

Hermiston

County

Umatilla

State

Oregon

Latitude

45.8539

Longitude

-119.29

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