Single Tenant Net Investment 7.24% cap

This location has continuously operated as a Mexican Restaurant since 1977. Puerto Azul is a new tenant who took possession in January 2024. Puerto Azul’s owners have extensive restaurant and business background and bring fresh ideas and energy. The menu features Sinaloa style seafood and tacos, a specialty that is hard to find in the area. They have proof of concept for over 2 years and are ready to expand to this larger location.

• Lease start date: January 1, 2024
• Lease end date: Feb 28, 2029
• Rent: $15.67/square foot, year 1
• Annual increases: 5%
• Option to renew: 5 years
• Multiple Personal Guarantees
• Lease Type: Absolute Net
• Tenant Pays: ALL Property expenses including: R&M, HVAC, roof, parking lot, property tax and property insurance.

NOI Y1 = $86,875

cap = 7.24%