Single Tenant Net Investment 7.5% 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. Dive into a culinary fusion at Puerto Azul, where the bold flavors of Mexican cuisine meet the freshness of the sea. The restaurant offers a tantalizing menu of seafood delights and authentic Mexican dishes, creating a unique and vibrant dining experience for all. Tenant says the restaurant is doing very well, they have added a karaoke night plus several banquets/ private events per month in the lower level.

• 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 = 7.5%