Popeyes
Baskersfield, CA
Popeyes is an American multinational chain of fried chicken fast food restaurants founded in 1972 in New Orleans, Louisiana. Since 2008, its full brand name is Popeyes Louisiana Kitchen, Inc. and it was formerly named Popeyes Chicken & Biscuits and Popeyes Famous Fried Chicken & Biscuits. It is currently a subsidiary of Restaurant Brands International.
According to a company press release dated June 29, 2007, Popeyes is the second-largest “quick-service chicken restaurant group, measured by number of units”, after KFC. More than 2,600 Popeyes restaurants are in more than 40 states and the District of Columbia, Puerto Rico, and 30 countries worldwide. About thirty locations are company-owned, the rest franchised
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Moody Outlook: N/R
Typical Lease Characteristics
Lease Term: 10 – 15 Years Years
Lease Type: Absolute NNN Lease
Lease Increases: 10% Every 5 years
Lease Extensions: 4-5 (5) Year Options
Lease Guarantor: Corporate and Franchise
Positives:
- Typically located in high traffic locations
- Typically Long term leases with increases
Negatives:
- Currently Not Rated
- Competitive Industry Sector
- Susceptible to economic trends and pressures
Market Snapshots:
On Market Ranges:
# of Properties in set: 7
Price: $1,708,910 - $2,039,040Average: $1,941,945
PPSF: $750 - $930Average: $795
Year Built: 1969 - 2018Average: 2000
CAP Rate Range: 5.93% - 7.07%Average: 6.37%
Size range: 2,052 sq ft - 3,292 sq ft Average: 2,508 sq ft
Last 12 Month Range:
# of Properties in set: 18
Price: $1,858,280 - $2,293,190Average: $1,976,889
PPSF: $714 - $806Average: $760
Year Built: 1969 - 2018Average: 2001
CAP Rate Range: 4.84% - 6.40%Average: 5.76%
Size range: 1,976 sq ft - 3,650 sq ft Average: 2,607 sq ft