RibCrib | 2915 E 24th St
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RibCrib 2915 E 24th St
5,027 SF Retail Building Joplin, MO 64804 £1,151,157 (£229/SF) 7% Net Initial Yield
Investment Highlights
- Absolute NNN Lease: ± 9.5 Years Remaining w/ 1-5 Year Option
- Corporate Lease Guaranty (The RibCrib BBQ, Inc.)
- Fixed 2% Annual Rent Increases
- Fee Simple Ownership (Land & Building)
Executive Summary
CIRE Partners is pleased to present a single-tenant net leased investment property in Joplin, Missouri, a main hub where Kansas City, Wichita, Oklahoma City, and Fayetteville join forces. The subject property has been occupied by RibCrib since the property was built in 2004, and is located at 2915 E 24th Street. The site consists of an approximately 5,027 square foot building on an approximately 0.92 acre parcel of land. Strategically located near the signalized intersection of E 24th Street and S Range Line Road, which is a main retail thoroughfare that provides direct access to Interstate 44, the subject property benefits from prominent visibility, excellent ingress and egress, strong traffic volumes, and a local trade area that provides demand and synergy.
This RibCrib property is store #35 of approximately 60 in the entire RibCrib system. RibCrib #35 has successfully operated at this same location for almost 20 years. In addition, RibCrib recently extended their lease term for 10 years, and is required to remodel/renovate the property within 24 months per the Seventh Amendment to Lease Agreement, which further demonstrates their commitment to this location. The long-term operating history, combined with a corporate lease guarantor and an investment from the tenant, equates to a highly demanded and seasoned property.
This RibCrib property is store #35 of approximately 60 in the entire RibCrib system. RibCrib #35 has successfully operated at this same location for almost 20 years. In addition, RibCrib recently extended their lease term for 10 years, and is required to remodel/renovate the property within 24 months per the Seventh Amendment to Lease Agreement, which further demonstrates their commitment to this location. The long-term operating history, combined with a corporate lease guarantor and an investment from the tenant, equates to a highly demanded and seasoned property.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
5,027 SF
Building Class
C
Year Built
2004
Price
£1,151,157
Price Per SF
£229
Net Initial Yield
7%
NOI
£80,581
Tenancy
Single
Number of Floors
1
Building FAR
0.13
Land Acres
0.92 AC
Parking
78 Spaces (15.52 Spaces per 1,000 SF Leased)
Frontage
271 ft on E 24th St
Amenities
- Corner Lot
- Restaurant
MAJOR TENANTS
- Tenant
- Industry
- SF OCCUPIED
- RENT/SF
- Lease Type
- Lease End
- RibCrib
- Accommodation and Food Services
- 5,027 SF
- £1.33
- Triple Net
- Jul 2033
| Tenant | Industry | SF OCCUPIED | RENT/SF | Lease Type | Lease End | |
| RibCrib | Accommodation and Food Services | 5,027 SF | £1.33 | Triple Net | Jul 2033 |
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 19-6.0-13-10-013-016.000 | Improvements Assessment | £118,351 |
| Land Assessment | £21,504 | Total Assessment | £139,855 |
PROPERTY TAXES
Parcel Number
19-6.0-13-10-013-016.000
Land Assessment
£21,504
Improvements Assessment
£118,351
Total Assessment
£139,855
-
Will Pural -
CIRE Partners
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RibCrib | 2915 E 24th St
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