
Buying a drive-thru restaurant property? The cap rate is only the beginning.
Here's the 4-lens framework The @Dirtdog uses before recommending any net lease QSR deal:
1️⃣ Leasing: Call a leasing broker before anything else. They'll tell you if rent is at market and what backfill looks like. Most will give you their opinion for free.
2️⃣ Asset Management: Meet with the city. Road widenings, zoning, special assessments, these things can change your entire business plan. Also: is this actually NNN, or NN?
3️⃣ Property Management: Get an experienced PM to review the lease line by line, especially if there are shared expenses with adjacent parcels.
4️⃣ Investment Thesis: Document it. Run 7/10/15-yr IRR projections. Build the case study like you’re pitching an outside investor.
Skip any one of these and it can cost you.
Full breakdown → legendcommercial.com/post/analyzing…
#CRE #NetLease #DriveThru #CommercialRealEstate
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