Black Angus Steakhouse | Highly Profitable Location
Bakersfield, CA
Price: $5,990,000Cap Rate: Building SF: 9,842 SFLot Size: 0.87 AcresYear Built: 1986Status:

Investment Highlights: 

Historically Strong Unit Level Sales Over $5M Annually – 7.9% Rent to Sales Ratio – The Black Angus has been successfully operating at this location since 2006. This restaurant has seen strong sales year over year, reporting sales over $5M with a 7.9% rent to sales ratio in 2016. *Historical sales reporting & financials available upon a signed confidentiality agreement.

Black Angus Steakhouse: Strong Corporate Tenant – 50+ Year Successful Operating History  – The property is leased to Black Angus, a leading operator of “polished casual” steakhouses for over 50 years. Founded in 1964 and headquartered in Los Altos, CA, there are 44 restaurants located throughout Alaska, Arizona, California, Hawaii, New Mexico, and Washington.

Signalized Hard Corner Location One Block from HWY 99 Access – Ideal Visibility & Frontage on Rosedale Hwy (55,000 CPD)   – The subject property is located on the signalized hard corner of Rosedale Hwy/SR 58 and Camino Del Rio Ct, just one block from the on/off ramp to SR 99 (143,000 cars per day). The site offers excellent visibility, access, and signage along Rosedale Hwy/SR 58, which is a major corridor connecting 55,000+ cars per day from Highway 99 to Interstate 5.

Shadow Anchored by Costco – Outparcel to Rosedale Shopping Center – Surrounded by Hotels
The property is shadow anchored by Costco and ideally sits on an outparcel to the Rosedale Place shopping center. Co-tenants include 24 Hour Fitness, John’s Incredible Pizza, Harbor Freight Tools, Shell, Taco Bell, and UEI College.

The property is surrounded by numerous hotels including the adjacent Doubletree Hotel, Holiday Inn, Spring Hill Suites, Hilton Garden Inn, Clarion Inn, and Courtyard Marriott providing steady foot traffic to the restaurant.

Absolute Triple-Net (NNN)Lease – Zero Landlord Responsibilities – Rent Growth
Black Angus Steakhouse has just under 6 years remaining on its original 16.8-year absolute triple-net lease providing an investor with a passive long-term investment. The lease also features CPI rent increases capped at 10% every 5 years throughout the Primary term and in the (4) 5-year option periods.

Located in the City of Bakersfield – Strong Economy – Growing Manufacturing & Distribution Sector  – The subject property is located in Bakersfield, the 9th-largest city in California with a population of 365,000 and within four hours of 90% of California’s population, Bakersfield’s historic and primary industries have related to Kern County’s two main industries, oil and agriculture. Kern County is the most oil productive county in America, with around 10% of the nation’s domestic production. Bakersfield is the largest city with the lowest sales tax in California at the state minimum of 7.25%.


Ryan Barr

rbarr@lee-associates.com
O. 760.448.2446
F. 760.929.9977

Ryan Bennett

rbennett@lee-associates.com
O. 760.448.2449
F. 760.929.9977