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THE PUBLICATIONS & BLOG OF NEIL NARAN WITH MARCUS & MILLICHAP
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Tenant Report: Popeyes


Popeyes Louisiana Kitchen founded in New Orleans in 1972, Popeyes has more than 40+ years of history and culinary tradition. Popeyes distinguishes itself with a unique New Orleans Style menu featuring spicy chicken, chicken tenders, fried shrimp, and other regional items. The Chain's passion for its Louis Heritage and flavorful authentic food has allowed Popeyes to become one of the world's largest quick service restaurant chicken concepts with over 3,000+ restaurants in the U.S. and around the world. In March 2017, Popeyes was acquired by Restaurant Brands International, Inc (NYSE: QSR) the third largest operator of Fast Food Restaurants in the world.  

  • Average CAP Rate (2019): 5.72%

  • Average CAP Rate (2018): 6.08%

  • Lease Guaranty: Corporate & Franchisee

  • Average Sales per Unit (Store): $1,400,000

  • Total Number of Units (# of Stores): 3,102 Units

  • Average Building Size: 2,400 Square Feet

  • Average Property Sales Price: $2,055,238

  • Average NOI (Rent): $116,469 / Year

  • Top State with Units: Texas (14%)

  • Credit Rating: Moderate (Moody's: B+)

  • Average lease Term: 15 Years

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