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Hawaiian Bros. Overland Park Offering

Property Overview

YEAR BUILT 1995
RENTABLE SQ FT 3,145
LOT SIZE 0.97 ACRES
CONSTRUCTION STYLE BRICK
PARKING SPACES 43
ROOF TYPE FLAT TPO

Property Narrative

12120 College Boulevard is a 3,145 square foot free standing building on one acre of land in Overland Park, Kansas. The building was developed for the former restaurant tenant in 2008. The building is in a great high median income demographic supplemented by a 20,000 enrollment junior college population immediately south of the restaurant. The restaurant is set off a high traffic intersection at College and Quivira one quarter mile from an exchange that feeds multiple major highways.

In early 2017, Hawaiian Bros. started searching for a location in Kansas City to offer their unique menu. That became the Belton flagship restaurant which opened on February 9th and is on pace for $2 million in annual sales. Hawaiian Bros. Lawrence is under construction and is targeting an August 1st open. 12120 College Boulevard will become the third location of our growing franchise.

Hawaiian Bros is operated by Cameron and Tyler McNie who have been friends with the Worcester brothers for much of their lives. The McNie brothers have 13 years of experience owning and operating restaurants of this style. The combination of experience as well as trust is integral to this partnership.

Worcester feels 12120 College Boulevard should be added to its current Kansas City portfolio as we are please to own and recommend it as a long term investment.

Invest

Investment Details

PROPERTY TYPE Retail
PURCHASE PRICE $1,475,000
TOTAL RENT-ABLE SQ FT 3,145
PRICE PER RENT-ABLE SQ FT $469.00

Sources and Uses

SOURCES
LOAN $1,900,500
PRIVATE EQUITY $671,879
USES
PRICE $1,475,000
CAPITAL IMPROVEMENTS $1,000,000
CLOSING COSTS $59,000
ACQUISITION COST $20,650
OPERATING ACCOUNT $17,729
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