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Virtual Drive-By

Popeyes NNN

5503 Commercial Street Southeast · Salem, OR 97306 · QSR / Restaurant

Asking price
$2,583,368
Cap rate
6.00%
NOI
$155,002

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Lease

Lease typeNNN
Term remaining16.9 yrs
Expiration05/2043
Rent bumps—
Options—
Ground lease—
Credit profileFranchisee
TenancySingle

Planning a 1031 Exchange

Give us your relinquished sale close date and we will calculate your 45-day identification and 180-day closing deadlines, track the clock, and surface matching inventory before it expires. We coordinate directly with your Qualified Intermediary and can introduce one if you have not yet engaged an exchange accommodator. Investment Grade does not provide tax or legal advice.

Property

Building SF2,333
Price / SF$1,107
Year built2023
Lot size1.00 ac
TypeQSR/Fast Food
Days on market109

Need year-one bonus depreciation

Building age, size and improvement mix drive how much of this asset a cost segregation study can accelerate into year one. Tell us your tax year and entity and we will model the deduction.

Investment highlights

  • ​Proximity to Willamette University and Corban University | The property is located approximately 4.5 miles from Willamette University, a premier private liberal arts institution with approximately 2,400 students enrolled across undergraduate and graduate programs, and approximately 4.3 miles of Corban University, a private Christian university with approximately 1,000+ students on campus.
  • ​Salem Hospital | The property is located approximately 4.3 miles from Salem Hospital, a major regional healthcare hub with 494 beds. The hospital generates consistent daily traffic from employees, patients, and visitors, supporting strong demand for convenient quick-service dining options throughout the day.
  • ​Strong & Affluent Area Demographics | The property is supported by a dense and affluent population base, with approximately 65,360 residents within a 3-mile radius and 124,837 residents within a 5-mile radius, along with average household incomes of $96,700 and $90,200, respectively. The combination of strong population density and above-average income levels provides a deep and reliable customer base, supporting discretionary spending and reinforcing long-term demand for quick-service dining.
  • ​Strong Franchisee Guarantee | The lease is backed by a strong franchisee guarantee from Pacific Quick Serve HoldCo LLC, a seasoned operator with 150+ units, providing additional credit support beyond the individual site. This structure strengthens income security and enhances the overall credit profile of the investment.

Property overview

Surmount is pleased to present the exclusive listing for a Popeyes located at 5503 Commercial Street Southeast, Salem, OR 973 06.​ The site consists of roughly 2,333 rentable square feet of building space on an estimated 1-acre parcel of land.​ Popeyes is subject to a 20-year Triple Net (NNN) lease, which commenced 6/1/2023.​ The current annual rent is $155,002 and has scheduled increases of 1.75% Annually Starting in June 2029.​

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Asking-market observation aggregated from public listing sources, last observed Sep 18, 2026. Figures are asking price and asking cap rate as published by the listing party, not a verified closed transaction. Lease terms shown where reported by the listing party and not independently verified. Shown for market reference only; this is not an offering. Investment Grade Income Property, LP represents buyers on a cooperating commission basis.