Address: 900 Bethel Road, Columbus, Ohio, United States 43214
Cap Rate: 5.75%
Lease Type: NNN
Annual Rent: $193,176
Net Operating Income: $193,176
Lease Term Remaining: 17.75 Years
Rental Increases: 2% Annually
Options: Six (6), Five (5) Year Options
Year Built: 2012
Rentable Sq/Ft: 6,559 SF
Rent Sq/Ft: $29.45
Price Sq/Ft: $512
Lot Size: +/- 1.86
Marcus & Millichap is pleased to present the exclusive listing for a Bob Evans located at 900 Bethel Road in Columbus, Ohio. The property consists of 6,559 square feet of building space and is situated on approximately 1.86 acres of land. The property is subject to a 20-year triple-net (NNN) lease that commenced on April 28, 2017. The current rent is$189,388, increasing to $193,176 on 5/1/2020. There are 2% annual rental increases that will continue through six, five-year tenant renewal options. There are 17.75 years remaining on the base term of this lease.
The subject investment property is strategically situated on Bethel Road, surrounded by several nationally recognized tenants and is located across the street from a major retail center anchored by Marshalls. Bethel Road has average daily traffic counts of 46,200 vehicles. Additionally, Bethel Road is within immediate proximity to Olentangy Highway, which brings in an additional 112,400 vehicles per day. Within an immediate three-mile radius is an affluent suburban community with average household incomes exceeding $98,439. There are more than 100,890 individuals residing within a three-mile radius of the site and more than 324,092 individuals residing within a five-mile radius.
This Bob Evans benefits from being well-positioned in a highly dense retail corridor that features national and local tenants. Major national tenants in the immediate area include: Marshalls, CVS Pharmacy, Marathon Gas, BP, McDonald’s, Five Guys Buffalo Wild Wings, Texas Roadhouse, in addition to many others. The subject property is located within a five-mile radius of The Ohio State University, which boasts a total enrollment exceeding 66,400 students. Additionally, the subject property is situated approximately six miles away from Ohio Stadium, which is home to The Ohio State University Buckeyes and has a seating capacity of 102,082 fans. Since the opening game against Ohio Wesleyan on Oct. 7, 1922, more than 36 million fans have streamed through the stadium’s portals.
Columbus is the capital of and the largest city in the state of Ohio with a population of over 860,000. It is also the 14th largest city in the United States. The city has a diverse economy based on education, government, insurance, banking, fashion, defense, aviation, food, clothes, logistics, steel, energy, medical research, health care, hospitality, retail, and technology. Columbus is home to the Battelle Memorial Institute, the world’s largest private research and development foundation; Chemical Abstracts Service, the world’s largest clearinghouse of chemical information; and NetJets, the world’s largest fractional ownership jet aircraft fleet. Columbus is also home to The Ohio State University, one of the largest college campuses in the United States, with approximately 65,000 students and over 6,200 faculty, and one of the most competitive intercollegiate programs in the nation. Things to do in Columbus range form professional sports to some of the nation’s best live music venues. Shadbox Live, MadLab Theatre, and The Ohio Theater, are just a few places in Columbus regularly hosting live music.
Broker of Record: Michael Glass License #BRK.2007005898