Address: 3384 Waccamaw Boulevard, Myrtle Beach, South Carolina, United States 29579
Cap Rate: 5.50%
Lease Type: Triple-Net (NNN)
Annual Rent: $98,627
Net Operating Income: $98,627
Lease Term Remaining: 17 Years
Rental Increases: Two Percent Annually
Options: Six, Five Year Option Periods
Rentable Sq/Ft: 9,358 SF
Rent Sq/Ft: $10.54
Price Sq/Ft: $192
Lot Size: 1.81 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Bob Evans Property. The property consists of approximately 9,358 square feet of building space and is situated on approximately 1.81 acres of land.
The property will be subject to a 17-year triple net (NNN) lease. The lease will commence on April 28, 2017. The base rent is $98,627 with two percent annual rental increases. The increases will continue through the six, five-year tenant renewal options. The tenant will be a newly formed entity consisting of all Bob Evans Restaurants.
Bob Evans Restaurants was started more than 60 years ago with a single restaurant in Rio Grande, Ohio. The concept has since grown to 524 family restaurants in approximately 18 different states. Their wide variety of menu options appeals to a wide demographic, whether its breakfast, lunch, or dinner Bob Evans has something for everyone. Bob Evans Restaurants generated over $900 million in sales during fiscal year 2016.
This Bob Evans is located at 3384 Waccamaw Boulevard in Myrtle Beach, South Carolina. Myrtle Beach is a city in Horry County, situated on the center of a large and continuous stretch of beach. Myrtle Beach prides itself on being a major center of tourism in the United States annually.
The subject property is well-positioned in a dense retail corridor, benefitting from its proximity to major national and local tenants. Nearby national tenants include: Walmart, Costco Wholesale, Home Depot, Michael’s, PetSmart, Midas, Meineke, JCPenney, Belk, Dick’s Sporting Goods, Burger King, Chipotle, as well as a variety of others. Myrtle Beach, one of the United State’s most premier and popular tourist centers, is located approximately four miles away from the subject property. Broadway at the Beach, a shopping and entertainment complex with over 150 stores and services, is also located approximately four miles away from this Bob Evans location. Myrtle Beach International Airport, which served over 1.6 million passengers in 2014, is located within five miles of the subject property. Coastal Carolina University is located roughly seven miles away from this Bob Evans location, and has a total enrollment of more than 10,000 students.
There are approximately 36,659 people within a three-mile radius of this property and more than 81,417 within a five-mile radius. The property is situated on Waccamaw Boulevard, which is in close proximity to U.S. Highway 501. U.S. Highway 501 experiences average daily traffic counts of more than 72,490 vehicles.
Myrtle Beach is one of the United State’s most popular tourist destinations, attracting upward of 14 million visitors each year, during all seasons. There are a plethora of attractions, including: miles of beach, amusement parks, an aquarium, Legends in Concert, retail developments, nightclubs, theaters, a number of shopping complexes, and over 1,900 restaurants. To support all of these attractions, there are approximately 460 hotels, combining to offer over 89,000 units. Myrtle Waves, one of the largest water parks on the East Coast, is located nearby the Myrtle Beach Boardwalk. The Myrtle Beach Boardwalk opened in 2010 and has been recognized as the nation’s number three boardwalk by National Geographic. Another driver of Myrtle Beach’s economy is the Myrtle Beach Convention Center, a large facility that hosts a variety of meetings, conferences, exhibits, and special events every year. Myrtle Beach is recognized as the “Golf Capital of the World” because of the roughly 100 golf courses located within the city’s limits.
Broker of Record: Drew Babcock – License # 39872