Address: 7781 Dudley Drive, West Chester, Ohio, United States 45069
Cap Rate: 5.65%
Lease Type: NNN
Annual Rent: $161,834
Net Operating Income: $161,834
Lease Term Remaining: 17.75 Years
Rental Increases: 2% Annually
Options: Six (6), Five (5) Year Options
Year Built: 1998
Rentable Sq/Ft: 4,998 SF
Rent Sq/Ft: $32.38
Price Sq/Ft: $573
Lot Size: +/- 1.17 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Bob Evans located at 7781 Dudley Drive, West Chester, OH. The property consists of 4,998 square feet of building space and is situated on approximately 1.17 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$158,661, increasing to $161,834 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 Dudley Drive just off an exit for Interstate-75 and directly across the street from a Lowe’s Home Improvement store. Dudley Drive is located just off Tylersville Road which boasts an average daily traffic count exceeding 38,260 vehicles per day. Tylersville Road intersects with Interstate-75, which brings an additional 99,390 vehicles into the immediate surrounding area per day. Within an immediate three-mile radius is an affluent suburban community with average household income exceeding $127,393. There are more than 61,730 individuals residing within a three-mile radius of the site and more than 141,130 individuals 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 and shopping centers. Major national tenants in the immediate area include: Lowe’s, Walgreens, Target, Kohl’s, T.J. Maxx, The Home Depot, Meijer, Kroger, Aldi, Office Depot, Michael’s, Big Lots, Starbucks, McDonald’s, Burger King, Wendy’s, Chick-fil-A, Longhorn Steakhouse, in addition to many others.
West Chester Township is one of the thirteen townships of Butler County, Ohio. It is situated between Sharonville and Liberty Township, approximately 23-miles from Cincinnati, Ohio, and is included in the Cincinnati Metropolitan Area. Several notable events occur in West Chester Township, but most prominent is the Union Centre Boulevard Bash. This celebration is held in early August and hosted at The Square Union Centre. The event has attracted artists such as King’s X, Extreme, and David Cassidy. On October 17th, 2008, Republican Vice-President candidate Sarah Palin and the U.S. Congress House Minority Leader John Boehner spoke to a crowd of over 15,000 people at the Square at Union Centre in front of the renowned bell-tower. Additionally, on November 2nd, 2012, the Mitt Romney campaign held a rally where over 30,000 attended at the same venue. The rally included a concert by Kid Rock and several speakers that included Paul Ryan, Rudy Giuliani, Rick Santorum, John Kasich, Rick Perry, Marco Rubio, Rob Portman, and John Boehner.
Broker of Record: Michael Glass License #BRK.2007005898