Address: 3818 Belmont Avenue, Youngstown, Ohio, United States 44505
Cap Rate: 6.00%
Lease Type: Triple-Net (NNN)
Annual Rent: $89,105
Net Operating Income: $89,105
Lease Term Remaining: 17.6 Years
Rental Increases: 2.0% Annually
Options: Six (6) Periods of Five (5) Years Each
Rentable Sq/Ft: 4,456 SF
Rent Sq/Ft: $20
Price Sq/Ft: $333
Lot Size: +/- 1.22 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Bob Evans Property. The property consists of approximately 4,456 square feet of building space and is situated on approximately 1.22 acres of land. The property is subject to a 20-year triple net (NNN) lease with approximately 17 years remaining. The lease commenced on April 28, 2017. The current rent is$89,105 and there are two percent annual rental increases. The increases will continue through the six, five-year tenant renewal options. The tenant is 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 roughly 500 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.
There are approximately 34,650 people within a three-mile radius of this property and more than 88,454 within a five-mile radius. The property is situated on Belmont Avenue, which has average daily traffic counts of 21,882 vehicles. The Bob Evans is also located nearby Interstate-80. Interstate-80 experiences average daily traffic counts of more than 31,396 vehicles.
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, Giant Eagle, Goodyear, Dollar General, Radioshack, First Citizens Bank, Chase Bank, Wendy’s, Taco Bell, Speedway, and Shell, as well as a variety of others.
There are also three hospitality facilities within two miles of the subject property; Quality Inn, Comfort Inn, and Motel 6. Combined, they have over 200 rooms. Liberty High School, which has a total enrollment of more than 400 students, is located within one mile of the subject property. ValleyCare Health System of Ohio, a general medical and surgical hospital, is located within seven miles of the subject property. A number of industrial companies are located within a five mile radius of the subject property. These industrial companies include: Vallourec Star, Metalico Youngstown, Coronado Steel, TMS International, and Interstate Shredding, as well as a plethora of others.
Youngstown is a city in the U.S. state of Ohio, and the county seat of Mahoning County. Youngstown is on the Mahoning River, approximately 65 miles southeast of Cleveland and 61 miles northwest of Pittsburgh, PA. Youngstown is the midway between New York City and Chicago, via Interstate 80. Today, Downtown Youngstown finds itself becoming a center of culture, entertainment and innovation with the revival of its downtown. Now home to numerous bars, restaurants, and the recently completed Youngstown Foundation Amphitheater, Youngstown has seen tremendous change within the last several years. Youngstown now has its first downtown hotel since 1974; the DoubleTree by Hilton in the historic Stambaugh Building with first floor commercial space including a restaurant. Several businesses, such as Turning Technologies, an education technology company are headquartered in Downtown Youngstown. In 2012, Forbes ranked Youngstown, Ohio 4th among the best cities in the U.S. for raising a family. The article included the city’s schools, current low crime, cost-of-living, and property rates in its decision.
Broker of Record: Michael Glass License #BRK.2007005898