Address: 3818 Belmont Avenue, Youngstown, Ohio, United States 44505
Cap Rate: 6.75%
Lease Type: Triple-Net (NNN)
Annual Rent: $87,358
Net Operating Income: $87,358
Lease Term Remaining: 20 Years
Rental Increases: Two Percent Annually
Options: Six, Five Year Option Periods
Rentable Sq/Ft: 4,456 SF
Rent Sq/Ft: $19.6
Price Sq/Ft: $290
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 19 years remaining. The lease commenced on April 28, 2017. The current rent is $87,358 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. Tenant has the right to terminate this lease at the five year anniversary of the effective date with 180 days notice to Landlord of exercise of termination.
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.
This Bob Evans property is located at 3818 Belmont Avenue in Youngstown, Ohio. Youngstown is a city in and county seat of Mahoning County. Located along the Mahoning River, the city is positioned southeast of Cleveland and northwest of Pittsburgh.
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.
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 15,877 vehicles. The Bob Evans is also located nearby Interstate-80. Interstate-80 experiences average daily traffic counts of more than 38,359 vehicles.
Akron, Ohio is a city in and the county seat of Summit County, Ohio and is less than 40 miles from Youngstown. It is the fifth-largest city in the Ohio. Akron is home to many area attractions including minor league and collegiate sporting teams and education centers, including the University of Akron. The Akron Fulton Regional Airport serves as an area transportation hub, serving nearly 2 million passengers a year. Akron is known for the rubber, tire, and airship industries among others, including the trucking, stoneware, sewer pipe, fishing tackle, farming equipment, mining, match, zipper, and toy industries. Residents of the city are called “Akronites”. It has had many nicknames, three of which are “Rubber Capital of the World”, “Rubber City” and “City of Invention”. Akron is also home to LeBron James, a member of the NBA team Cleveland Cavaliers.
Broker of Record: Michael Glass – License # BRK.2007005898