Address: 2625 Alexandria Pike, Highland Heights, Kentucky, United States 41076
Type: Gas & Conv. Store
Cap Rate: 6.50%
Lease Type: Absolute Triple-Net (NNN)
Annual Rent: $291,520
Net Operating Income: $291,520
Lease Term Remaining: 11.5 Years
Rental Increases: 2.00% Annually
Options: Four (4) Periods of Five (5) Years Each
Rentable Sq/Ft: 2,578 SF
Rent Sq/Ft: $113.08
Price Sq/Ft: $1740
Lot Size: +/- 1.01 Acres
Marcus & Millichap is pleased to present the exclusive listing for a CrossAmerica Partners BP property located at 2625 Alexandria Pike in Highland Heights, Kentucky The property consists of 2,578 square feet of building space and sits on 1.01 acres of land. The building was built in 1985. This CrossAmerica Partners property has approximately 11.5 years remaining on an original 20-year triple-net (NNN) lease, which commenced on November 17th, 2010. The current rent is $291,520. The lease expires November 30th, 2030. The lease is truly triple-net with the tenant responsible for roof & structure, insurance, maintenance, utilities, property taxes, parking and HVAC.
This CrossAmerica Partners BP gas-station and convenience store is located at 2625 Alexandria Pike in Highland Heights, Kentucky. Highland Heights is located in northern Campbell County. It is bordered by to the north by Fort Thomas, to the west by Wilder, and to the south by Cold Spring. Cincinnati, Ohio is located approximately seven miles northwest of the city. Highland Heights is home to Northern Kentucky University and General Cable, a Fortune 500 company.
The subject property is well-positioned in the main commercial corridor in Highland Heights, benefiting from its proximity to major national and local tenants. Major national tenants in the surrounding area include: Lowe’s, Kroger, Walgreens, Chipotle, Smashburger, Jimmy John’s, BB&T, Applebee’s, U.S. Bank, Subway, Taco Bell, Arby’s, Frisch’s Big Boy, USPS, Fifth Third Bank, Pizza Hut, City Barbeque, Firehouse Subs, Busken Bakery, PNC Bank, Wendy’s, Shell, Verizon Wireless, as well as many others. Northern Kentucky University is located less than one mile from the subject property. The university is primarily an undergraduate, liberal arts institution, but it also features graduate programs. Total enrollment at the university currently exceeds 15,000 students, with over 13,000 undergraduate students and over 2,000 graduate students served by nearly 2600 faculty and staff.
Highland Heights has approximately 41,175 individuals residing within a three-mile radius of the property and more than 125,070 within a five-mile radius. The BP property is located on Alexandria Pike which has traffic counts of 46,327 vehicles per day. Nearby, U.S. Interstate 275 has additional traffic counts of 79,181 vehicles per day. Cincinnati, the third-largest city in Ohio, is located seven miles northwest of Highland Heights.
Cincinnati, which is within a one-day drive of two-thirds of the American population, is a city in and county seat of Hamilton County. The city boasts the fastest growing economy in the Midwestern United States, having a Gross Metro Product of $119 billion dollars. Several Fortune 500 companies are headquartered in Cincinnati, such as Proctor and Gamble, The Kroger Company, and Macy’s. The city is home to two major professional sports teams, the Cincinnati Reds of Major League Baseball and the Cincinnati Bengals of the National Football League. The University of Cincinnati is positioned within the city’s limits. The University of Cincinnati is a major economic force for the city, having an economic impact of over $3.5 billion dollars each year. Xavier University, which is also located in Cincinnati, along with the University of Cincinnati have a combined enrollment of more than 50,000 students. Listed as fourth on CNN’s Top 10 cities for new graduates, many of the 50,000 students stay in Cincinnati after they graduate.
Broker of Record: Colby Haugness License #242197