Address: 800 East Main Street , Jackson, Ohio, United States 45640
Cap Rate: 6.40%
Lease Type: Triple Net (NNN)
Annual Rent: $60,000
Net Operating Income: $60,000
Lease Term Remaining: 15 Years
Rental Increases: 1.25% Starting in Year 6
Options: Four (4), Five (5)-Year Options
Year Built: 1979
Rentable Sq/Ft: 3,456 SF
Rent Sq/Ft: $17.36
Price Sq/Ft: $271
Lot Size: +/-0.12 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Pizza Hut Sale-Leaseback located at 800 East Main Street in Jackson, Ohio. Built in 1979, the property consists of 3,456 square feet of building space and sits on 0.12 acres of land.
This Pizza Hut property is subject to a brand new 15-year triple-net (NNN) sale-leaseback that will commence at the close of escrow. The current rent is $60,000 and is subject to 1.25% annual rental increases beginning in year 6. Additionally, the tenant has four, five-year renewal options. The lease is guaranteed by a 36-unit Pizza Hut entity.
Pizza Hut is an American restaurant chain and international franchise, known for pizza and side dishes. It is now corporately known as Pizza Hut, Inc. and is a subsidiary of Yum! Brands, Inc., the world’s largest restaurant company. As of year end 2016, Pizza Hut had 16,409 units. 97 percent of the Pizza Hut units are franchised.
This Pizza Hut is located at 800 East Main Street in Jackson, Ohio. Jackson is a city in and the county seat of Jackson County. It is a rural community located in the central portion of southern Ohio, 75 miles south of the state capital of Columbus, 100 miles east of Cincinnati, and just over 30 miles northwest of the Ohio River at Gallipolis.
The subject property is well-positioned in a dense retail corridor, benefitting from it’s proximity to major national and local tenants. Nearby national tenants include: Walmart, Kroger, Walgreens, Bob Evans, Tractor Supply Co, Dollar General, Papa John’s, Taco Bell, Goodwill, KFC, Dollar Tree, Burger King, McDonald’s, Sonic, Dairy Queen, Ponderosa Steakhouse, and Wendy’s among many others. There are also multiple hospitality facilities located nearby including Quality Inn and Days Inn. The Holzer Medical Center – Jackson is one mile from the subject property. The hospital operates 12 different service lines and has a 24/7 emergency inpatient center. The Pike County Airport, a country-owned public-use airport, is located 22 miles from the subject property.
There are approximately 12,373 people within a five-mile radius of this property and more than 27,250 within a ten-mile radius. The property is located on East Main Street, which has average daily traffic counts of 14,340. East Main Street intersects with Ohio Route 32 which has additional traffic counts of 15,610 vehicles per day.
Within two hours of major cities, such as Columbus, Cincinnati, Dayton, Huntington, and Charleston, lies Jackson County, Ohio. The county is comprised of hard-working residents, and is noted for the restructuring of its economy in the last four decades. With all new and remodeled schools and a $56 million investment into healthcare, Jackson County is considered one of the most progressive among Ohio’s 88 counties. As for recreation, the county is also one of the state’s premier hunting and fishing areas, along with many festivals and fairs, and encompasses all four seasons of the year.
Broker of Record: Michael Glass – License # BRK.2007005898