Address: 7 Poplar Street, Pittsburgh, Pennsylvania, United States 15205
Cap Rate: 6.00%
Lease Type: Absolute Triple-Net (NNN)
Annual Rent: $55,154
Net Operating Income: $55,154
Lease Term Remaining: 20 Years
Rental Increases: 2.00% Annually Starting Year 6
Options: Four (4) Periods of Five (5) Years Each
Year Built: 1977
Rentable Sq/Ft: 3,600 SF
Rent Sq/Ft: $15.32
Price Sq/Ft: $255
Lot Size: +/- 0.49 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Pizza Hut located at 7 Poplar Street, Pittsburgh, PA 15205. The site consists of roughly 3,600 rentable square feet of building space on estimated 0.49-acre parcel of land. This Pizza Hut has 16+ years remaining on an original 20-year absolute triple-net (NNN) lease. The current annual rent is $55,154.00 and is subject to 2.00% annual rental increases starting in Year 6. There are four, five-year tenant renewal options.
This Pizza Hut property is located at 7 Poplar St, Pittsburgh, PA. The intersection of Poplar St and Mansfield Ave brings an average of 16,000 vehicles per day, and nearby I-376 brings an additional 77,454 vehicles per day to the immediate area. There are 117,660 individuals within a 3-mile radius, and 299,195 individuals within a 5-mile radius.
The subject property is well-positioned in a dense retail corridor, benefiting from its proximity to other major national and local retailers. Major national retailers in the area include: McDonald’s, Taco Bell, Wendy’s, Burger King, Subway, Rite Aid, AMF Bowling, as well as many others. The property also benefits from its close proximity to several national hotel chains including Hampton Inn & Suites, DoubleTree by Hilton, and Holiday Inn Express. This Pizza Hut property is located nearby several major employers including Tetra Tech, Heartland Home Health Care & Hospice, Aetna, Aecom, Ricoh, and many more. Additionally, Pittsburgh International Airport, which served approximately 10,000,000 passengers in 2018, is located less than 15 minutes from the subject property.
The Pittsburgh metro area rests at the foothills of the Allegheny Mountains in the southeastern corner of Pennsylvania, outside the congested East Coast corridor. Consisting of Armstrong, Butler, Fayette, Westmoreland, Washington, Allegheny and Beaver counties, the metro contains nearly 2.4 million residents, with nearly half concentrated in Allegheny county. The region’s economy, which was once dominated by the steel industry, has diversified with the help of the area’s many colleges and universities. A multitude of international firms have headquarters or regional offices in the metro. Additionally, seven Fortune 500 companies are headquartered in Pittsburgh: U.S. Steel Corp., Kraft Heinz Co, PNC Financial, Wesco International, Alcoa, PPG Industries and Dick’s Sporting Goods. High-tech is expanding, particularly in automation and manufacturing equipment, software, biotechnology, environmental services, and pharmaceuticals.
Broker of Record: Sean Beuche License #RM424190