Address: 3805 Burbank Rd, Wooster, Ohio, United States 44691
Type: Net-Leased Restaurant
Cap Rate: 6.75%
Lease Type: Triple Net (NNN)
Annual Rent: $185,353
Net Operating Income: $185,353
Rentable Sq/Ft: 4,233 SF
Rent Sq/Ft: $43.79
Price Sq/Ft: $649
Lot Size: +/- 1.22
Marcus & Millichap is pleased to present the exclusive offering for a Red Lobster located at 3805 Burbank Road in Wooster, OH. The site consists of roughly 4,233 rentable square feet of building space on an estimated 1.22-acre parcel of land. This Red Lobster is subject to a 26.5-year absolute triple-net (NNN) lease, which commenced July 28, 2014. The current annual rent is $185,353 and is scheduled to increase by 2.00% annually throughout the remainder of the base term and in each of the four (4), five (5)-year tenant renewal options. At Closing, the seller will escrow 6 months of rent.
This Red Lobster investment property is situated on Burbank Road, which experiences an average daily traffic count exceeding 12,000 vehicles. Cleveland Road runs parallel to Burbank Road and brings an additional 15,000 vehicles into the immediate area daily. There are approximately 25,000 individuals residing within a three-mile radius of the subject property and approximately 36,000 individuals within a five-mile radius.
The subject property is well-positioned in a dense retail corridor, benefiting from its proximity to major national and local retailers. Major national tenants that surround the Red Lobster property include: Walmart, Lowe’s, Kohl’s, Staples, Chipotle Mexican Grill, Starbucks, McDonald’s, Best Buy, Applebee’s, Domino’s, Panera Bread, Bob Evans, Dollar Tree, Buffalo Wild Wings, Wendy’s and many more. The Wayne County Airport is located within six miles from the subject property and has over 96,000 aircraft operations annually. The subject property also benefits from its close proximity to multiple hospitality accommodations, which include Hampton Inn, Days Inn by Wyndham, The Wooster Inn and more. Pine Tree Barn, one of Wooster’s main attractions, is also close to the subject property and approximately eight miles south. The College of Wooster, a private liberal arts college, with nearly 2,000 students enrolled, is located less than three miles from the subject property. Additionally, Troutman Vineyards is located about nine miles from the subject property.
Wooster is a city and the county seat of Wayne County, Ohio. The municipality is located in northeastern Ohio approximately 30 miles southwest of Akron. The city is the largest in Wayne County. Wooster is the headquarters of several industrial entities. Buehler Food Markets Inc., Wooster Brush, Seaman Corp., Tricor Industrial, Wooster Motor Ways, and Certified Angus Beef have corporate headquarters located in Wooster. Other large commercial operations in Wooster are Frito-Lay, Akron Brass, United Titanium, and Bogner Construction Company. Wooster is also dedicated to the “industry of education.” It has The College of Wooster, and two subsidiaries of The Ohio State University: the Agricultural Technical Institute (ATI); and the Ohio Agricultural Research and Development Center (OARDC), a teaching and research facility dedicated to agricultural science. In addition to these industries, Wooster remains an agricultural center for Ohio. Wooster has several parks in town and nearby with hiking trails, playgrounds, and picnic areas.
B.O.R Michael Glass License: # BRK.2007005898