Address: 2929 Ferndale Road, Goshen, Indiana, United States 46517
Cap Rate: 5.25%
Lease Type: Triple Net (NNN)
Annual Rent: $120,000
Net Operating Income: $120,000
Lease Term Remaining: 20 Years
Rental Increases: Lessor of Change in CPI or 1.25% Annually Starting Year 3
Options: Six (6), Five (5) Year Option Periods
Rentable Sq/Ft: 4,866 SF
Rent Sq/Ft: $24.66
Price Sq/Ft: $470
Lot Size: 1.08
Marcus & Millichap is pleased to present the exclusive listing for a Wendy’s located at 2929 Ferndale Road in Shelly, IN. The property consists of 4,866 square feet of building space and is situated on approximately 1.08 acre of land.
The tenant will enter into a brand new, 20-year triple-net (NNN) lease with absolutely no landlord responsibilities upon the day following the close of escrow. The lease will call for rental increases that will be the lesser of the change in CPI or 1.25% annually starting in Year 3. The rental increases will continue through the base term and into the six, five-year tenant renewal options. The lease will carry a guaranty from Meritage Hospitality Group, an experienced 318 unit operator and the second largest franchisee in the Wendy’s system.
This Wendy’s property is located at 2929 Ferndale Road, in Goshen, Indiana. Goshen is a city in and the county seat of Elkhart County, Indiana.
SURROUNDING RETAIL & POINTS OF INTEREST The subject property benefits from being well-positioned in a highly dense retail corridor consisting of national and local tenants, shopping centers, and academic institutions all within close proximity of this property. Major national tenants include: Walmart, Lowe’s, Meijer, Target, Aldi, Hobby Lobby, JCPenney, Jo-Ann, Staples, Kohl’s, Michael’s, Dollar General, Dollar Tree, as well as many others. This Wendy’s property also benefits from being situated within a one-mile radius of several academic institutions. The most notable being Concord High School and Goshen High School, which have a combined total enrollment exceeding 3,500 students.
TRAFFIC COUNTS & DEMOGRAPHICS
This area has very strong demographics, with approximately 73,700 people residing within a five-mile radius and 184,100 people within a ten-mile radius of this property. This Wendy’s is located on Ferndale Road, which intersects with Lincoln Highway. Lincoln Highway boasts significant traffic counts of 23,700 vehicles per day, respectively.
Goshen is a city in and the county seat of Elkhart County, Indiana, United States. It is the smaller of the two principal cities of the Elkhart-Goshen Metropolitan Statistical Area, which in turn is part of the South Bend-Elkhart-Mishawaka Combined Statistical Area. It is located in the northern part of Indiana near the Michigan border, in a region known as Michiana. Goshen is located 10 miles southeast of Elkhart, 25 miles southeast of South Bend, 120 miles east of Chicago, and 150 miles north of Indianapolis. The city is known as a major recreational vehicle and accessories manufacturing center, the home of Goshen College, a small Mennonite liberal arts college, and the Elkhart County 4-H Fair, one of the largest county fairs in the United States. There are automotive component manufacturers like Benteler; firms that build custom bodies onto chassis like Supreme, Independent Protection and Showhauler Trucks. RV manufacturing companies include Dutchmen, Forest River and Keystone. Goshen Community Schools serves the portion of the city in Elkhart Township. This system consists of seven elementary schools, Goshen Middle School, and Goshen High School. In 2012, U.S. News & World Report ranked Goshen High School as the 12th best high school in Indiana, as well as in the top 6% of high schools in the entire country. The district has a total enrollment exceeding 6,700 students.
Broker of Record: Josh Caruana License # RB14034355