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Bob Evans

Washington, Missouri

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Marcus & Millichap is pleased to present the exclusive net-lease offering for the Bob Evans located at 3151 Phoenix Center Drive, in Washington, MO. The property consists of 5,551 square feet of building space and is situated on approximately 1.07 acres of land.
The property is subject to a long-term triple-net (NNN) lease that commenced on April 28th, 2017. The current rent is $110,259. There are 2.0% annual rental increases that will continue through six, five-year tenant renewal options. There are just over 16 years remaining on the base term of this lease.

About the Investment:

  • Long Term Triple-Net (NNN) Lease with Zero Landlord Responsibilities and Over 16 Years Remaining on the Base Term
  • Attractive Two Percent (2.0%) Annual Rental Escalations
  • Six (6), Five (5) Year Option Periods
  • Strong Corporate Guarantee Backed by Approximately 500+ Corporate Locations

About the Location:

  • Positioned in Vibrant Retail Corridor Among Major Retailers | McDonald’s, Walmart, CVS, Target, Starbucks, JCPenney, Enterprise, Goodwill, Steak ‘n Shake, Dollar Tree, Dick’s Sporting Goods, Kohl’s, Ross, Ulta, BP, Jack in the Box, Michaels, Lowe’s
  • Strong Traffic Counts | State Highway 100 | Average 21,700 Daily Vehicles
  • Mercy Hospital Washington| Located Within Two Miles of Subject Property | 166 Bed General Medical and Surgical Hospital
  • Affluent Suburban Community | Average Income Exceeds $84,200 in a Five-Mile Radius

About the Tenant/Brand:

  • Founded in 1948, Bob Evans is an iconic American brand that has grown from a 12-stool, 24-hour restaurant to over 500 locations
  • Restaurants operate across 3 dayparts (Breakfast: 32%, Lunch: 37%, Dinner: 31%) with a large carryout business (16%) – well-positioned for growing off-premise business
  • Craveable, fresh offering of comfort food in a family-friendly atmosphere at an affordable price
  • Strong real estate profile with well-maintained restaurants
  • 100% of restaurants were recently remodeled

Key Details

Price:
$1,951,487
Cap Rate:
5.65%
Annual Rent:
$110,259
Address:
3151 Phoenix Center Drive, Washington, Missouri 63090
Property Type:
Net-Leased Restaurant
Lease Type:
Triple-Net (NNN)

Lease Commencement:
April 28, 2017
Lease Expiration:
April 30, 2037
Lease Term Remaining:
16 Years
Rental Increases:
2.0% Annually
Lot Size:
+/-1.07 Acres
Building Size:
5,551 SF
Year Built:
2007
Year Renovated:
2013
Tenant:
Bob Evans

Broker of record

Brad Barham

License: MO - 2013016939


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