Pizza Hut | Ashtabula, OH
(Cleveland MSA) | 7% Cap | 2.67 Acre Lot | Long Term Lease | Absolute NNN Lease
Marketing description
The Northmarq National Restaurant Group is pleased to offer this single-tenant Pizza Hut property located at 1951 W Prospect Road in Ashtabula, Ohio. The asset features a franchise-guaranteed absolute NNN lease with 16.5 years remaining and six five-year renewal options, extending potential occupancy through 2073. With 1.75% annual rent increases beginning in 2028, the lease provides a combination of passive ownership, inflation-protected income, and long-term security backed by SFR X Holdings, LLC, a proven operator with over 120 units nationwide and the 11th largest franchisee in the U.S.
The property is positioned along West Prospect Road within a strong retail corridor anchored by national tenants such as Circle K, Dollar General, Giant Eagle, and Big Lots. Its oversized 2.67-acre parcel—more than double the average Ohio QSR site—enhances parking, operations, and future redevelopment potential. The location also benefits from key demand drivers, including the $22 million Harbor District revitalization, nearby attractions that draw over 650,000 annual visitors, and institutional anchors such as Kent State University at Ashtabula and Ashtabula County Medical Center.
With an absolute NNN lease, strong franchisee guaranty, oversized parcel, and proximity to major employers, schools, and redevelopment projects, this offering provides investors with a stable, long-term income stream and compelling residual value in a growing regional market.
Investment highlights
STRONG FRANCHISEE GUARANTY
Backed by SFR X Holdings, LLC, which operates 120+ units nationwide and ranks as the 11th largest franchisee in the U.S., providing strong operational scale and guaranty strength.
ABSOLUTE NNN LEASE | NO LANDLORD RESPONSIBILITY | 1.75% ANNUAL RENT INCREASES STARTING IN 2028 | OPTIONS EXTEND TO 2073
Pizza Hut is under an Absolute NNN lease structure, leaving no responsibility to the Landlord, creating a passive income investment. Additionally, the lease features 1.75% annual rent increases starting in 2028, and offers the same increases in each of the 6, 5-year options.
HARBOR DISTRICT REVITALIZATION
The historic Harbor District is undergoing a $22 million transformation, supported by major environmental and infrastructure investments along the waterfront. Projects include the new Riverbend Hotel, the first new hotel in Ashtabula in over 100 years, updated Bridge Street storefronts, and modern townhome development. Since 2010, the district has welcomed 27 new businesses, including restaurants, boutiques, and specialty shops, fueling tourism and boosting demand for nearby retail and dining.
TOURISM & RECREATION DRAW
Within minutes of the site, major attractions like Lake Shore & Walnut Beach Parks, the Grand River Valley Wine Trail, and the historic Ashtabula Harbor Light collectively draw over 650,000 annual visitors. These destinations drive steady seasonal traffic from both locals and tourists, supporting consistent demand for nearby retail, fuel, and quick-service restaurant operators.
STRONG EDUCATION SYSTEM
The Ashtabula Pizza Hut benefits from strong nearby educational anchors, including Kent State University at Ashtabula with 1,762 students, the Ashtabula Area City School District with 2,883 K–12 students, and Saint John School with 392 students. These institutions generate consistent foot traffic from students, families, and staff year-round.
HEALTHCARE ANCHOR
Ashtabula County Medical Center, a Cleveland Clinic–affiliated full-service hospital and the county’s largest employer, is located approximately 1.3 miles from this Pizza Hut location. ACMC employs about 1,264 staff. This steady base of employees, patients, and visitors generates consistent traffic that benefits nearby retail and quick-service operators like Pizza Hut.
MORE THAN DOUBLE THE AVERAGE LOT SIZE
At 2.67 acres, the property is over twice the average QSR lot size in Ohio sold since 2024 (0.90 acres). The oversized parcel not only supports current operations and parking needs but also enhances backfill potential if the tenant vacates, allowing for a wide range of future retail, QSR, or redevelopment opportunities.
RETAIL CORRIDOR LOCATION
This Pizza Hut benefits from excellent visibility on West Prospect Road in a wellestablished retail corridor anchored by national and regional tenants including Circle K, Dollar General, Giant Eagle, Big Lots, H&R Block, and The Salvation Army.
PROXIMITY TO MAJOR TRANSPORTATION ROUTES
Located near State Route 20 and minutes from Interstate 90, the property offers convenient access for both local residents and regional travelers, supporting a wide trade area reach.
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