Bob Evans
Retail | 7.00% CAP | 6,069 SqFt
Marketing description
NNN Pro is pleased to present the exclusive listing for a Bob Evans located at 1870 W. Michigan St., Sidney, OH, 45365. The site consists of roughly 6,069 rentable square feet of building space on an estimated 1.77-acre parcel of land. This Bob Evans is subject to a 20-year Triple Net (NNN) lease, which commenced 7/31/2017. The current annual rent is $182,252 and has scheduled increases of 2.00% annually.
Investment highlights
Strong Corporate Guarantee
The lease features a strong corporate guarantee from Bob Evans Restaurants, LLC. Currently, Bob Evans operates over 440 locations nationwide and has been serving customers for over 75 years.
Priced Below Development Costs
The subject property features an attractive pricing for a casual dining property being priced below development costs at ~$2.6M.
Large Lot
The subject property benefits from being located on an oversized lot of 1.77 AC, with the future owner benefiting from the reusability of the underlying real estate given its large size and attractiveness relative to the nearby surrounding area.
Robust Traffic Counts
The subject investment property benefits from robust traffic counts of 23,100 and 48,100 daily vehicles along Michigan Street and Interstate-75, respectively.
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