Panera Bread | Absolute NNN Lease
Elite Cincinnati Submarket | 5.75% Cap | Top 5% U.S. Income | Covelli (315+ Units)
Marketing description
The subject property is a 5,019+/- square foot restaurant facility with drive-through located on 4.55 acres (two parcels of 2.77 and 1.78 acres) on one of Cincinnati's busiest roadways, Wooster Pike (U.S. Route 50), with 21,400+ vehicles per day. Located in the affluent Village of Mariemont, this Panera is 1/2 mile from Little Miami State Park (one million visitors annually) and the Avoca Trail-head, leading to a 65 acre park. Nearby Clear Creek Park offers 23 athletic fields drawing thousands of visitors annually. Wooster Pike provides direct access to downtown Cincinnati.
As a suburb within Cincinnati, Mariemont is a planned community with a rich and unique history that is the hallmark of the village. The first thing visitors notice when arriving in Mariemont are its tree-lined streets, Tudor-style buildings, and historic charm. Mariemont is the ninth-best place in the U.S. to raise a family, according to U.S. World News reports. Neil Armstrong, the first person to step on the moon, spent his entire life living, teaching and working in and around Cincinnati, calling Mariemont his last residence just up the hill in the exclusive Pine Hill residential area from this Panera Bread location.
This Panera Bread is under a 15 year, absolute NNN lease that commenced in 2019 after it was built brand new. The operating NNN lease runs to February 2034 and beyond with Panera's three five year options to extend the lease. The landlord will benefit with a hedge against inflation by 10% rental increases every five years. The next rent increase is in February 2029.
The tenant, CAD Capital, LLC, is owned by Covelli Enterprises, founded in 1960, and has become the largest Panera Bread franchisee with over 315 locations.
Investment highlights
• Backed by Panera Bread / Covelli Enterprises, one of the largest and most successful Panera franchisees in the U.S., ensuring reliable rent payments.
•Absolute NNN Lease
• Zero landlord responsibilities — tenant handles taxes, insurance, maintenance, roof, and structure, making this a true passive investment.
• Long remaining lease term provides stability and predictable cash flow through 2034.
• Attractive Rent Growth
• 10% rent increases every 5 years, with the next scheduled bump in February 2029, and four 5-year options through 2054.
• Strong Brand Recognition
• Panera is an industry leader in the fast-casual dining sector with more than 2,000 locations nationwide and consistent customer loyalty.
• Infill Cincinnati Location
• Located on Wooster Pike (US 50), a heavily traveled commuter corridor serving the affluent suburbs of Mariemont & Fairfax.
• Healthy Trade Area Demographics
• Within 3 miles: population ≈ 72,000 | Average household income ≈ $220,886 — solid spending power and steady daytime traffic.
• Drive-Thru Equipped, Essential Service Tenant
• Strong Real Estate Fundamentals
• Hard corner site with signalized access, excellent visibility, and co-tenancy with Kroger, Walgreens, Starbucks, and Chipotle — supporting long-term property value.
•Ideal 1031 Exchange Replacement
• Hands-off, income-producing asset with a credit-worthy tenant — perfect for 1031 exchange buyers seeking stable yield and minimal management.
Listing Contacts
Valuation Calculator
Valuation Metrics
Map
Zoning
Broker Selected Comps View More Comps
Property History
Similar Properties
Is there information that looks off?
