Bob Evans - Abs Net - 2% Annual Inc - Off I-70 - 47,200+ VPD
20 Yr Abs Net Lease - 2% Annual Increases
Marketing description
Fortis Net Lease is pleased to present this Bob Evans Restaurant located in Zanesville, OH. The subject property currently has 11.5 years remaining on the original 20 year lease that's equipped with rare 2% annual rent increases during both the initial term and the six, 5-year option periods. This allows for an average cap rate of 7.05% across the remaining term. The store is guaranteed by Bob Evans Restaurants with over 440 locations nationwide. This store has been a strong performer ever since it was built in 2002.
The subject property sits off Exit 155 on I-70 which is the second longest East-West highway with 2,153 miles of roadway; second only to I-90 with 3,020 miles. The 5 mile population exceeds 48,000 residents with over $144M spent annually on food & alcohol. The high traffic counts in addition to the many nearby hotel and motel locations puts this Bob Evans Restaurant in an advantageous position to continue to succeed. The offering price of $2,748,893 reflects a 6.50% cap rate on the $178,678 NOI.
Investment highlights
INVESTMENT HIGHLIGHTS
Absolute Net Lease Requires ZERO Landlord Responsibilities
Rare 2.00% Annual Rent Increases During Initial Term & Options
7.05% Average Cap Rate Over Remaining Lease Term
Corporately Backed Lease - Over 440 Locations
11.5 Years Remaining on Initial Lease Term
Six, 5-Year Option Periods with Annual Increases
Surrounded by Multiple Hotels & Motels
Just off I-70 with 47,208 Vehicles Per Day
5 Mile Population Exceeds 48,000 Residents
3 Mile Consumer Spending on Food & Alcohol Exceeds $97M
Listing Contacts
Valuation Calculator
Valuation Metrics
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Is there information that looks off?
