Listed by Lee & Associates - Chicago, Lee & Associates - Cincinnati
$1,204,167
Dark Steak 'n Shake
Details
APN 06-35-201-006; 06-35-201-007
06-26-451-006; 06-26-451-007
Property Type Retail
Sub Type QSR/Fast Food, Restaurant
Square Footage 4,190
Net Rentable (SqFt) 4,190
Units 1
Cap Rate 7.06%
NOI $85,000
Occupancy 100%
Tenancy Single
Brand/Tenant Steak 'n Shake
Lease Type Absolute NNN
Lease Term 12
Lease Expiration 04/29/2030
Lease Options 2 – Five Year Renewal Options
Year Built 2017
Acreage 0.930
Zoning B-3
Investment Type Net Lease
Lease Commencement 04/29/2018
Ground Lease No
Retail | 7.06% CAP | 4,190 SqFt
Marketing description
Rare opportunity to acquire a former Steak ’n Shake with in-place income and substantial repositioning upside. The property offers immediate cash flow from a dark but rent-paying tenant while providing future flexibility for an owner-user, restaurant operator, or investor seeking to unlock value through re-tenanting and redevelopment.
Investment highlights
- Current lease through April 29, 2030
- Outstanding opportunity for investor or owner/occupant
- Surrounding restaurants perform very well
- Tenant: Steak ‘n Shake, Inc. (Corporate Lease, Subsidiary of Biglari Holdings Inc.)
- Below market rent
- Absolute NNN Lease – No Landlord Responsibilities
- Located in Mount Vernon’s primary retail corridor with national QSR co-tenants
- Parcels: 06-26-451-006, 06-26-451-007
- Jefferson County Seat with regional retail draw
- Average Household Income within 5 miles: $78,104
- Rent Per SF: $17.57
- Monthly Rent: $7,083.33 (Current)
Listing Contacts
Listed by Lee & Associates - Chicago, Lee & Associates - Cincinnati
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$85,000.00
$7,083.33/mo
Valuation Metrics
0
DSCR
7.06%
Cap Rate
7.06%
ROI
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