Listed by Marcus & Millichap | The Patel Yozwiak Group, Marcus & Millichap - Columbus
$2,479,000
Bob Evans
Details
Property Type Retail
Sub Type Restaurant
Square Footage 6,641
Cap Rate 6.75%
NOI $167,313
Occupancy 100%
Tenancy Single
Brand/Tenant Bob Evans
Lease Type Absolute NNN
Lease Expiration 04/30/2037
Remaining Term 10
Rent Bumps Yes
Lease Options Six, 5-Year Options
Year Built 1995
Year Renovated 2013
Acreage 1.910
Parking Spaces 120 spaces
Parking per 1,000 SqFt 18.07
Investment Type Net Lease
Lease Commencement 04/28/1995
Ground Lease No
Ownership Fee Simple
NNN Lease | 30+ Years Historical Occupancy | Pittsburgh MSA
Marketing description
Strategically positioned at the Interstate 70 / Pennsylvania Turnpike Interchange, seeing over 38,100 vehicles per day. The New Stanton exit serves as a major travel stop for westbound traffic entering the turnpike from the OH/WV border. The property features a 6,641-SF building situated on a large 1.91-acre lot, providing ample parking with 120 dedicated spaces.
Investment highlights
- ABSOLUTE NNN LEASE WITH CORPORATE GUARANTEE: The tenant has 10+ years remaining on an Absolute NNN lease with zero landlord responsibilities for operating expenses, maintenance, or roof and structure.
- STRONG HEDGE AGAINST INFLATION: The lease features highly attractive 2.00% annual rent increases throughout the remaining base term and the six 5-year renewal options.
- PROVEN LOCATION & HISTORICAL COMMITMENT: 100% occupied by Bob Evans since April 1995 (30+ years of operational history). Demonstrating their commitment to this site, the tenant signed a brand-new 20-year lease in 2017.
- FEE SIMPLE OWNERSHIP: Offers the buyer the highest form of real estate ownership and absolute control over the asset.
- SUBSTANTIAL FOOTPRINT: The property features a 6,641-SF building situated on a large 1.91-acre lot, providing ample parking with 120 dedicated spaces.
- DENSE TRAVEL HUB & INTERCHANGE LOCATION: Strategically positioned at the Interstate 70 / Pennsylvania Turnpike Interchange, seeing over 38,100 vehicles per day. The New Stanton exit serves as a major travel stop for westbound traffic entering the turnpike from the OH/WV border.
- MAIN RETAIL & HOSPITALITY CORRIDOR: Surrounded by strong national tenants including Sheetz, McDonald's, Wendy's, Taco Bell, Cracker Barrel, Dollar General, and multiple major hotels (Hampton Inn, Fairfield Inn, Super 8, Wyndham, Ramada) with 627 rooms.
- PROXIMITY TO MAJOR COMMUNITY COLLEGE: Located just minutes from the main campus of Westmoreland County Community College in neighboring Youngwood. The campus has an enrollment of over 1,00 students, providing a steady, daily consumer base for local dining and retail.
- SIGNIFICANT AREA DEVELOPMENT & JOB GROWTH: The immediate New Stanton corridor is undergoing massive industrial and tech expansion. Major nearby projects include PennSTART (a new $30 million state-of-the-art autonomous vehicle testing facility), an $80 million expansion by Hitachi Energy at the Westmoreland Distribution Park, and a newly announced 83,500-SF shipping terminal by Dayton Freight along I-70.
- STABLE DEMOGRAPHICS: The population exceeds 25,000 within 5-miles of the subject. Average Household Incomes exceed $94,800 within 1 mile. Unemployment is below 2% within 1 mile.
- STRONG MSA CONNECTIVITY: Located just 30 miles from downtown Pittsburgh and 70 miles from the Ohio border/Wheeling, WV. The wider Pittsburgh Metro area boasts a population of over 2.3 million.
- AFFLUENT LOCAL DEMOGRAPHICS: The immediate area features an Average Household Income exceeding $94,000 within a 1-mile radius, with over 25,000 residents living within 5 miles of the site.
Listing Contacts
Listed by Marcus & Millichap | The Patel Yozwiak Group, Marcus & Millichap - Columbus
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Loan Amount
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Annual Debt Service
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Annual Cash Flow
$167,313.00
$13,942.75/mo
Valuation Metrics
0
DSCR
6.75%
Cap Rate
6.75%
ROI
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Zoning
B-1 CommercialGeneral CommercialGeneral Business
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