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Views: 31 DOM: 147 Updated: 05.03.24 Posted: 12.21.23 Status: Active

Summary

Price $2,950,000
Built/Renov 2024
Tenant Outback Steakhouse (GL)
Cap Rate 5.42%
Lease Type NN+
Guarantor Corp T and Rated
Size/SF 4,936
Lease Start 02-01-2024
#Units 1,001
Price/SF $597.65
Expiration 11-01-2039
Tenant Type Casual Dining
NOI $160,000
R. Term 15.5
Ownership Ground Lease
Rent/SF $32.41
Increases 10.0%/6/yrs
Pop 5Mi 103,705
Lot/AC 1.58
Options 4/5yrs/10%
AHHI 5Mi $114,003

Lease Highlights

  • Brand new construction | Scheduled opening February 2024
  • Outback Steakhouse recently signed a new 15-year ground lease with 4 (5-year) options to extend
  • The lease features 10% rental increases every 5 years throughout the initial term and option periods
  • Favorable NN+ lease | Landlord responsibilities are limited to CAM subject to tenant’s reimbursement
  • Corporate guaranteed lease (NASDAQ: BLMN)

Location Description

Outback Steakhouse is strategically located fronting State Highway 32 with clear visibility and access to an average of 55,500 vehicles passing by daily. The asset benefits from direct access onto Interstate 275 (72,900 VPD), a major beltway providing direct access into Downtown Cincinnati and connecting the surrounding suburbs. The site is ideally situated within a dense retail corridor and...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

About Tenant

Outback Steakhouse is a chain of Australian-themed casual dining restaurants, serving American cuisine. The chain specializes in a wide variety of dishes; including prime steak cuts, chicken,...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 6,505 49,900 105,278
2023 Total Population : 6,104 48,959 104,209
2023 Employed Civilian Pop : 3,606 25,654 52,892
2023 Total Businesses : 502 1,455 3,423
2023 Average Household Income : $ 93,461 $ 91,794 $ 111,861
2023 Total Consumer Spending : $ 211 M $ 1642 M $ 4047 M
2023 Median Age : 42 38 40
2023 Total Households : 2,619 20,662 42,154
2023 Pop Age 25+: Bachelor's Degree : 777 6,737 17,656
2023 Average Home Value : $ 244,558 $ 254,735 $ 292,940
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Eastgate North Dr Wyler PkDr 2002 6,869 0.15 mi
Eastgate Square Dr Eastgate South Dr 2012 5,066 0.15 mi
State Rte 32 2014 44,210 0.16 mi
Eastgate North Drive Jackson Square Dr 2021 8,170 0.20 mi
Eastgate South Drive Eastgate Square Dr 2021 5,754 0.20 mi
EASTGATE SOUTH DR Eastgate Square Dr 2020 5,162 0.21 mi
Glen Este Withamsville Rd 2004 19,847 0.23 mi
EASTGATE SOUTH DR Gate Dr 2020 5,368 0.23 mi
Eastgate Square Dr Clepper Dr 2012 4,874 0.24 mi
RAMP FROM SR32 WB TO EASTGATE BLVD 2021 1,990 0.24 mi

Listing Broker

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