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Views: 124 Updated: 08.24.24 Posted: 07.10.24 Status: Inactive 10.30.24

Summary

Price $2,540,000
Built/Renov 2016
Tenant The Local
Cap Rate 8.50%
Lease Type NN+
Guarantor Corporate
Size/SF 3,600
Lease Start 03-26-2024
#Units 2
Price/SF $705.56
Expiration 03-30-2034
Tenant Type Casual Dining
NOI $216,000
R. Term 9.3
Ownership Fee Simple
Rent/SF $60.00
Increases 2.0%/1/yrs
Pop 5Mi 101,980
Lot/AC 0.47
Options 2/5yrs/2%
AHHI 5Mi $137,675

Lease Highlights

  • The Local has 9+ years remaining on the current lease term with 2 (5-year) options to extend
  • The lease features 2% annual rental escalations throughout the initial term and option periods
  • Favorable NN+ lease with landlord responsible for roof and structure
  • Corporate guaranteed lease

Location Description

The Local is strategically located on Belair Road, a primary roadway with access to 30,800 vehicles passing by daily. The property is surrounded by well-known national tenants such as Dunkin’, Waffle House, Royal Farms, Walmart, Chipotle, Budget Car Rental, McDonald’s, Texas Roadhouse, and Tractor Supply Co, as well as numerous auto dealerships including Kia, Volkswagen, Honda, and Ford. The...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: The Local
  • Guarantor:Corporate
  • Company:Evolved Hospitality Group
  • # Units:2
  • Stock:Private

About Tenant

The Local is a true farm-to-table restaurant specializing in elevated comfort food sourced locally from farms, distilleries, and breweries whenever possible with a seasonally inspired menu. The...


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Demographics

  1 Miles 3 Miles 5 Miles
2029 Total Population : 3,110 23,331 102,210
2024 Total Population : 3,040 23,008 101,286
2024 Employed Civilian Pop : 1,553 11,956 53,405
2024 Total Businesses : 241 1,034 3,512
2024 Average Household Income : $ 168,425 $ 152,560 $ 145,809
2024 Total Consumer Spending : $ 158 M $ 1148 M $ 4893 M
2024 Median Age : 47 45 42
2024 Total Households : 1,111 8,836 39,099
2024 Pop Age 25+: Bachelor's Degree : 874 5,004 19,654
2024 Average Home Value : $ 543,129 $ 520,981 $ 471,022
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Belair Road 2017 30,651 0.07 mi
Belair Road Belair Rd 2020 26,191 0.21 mi
Milton Ave Harford Rd 2006 658 0.27 mi
Harford Road 2017 14,451 0.33 mi
Harford Road Connolly Rd 2020 12,463 0.38 mi
N Mountain Rd Harmony Ter 2011 17,591 0.39 mi
Mountain Road 2018 20,382 0.40 mi
Connolly Road Harford Rd 2020 2,653 0.53 mi
Mountain Road Bel Air Rd 2018 26,682 0.53 mi
Connolly Rd Harford Rd 2003 1,543 0.56 mi

Listing Broker

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