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Views: 90 DOM: 126 Updated: 10.16.24 Posted: 08.17.24 Status: Active

Summary

Price $3,429,000
Built/Renov 2000
Tenant Bob Evans
Cap Rate 7.00%
Lease Type Abs NNN
Guarantor Corporate
Size/SF 5,610
Lease Start 07-24-2023
#Units 440
Price/SF $611.23
Expiration 07-31-2043
Tenant Type Casual Dining
NOI $240,000
R. Term 18.7
Ownership Fee Simple
Rent/SF $42.78
Increases 2.0%/3/yrs
Pop 5Mi 37,355
Lot/AC 2.06
Options 4/5yrs/2%
AHHI 5Mi $66,819

Lease Highlights

  • Bob Evans has 18+ years remaining on the current lease term with 4 (5-year) options to extend
  • The lease features 2% annual rental increases throughout the initial term beginning May 2025 
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate guaranteed lease

Location Description

Bob Evans is strategically located on Pickard Road, with access to 16,660 vehicles passing by daily. The property is directly accessible from an on-ramp/off-ramp to Highway 127, which sees 12,160 VPD, and serves as an outparcel to Home Depot, adjacent to Tractor Supply. It is also within walking distance of Soaring Eagle Casino & Resort, more than 8 hotels/inns, Mid Michigan College, and Mt....

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Bob Evans
  • Guarantor:Corporate
  • Company:Golden Gate Capital
  • # Units:440
  • Stock:Private

About Tenant

Bob Evans Restaurants, also known as Bob Evans, is an American chain of restaurants featuring a country theme. In addition to casual dining fare, most locations sell baked goods, snacks, and small...


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Demographics

  1 Miles 3 Miles 5 Miles
2029 Total Population : 2,191 26,295 36,913
2024 Total Population : 2,239 26,307 37,102
2024 Employed Civilian Pop : 1,043 12,652 18,684
2024 Total Businesses : 215 1,478 1,705
2024 Average Household Income : $ 89,424 $ 65,094 $ 71,636
2024 Total Consumer Spending : $ 76 M $ 622 M $ 980 M
2024 Median Age : 42 26 27
2024 Total Households : 966 10,639 15,276
2024 Pop Age 25+: Bachelor's Degree : 259 2,703 4,004
2024 Average Home Value : $ 150,199 $ 196,471 $ 210,288
*ESRI data is presented for informational purposes only

Listing Broker

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