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Views: 57 DOM: 68 Updated: 09.10.24 Posted: 07.10.24 Status: Active

Summary

Price $2,309,000
Built/Renov 2004
Tenant Olive Garden (GL)
Cap Rate 5.50%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 8,030
Lease Start 02-01-2005
#Units 949
Price/SF $287.55
Expiration 01-31-2035
Tenant Type Casual Dining
NOI $127,000
R. Term 10.4
Ownership Ground Lease
Rent/SF $15.82
Increases 0.0%/0/yrs
Pop 5Mi 47,028
Lot/AC 1.96
Options 2/5yrs
AHHI 5Mi $69,300

Lease Highlights

  • Olive Garden has been operating in this location for 20 years
  • The tenant has 10+ years remaining on the current ground lease term with 2 (5-year) option to extend
  • The lease features fluctuating rental escalations throughout the initial term and option periods
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate guarantee | Investment grade tenant

Location Description

Olive Garden is strategically located on U.S. 224, with access to 19,000 vehicles passing by daily. The property is surrounded by well-known national tenants, including Walgreens, Applebee's, Aldi, Kroger, Hobby Lobby, and more. The 5-mile trade area is supported by a population of 47,028 residents with an average household income of $69,300. Findlay, located in Hancock County, Ohio, serves as...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Olive Garden
  • Guarantor:Corp T and Rated
  • Company:Darden Restaurants, Inc.
  • # Units:949
  • Tenant S&P: BBB
  • Moody’s: Baa2
  • Stock: NYSE: DRI

About Tenant

Olive Garden is an American casual dining restaurant chain specializing in Italian-American cuisine. Olive Garden serves several types of Italian-American cuisine including pasta dishes, steaks,...


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Listing Broker

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