NNN Pizza Hut Restaurant
201 E. Hobbs St | Roswell, NM
Sq. Feet 57,934
For sale is the 100% fee-simple interest in an absolute triple net leased Five Guys restaurant located directly across the street from Kent State University in Kent, Ohio. Wholesome Enterprises LLC, the franchisee and operator of the Five Guys and guarantor of the lease, currently owns and operates 16 Five Guys restaurants throughout Northeast Ohio and Pennsylvania and projects company sales to be approximately $20 Million for the fiscal year. They have operated this store for the past three years and will sign a new 20 year lease at the close of escrow with 10% increases every five years during the initial term and options. This lease will be 100% free of landlord obligations and with the strong guaranty and length of lease makes a perfect 1031 candidate. Additionally, there are over 26,000 students and faculty at Kent State within walking distance to the property, making this a long term A+ piece of real estate.
The property is located at 623 East Main Street in Kent, Ohio, ideally situated directly across the street from Kent State University. As of 2013 there were over 26,000 students enrolled at the university. In addition to the thousands of students that have walking access to the restaurant, there are over 88,000 residents within five miles of the site, making Kent a thriving retail marketplace in the summer as well as during the school year. Within the past few years, the Kent State Hotel and Conference Center was constructed just west of the Five Guys along with dozens of apparel, dining, and other retail options, helping to make this entire retail corridor popular not just with students and locals, but also with other Northeast Ohio residents of Cleveland, Akron and Canton.
Cap Rate: 6.42% NOI: $85,000 Livable Sq. Ft: 2,546
Built in 2009 1 Retail units Lot Sq. Ft: 0.378 Acres