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Bob Evans 1203 National Hwy 5,804 SF Retail Building Lavale, MD 21502 $3,047,000 ($524.98/SF) 7% Cap Rate
INVESTMENT HIGHLIGHTS
- Long-Term Lease With 2% Annual Rent Increases | Tenant recently renewed their lease in 2023 for 20 years and currently has 18 years remaining
- Corporate Guaranteed Lease | The lease is guaranteed by Bob Evans Restaurants, LLC with over 440 corporate locations
- Passive Absolute NNN Lease | Tenant pays for all CAM, taxes, insurance and all maintenance with the property. No landlord responsibilities
EXECUTIVE SUMMARY
Surmount is pleased to present the exclusive listing for a Bob Evans located at 1203 National Highway, La Vale, Maryland 21502. The site consists of roughly 5804 rentable square feet of building space on an estimated 1.35-acre parcel of land. This Bob Evans is subject to a 20-year Triple Net (NNN) lease, which commenced 7/24/2023. The current annual rent is $213,303 and has scheduled increases of 2.00% Annually.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Restaurant
Building Size
5,804 SF
Building Class
B
Year Built
1982
Price
$3,047,000
Price Per SF
$524.98
Cap Rate
7%
NOI
$213,303
Tenancy
Single
Building Height
1 Story
Building FAR
0.10
Lot Size
1.35 AC
Zoning
B - Business" zoning that allows for a wide range of commercial activities.
Frontage
AMENITIES
- Freeway Visibility
- Pylon Sign
- Restaurant
- Signage
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 29-043248 | Improvements Assessment | $1,846,200 |
| Land Assessment | $1,177,800 | Total Assessment | $3,024,000 |
PROPERTY TAXES
Parcel Number
29-043248
Land Assessment
$1,177,800
Improvements Assessment
$1,846,200
Total Assessment
$3,024,000
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Bob Evans | 1203 National Hwy
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