1601 W Prospect Rd
Ashtabula, OH 44004
Perkins – 20 Yr Abs NNN – Major Store Reno. · Retail Property For Sale

Marcus & Millichap, on behalf of ownership as its exclusive advisor, is pleased to bring to market Perkins Restaurant & Bakery in Ashtabula, Ohio. The subject property is a 4,462-squarefoot freestanding restaurant situated on 1.58 acres. Perkins is bound by a new 20-year, absolute net lease that extends through February 2038. As an absolute net lease, there are zero landlord responsibilities for maintenance, repairs, or replacement. The lease features annual rent increases, amounting to the lesser of two percent or 1.25 times the annual change in the consumer price index. Additionally, there are four, five-year option periods featuring the same annual rent increase structure. The long-term lease and significant rent growth over the hold period allow the prospective purchaser to recoup the entire purchase price within the 14th year of the lease. The lease is backed by the larger operating entity which is comprised of 28 Perkins locations, and carries a personal guaranty from the three operating partners, who have significant experience in the restaurant industry, hospitality, and finance. The operator has planned $12 million in renovations across their 28 restaurants in the next two to four years, which is an average of $428,000 per restaurant. Perkins Restaurant & Bakery is located along Route 20, Ashtabula’s primary commercial corridor that sees over 13,900 cars per day. Demographics in the surrounding area are stable and mature, with 26,483 residents within three miles and 31,263 residents within five miles. Prominent national retailers and restaurants in the immediate vicinity include Giant Eagle, Big Lots, Peebles, Family Dollar, Dollar General, O’Reilly Auto Parts, AutoZone, Taco Bell, Pizza Hut, and Sherwin-Williams to name a few.