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Burger King 283 B Benedict Ave 3,205 SF Retail Building Norwalk, OH 44857 $2,536,090 ($791.29/SF) 5.95% Cap Rate
INVESTMENT HIGHLIGHTS
- Long Term Absolute NNN Lease – At closing, the Tenant will execute a 15 Year Absolute NNN lease, with 10% increases every 5 years, (4, 5-year options)
- Medical Corridor – The property is located directly across the street from multiple different hospital centers including Fisher-Titus General Surgery
- Store Front Renovation – Renovation in 2020.
- Established Franchisee – Franchisee has been in the Burger King business since 1959 – one of the longest standing franchises in the brand’s history
- Local Traffic Drivers – The Fisher-Titus Facility drives significant traffic to our site as well as the Nowalk High School, Huron County Job Services
- Strong Sales – The Sale Leaseback Rental figure is based on an 8.5% Rent-to-Sales Ratio for the trailing three years.
EXECUTIVE SUMMARY
Matthew Wallace
Broker of Record
License No. REC.2022007431 (OH)
Broker of Record
License No. REC.2022007431 (OH)
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Fast Food
Building Size
3,205 SF
Building Class
C
Year Built/Renovated
2002/2020
Price
$2,536,090
Price Per SF
$791.29
Cap Rate
5.95%
NOI
$150,897
Tenancy
Single
Building Height
1 Story
Building FAR
0.04
Lot Size
2.02 AC
Parking
44 Spaces (13.73 Spaces per 1,000 SF Leased)
Frontage
157’ on Benedict Ave
AMENITIES
- Pylon Sign
- Signalized Intersection
- Drive Thru
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE END
-
- Accommodation and Food Services
- -
- -
- -
Burger King is known for serving high-quality, great-tasting, and affordable food. Founded in 1954, Burger King is the second largest fast food hamburger chain in the world. The original Home of the Whopper, their commitment to premium ingredients, signature recipes, and family-friendly dining experiences is what has defined their brand for many successful years.
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE END | ||
|
|
Accommodation and Food Services | - | - | - |
PROPERTY TAXES
| Parcel Number | 33-0370-01-049-0100 | Improvements Assessment | $128,230 |
| Land Assessment | $29,970 | Total Assessment | $158,200 |
PROPERTY TAXES
Parcel Number
33-0370-01-049-0100
Land Assessment
$29,970
Improvements Assessment
$128,230
Total Assessment
$158,200
CONTACTS
-
Jonah Yulish -
Ethan Smith -
Konnor Schwerdtfeger -
Matthews Real Estate Investment Services
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Burger King | 283 B Benedict Ave
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