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3119 Frederica St
Owensboro, KY 42301
Subway | New 15-Yr Abs NNN | Owensboro, KY · Retail Property For Sale
Investment Highlights
- Brand-New 15-Year Absolute NNN Lease Commencing at Close of Escrow
- Scheduled 10% Rent Increases Every 5 Years
- Freestanding Drive-Thru Along Frederica Street (±21,195 VPD)
- Zero Landlord Responsibilities With Four (4) Five-Year Renewal Options
- Backed by a High Net Worth Personal Guaranty
- 5-Mile Population of 76,779 With $89,036 Average Household Income
Executive Summary
Marcus & Millichap is pleased to present a freestanding Subway drive-thru at 3119 Frederica Street in Owensboro, Kentucky, available individually or as part of the nine-property Subway Kentucky Portfolio. The ±1,302-square-foot restaurant on ±0.30 acres will be operated under a brand-new 15-year absolute NNN lease commencing at close of escrow with zero landlord responsibilities and four (4) five-year renewal options. Annual base rent of $48,000 delivers a 6.00% cap rate with scheduled 10% increases every five years. The lease is backed by a high net worth personal guaranty.
The property is positioned along Frederica Street (±21,195 VPD), Owensboro's primary north-south commercial corridor, surrounded by Walmart, Target, Lowe's, Best Buy, TJ Maxx, Hobby Lobby, and Kroger. The 5-mile trade area supports 76,779 residents with an average household income of $89,036, and the site benefits from proximity to Kentucky Wesleyan College (864 students), Brescia University (700 students), and Owensboro Community and Technical College (4,875 students). Owensboro anchors a metro population of approximately 114,000 with a stable economic base driven by healthcare, manufacturing, and financial services. Subway operates approximately 37,000 locations globally, pairing enduring brand strength with passive, long-term net-lease income.
The property is positioned along Frederica Street (±21,195 VPD), Owensboro's primary north-south commercial corridor, surrounded by Walmart, Target, Lowe's, Best Buy, TJ Maxx, Hobby Lobby, and Kroger. The 5-mile trade area supports 76,779 residents with an average household income of $89,036, and the site benefits from proximity to Kentucky Wesleyan College (864 students), Brescia University (700 students), and Owensboro Community and Technical College (4,875 students). Owensboro anchors a metro population of approximately 114,000 with a stable economic base driven by healthcare, manufacturing, and financial services. Subway operates approximately 37,000 locations globally, pairing enduring brand strength with passive, long-term net-lease income.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Fast Food
Building Size
1,302 SF
Building Class
C
Year Built
1999
Price
$800,000
Price Per SF
$614.44
Cap Rate
6%
NOI
$48,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.10
Lot Size
0.30 AC
Frontage
60’ on FREDERICA ST
Property Taxes
| Parcel Number | 003-10-04-020-A0-000 | Improvements Assessment | $275,000 |
| Land Assessment | $200,000 | Total Assessment | $475,000 |
Property Taxes
Parcel Number
003-10-04-020-A0-000
Land Assessment
$200,000
Improvements Assessment
$275,000
Total Assessment
$475,000
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