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Burger King 340 Milan Ave 3,031 SF Retail Building Norwalk, OH 44857 $2,842,137 ($937.69/SF) 5.95% Cap Rate
INVESTMENT HIGHLIGHTS
- Long Term Absolute NNN Lease – At closing, the tenant will execute a new 15-year absolute NNN lease featuring 10% rent increases every five years
- Storefront Renovation – The property underwent a full renovation in August 2015, featuring updated finishes and modernized branding
- Established Daytime Population – The Property is supported by a robust daytime population generated by the adjacent industrial park.
- Established Franchisee – The franchisee has been operating Burger King restaurants since 1959
- Prime Retail Corridor Location – Strategically positioned within Norwalk’s primary commercial corridor
- Strong Sales – The sale-leaseback rental rate is supported by an 8.5% rent-to-sales ratio over 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
3,031 SF
Building Class
B
Year Built/Renovated
1979/2018
Price
$2,842,137
Price Per SF
$937.69
Cap Rate
5.95%
NOI
$169,107
Tenancy
Single
Building Height
1 Story
Building FAR
0.08
Lot Size
0.90 AC
Parking
45 Spaces (14.85 Spaces per 1,000 SF Leased)
Frontage
171’ on Milan 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 | - | - | - |
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 52-012B-01-025-0500 | Improvements Assessment | $128,630 |
| Land Assessment | $25,200 | Total Assessment | $153,830 |
PROPERTY TAXES
Parcel Number
52-012B-01-025-0500
Land Assessment
$25,200
Improvements Assessment
$128,630
Total Assessment
$153,830
CONTACTS
-
Jonah Yulish -
Ethan Smith -
Konnor Schwerdtfeger -
Matthews Real Estate Investment Services
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Burger King | 340 Milan Ave
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