4896 Everhard Rd NW
Canton, OH 44718
Perkins – New 20 Yr Abs NNN – Major 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 Canton, Ohio. The subject property is a 6,678-square-foot freestanding restaurant situated on one acre. 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 Everhard Road NW, a major commercial corridor that sees over 23,650 cars per day. Additionally, the property is less than one mile from Interstate 77 which sees 98,551 cars per day. Perkins lies within the Belden Village trade area, Canton’s largest and most vibrant retail destination featuring Belden Village Mall, an 820,000-square-foot, Starwood-owned regional mall that is the only enclosed mall in a 20-mile radius. In addition to the mall, there are several million square feet of highly occupied retail shopping centers, offices, and other commercial properties, featuring a “who’s who” of national retailers, restaurants, and service-oriented businesses. Perkins is also just one highway exit north of the Pro Football Hall of Fame – one of the biggest tourist attractions in Ohio. Demographics in the surrounding area are dense, with 47,431 residents within three miles and 160,174 residents within five miles. Average household income in the area is above the national average, at $79,692 within three miles. Prominent national retailers and restaurants within immediate proximity include T.J. Maxx, Burlington, Kohl’s, Dick’s, Target, Value City Furniture, Arhaus, JoAnn Fabrics, PetSmart, Five Below, Ulta, Texas Roadhouse, Firestone, PNC Bank, KFC, Ashley HomeStore, Arby’s, and McDonald’s to name a few. Canton anchors the Canton- Massillon metropolitan area, with a population of 400,000.