587 E Main St
Canfield, OH 44406
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 Canfield, Ohio. The subject property is a 5,079-squarefoot freestanding restaurant situated on 0.76 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 East Main Street, Canfield’s primary commercial corridor that sees over 29,612 cars per day. The property is located right at the exit ramps for Ohio State Route 11, a 100-mile north-south highway stretching from Lake Erie in the City of Ashtabula to the north, all the way to the Ohio River and West Virginia border to the south, in the City of East Liverpool. Route 11 sees approximately 30,640 cars per day passing the East Main Street exit ramps. Demographics in the surrounding area are stable and mature, with 22,878 residents within three miles, and 80,869 residents within five miles. Average household income in the area is well above the national average, at $93,719 within three miles. Prominent national retailers and restaurants along East Main Street include Giant Eagle, Dollar Tree, Pet Valu, CVS, Arby’s, O’Reilly Auto Parts, Taco Bell, Pizza Hut, AT&T, and Sheetz, as well as a newly developed Chipotle, Starbucks, and GetGo gas station. Canfield is part of the Youngstown metropolitan area with a population of over 600,000.