908 W Main St
Peru, IN 46970
Pizza Hut & Vacant Long John Silver's · Retail Property For Sale

Marcus & Millichap is pleased to present the exclusive listing for a Pizza Hut and a Vacant former QSR located at 908 & 912 W. Main Street, the main retail corridor in Peru, Indiana. The property consists of two buildings on approximately a 1.38-acre parcel, situated on a hard corner with proximity to several national tenants such as: ALDI, Dollar General, Arby’s, Dollar Tree, McDonald’s, Papa John’s, Domino’s and Kroger, the main grocer in town. Pizza Hut has operated at this location since 1976 continuously extending the initial lease and renovating the property multiple times. Pizza Hut has two (2)-years and five (5)-months remaining on the absolute-net lease. The Pizza Hut building is approximately 2,760 square feet, which was renovated in 2016 at tenant expense. Pizza Hut currently pays $29,100 in annual rent. The lease currently has two, five-year options with rent increases at the beginning of each option. The first options rental increase is 38% and will raise the rent to $40,200 and $43,800 in the second option term. The vacant Long John Silver’s consists of a 1,768 square foot building that was renovated in 2017 and vacated in 2018. The property is located on a signalized corner with exceptional visiblity to over 16,000 vehicles per day directly in front of the property. With direct access to Kroger’s parking lot and multiple tenants in inferior locations or missing from this market there is a strong potential for a value-add opportunity with this property. There is currently $13M invested to move the local YMCA from downtown to a parcel less than one-half (0.5) mile from the subject property. The local market consists of over 15,000 residents and over 12,000 employees with an average income in excess of $61,800 per year within seven (7)-miles. The market has grown by more than 9% since 2000, along with nearly 6% household formation growth.