KFC,
Elyria, OH Investment Summary
| Price | $2,544,000 |
| Cap Rate | |
| NOI | |
| Lease Term | 20 Years |
| Lease Type | Absolute NNN, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Including Roof, Structure, And Parking Lot |
| Rental Increases | 10% Rental Increases Every Five (5) Years |
| Year Built | 2019 |
| Building Size | 2,968 SF |
| Lot Size | 1.20 acres (52,272SF) |
| Status | Sold |
| Lead Brokers | Ryan Forsyth Cushman & Wakefield 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 Vincent Aicale Cushman & Wakefield 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Michael T. Yuras, CCIM Executive Managing Director 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Scott Crowle Senior Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 |
Investment Highlights
LONG-TERM ABSOLUTE NNN LEASE WITH SCHEDULED RENTAL INCREASES
» New 20-year lease to iconic tenant
» No landlord management, ideal for an out-of-area investor
» 10% rental increases every five years, providing a hedge against inflation
» Operated by Mitra QSR, one of the largest franchisees in the U.S. and the fourth largest domestic franchisee of KFC restaurants
HIGH-TRAFFIC LOCATION IN STRONG RETAIL CORRIDOR
» Located just off of the signalized intersection of Chestnut Ridge Road and U.S. Route 20, with excellent visibility and access to 36,783 vehicles per day directly in front of the property
» Convenient access to Highway 10 (31,287 AADT)
» Across from Chestnut Commons, a large retail development anchored by Walmart Supercenter and featuring well-known tenants like Petco, Dollar Tree, Sprint, Kay Jewelers, Rent-A-Center, and more
» The area immediately surrounding the property is slated for future retail development
CENTRAL LOCATION WITH LARGE CUSTOMER BASE
» Minutes from downtown Elyria
» Close to a number of recreational areas, including several parks and golf courses
» Near many schools and medical offices
» Supported by a large customer base, with a population of 92,408 within a fivemile radius
HIGH-QUALITY BUILDING FEATURING DEDICATED DRIVE-THRU
» New building, limiting near-term deferred maintenance or capital costs
» Features dedicated drive-thru, providing additional customer convenience and boosting sales revenue
» Ample on-site and cross-access parking
Property Description
SOLD
The property is strategically located just off of the signalized intersection of Chestnut Ridge Road and U.S. Route 20, with excellent visibility and access to 36,783 vehicles per day directly in front of the property. Approximately half a mile from the property, U.S. Route 20 provides convenient access to Highway 10, with a traffic count of 31,287 vehicles per day. The property is across from Chestnut Commons, a large retail development anchored by Walmart Supercenter and featuring well-known tenants like Petco, Dollar Tree, Sprint, Kay Jewelers, Rent-A-Center, and more. The property is adjacent to a Mattress Firm and Panera Bread, and the area immediately surrounding the property is slated for future retail development.
The property centrally located just minutes from downtown Elyria. A number of recreational areas are close to the property, including several parks and golf courses, such as Vic Janowicz Memorial Park and Brentwood Golf Club. Several schools and medical offices are also in the nearby area. Additionally, the property is supported by a large customer base, with a population of 92,408 within a five-mile radius.
