Arby’s New Philadelphia, Ohio

$1,375,000
Cap Rate: 6.00%
Closed Single-Tenant
Property type: Single-Tenant Net Lease

Property Details

Cap Rate: 6.00%
Price: $1,375,000
Rentable Square Feet: 2,200
Annual Rent: $82,466
Rent PSF: $37.48
Price PSF: $625.00
Land Area: 0.5 Acres
Year Built/Renovated: 1976/2016
Guarantor: Personal & Franchise
Lease Type: NNN
Lease Term: 20 Years
Option Periods: 3, 5-Year Options
Rental Increases: 1.5% Annually
Lease Expiration: 7/31/2036

1444 4th Street NW
New Philadelphia, OH 44663

Investment Highlights

  • 20-Year, Triple Net (NNN) Lease with 18 Years Remaining
  • 1.5 Percent Annual Increases Throughout Base Term and Option Periods
  • Four Miles from Kent State University at Tuscarawas
  • Surrounding National Retailers Include AutoZone, Enterprise Rent-A-Car, First National Bank, Papa John’s, Wendy’s and Many More
  • Half Mile from Union Hospital Dover, With More Than 1,100 Medical Staff
  • Extensive Building Renovations Made in 2017, Including:

» Replaced roof
» Replaced HVAC units
» Complete remodel of dining room (booths, tables, wallpaper, tile, décor, paint, lighting, ceiling tile, etc)
» Complete remodel of exterior
» Converted single drive thru lane to double drive thru lane
» Removed and replaced all parking lot lights
» Repaired and replaced dumpster enclosure
» Mill and overlay all asphalt surfaces
» Added ADA ramp to sidewalk
» Made restrooms ADA compliant
» Ran new/replaced applicable plumbing and electrical lines

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire Arby’s located in New Philadelphia, OH. Arby’s features a 20-year triple net (NNN) lease with 18 years remaining and features three, five-year renewal options and 1.5% rental increases throughout both base term and option periods. The subject property consists of a 2,200-square foot free-standing building, situated on a 0.5-acre parcel and underwent a roof replacement in 2017. The lease is guaranteed by D&J Giesen Inc. which owns and operates 10 Arby’s restaurants throughout central and northeast Ohio. The lease is personally guaranteed by the operator. Arby’s was Awarded QSR Magazines Top 10 Best Franchise Deals in 2017.

Arby’s is conveniently located in a dense retail corridor with major national retailers in the area including AutoZone, Enterprise Rent-A-Car, First National Bank, Papa Johns, Wendy’s and Many More. The site further benefits from its location which is half a mile from Union Hospital Dover with a medical staff of more than 1,100 and Kent State University at Tuscarawas which is four miles away. New Philadelphia is the county seat of Tuscarawas County, Ohio and was voted number four in the 50 Safest Cities in Ohio.

 

Broker of Record

Michael Glass
License:  BRK.2007005898

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