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DOM: 29 Updated: 06.28.24 Posted: 03.25.24 Status: Sold     04.23.24

Summary

Price $1,400,000 $1,438,000
Built/Renov 2017
Tenant Arby's
Cap Rate 5.65% 5.50%
Lease Type Abs NNN
Guarantor Franchisee
Size/SF 3,014
Lease Start 05-01-2024
#Units 121
Price/SF $464.50 $477.11
Expiration 04-30-2044
Tenant Type Fast Food/QSR
NOI $79,075
R. Term 18.9
Ownership Fee Simple
Rent/SF $26.24
Increases 5.0%/6/yrs
Pop 5Mi 42,262
Lot/AC 1.01
Options 4/5yrs/5%
AHHI 5Mi $131,997

Highlights

  • Arby’s will be executing a brand-new 20-year with 4 (5-year) options to extend
  • The lease features 5% rental escalations throughout the initial term and option periods
  • Absolute NNN | Zero landlord responsibilities
  • Lease guaranteed by DRM, Inc. (121 units backed)

Location Description

Arby's is strategically located at the signalized, hard corner intersection of W Penn Street and N Kansas Avenue, with access to a combined daily traffic count of 14,000 vehicles. The property benefits from its proximity to I-380 (54,400 VPD), allowing for direct on/off ramp access to the site and the surrounding trade area. Moreover, it is conveniently located just west of North Liberty’s...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Arby's
  • Guarantor:Franchisee
  • Company:DRM, Inc.
  • # Units:121
  • Tenant S&P: B+
  • Moody’s: B2
  • Stock:Private

About Tenant

Arby’s is an American fast-food restaurant chain and the first nationally franchised sandwich restaurant brand. Founded in 1964 in Boardman, OH, the chain is well known for slow-roasted, sliced...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 3,619 24,342 43,680
2023 Total Population : 3,426 23,397 42,262
2023 Employed Civilian Pop : 1,891 13,471 24,595
2023 Total Businesses : 99 705 1,340
2023 Average Household Income : $ 129,933 $ 125,369 $ 131,997
2023 Total Consumer Spending : $ 158 M $ 992 M $ 1835 M
2023 Median Age : 32 33 34
2023 Total Households : 1,412 9,120 16,081
2023 Pop Age 25+: Bachelor's Degree : 525 4,775 9,141
2023 Average Home Value : $ 297,371 $ 349,942 $ 357,930
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
West Penn Street Cameron Way 2022 14,000 0.05 mi
W Penn St Kansas Ave 2010 13,500 0.09 mi
Kansas Ave Penn Ct 2011 2,433 0.12 mi
Penn Ct Venice Ln 2007 151 0.21 mi
250TH ST TO I 380 250th St 2020 1,436 0.27 mi
W Penn St I- 380 2007 9,765 0.28 mi
250th Street Northwest Penn St NW 2022 8,900 0.31 mi
Kansas Ave Alydar Dr 2007 289 0.33 mi
I 380;US 218;IA 27 W Penn St 2022 47,200 0.33 mi
I 380;US 218;IA 27 W Penn St 2022 47,200 0.34 mi

Listing Broker

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