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Views: 60 DOM: 216 Updated: 05.20.24 Posted: 11.09.23 Status: Active

Summary

Price $2,230,000
Built/Renov 1976/2018
Tenant Wendy's
Cap Rate 5.00%
Lease Type Abs NNN
Guarantor Franchisee
Size/SF 3,068
Lease Start 07-01-2023
#Units 80
Price/SF $726.86
Expiration 12-01-2043
Tenant Type Fast Food/QSR
NOI $111,500
R. Term 19.5
Ownership Fee Simple
Rent/SF $36.34
Increases 1.5%/1/yrs
Pop 5Mi 168,529
Lot/AC 0.58
Options 4/5yrs/1%
AHHI 5Mi $86,253

Lease Highlights

  • Wendy’s has 19+ years remaining on a newly executed lease with 4 (5-year) options to extend
  • The lease features 1.5% rental increases annually in primary term and options
  • Absolute NNN | Zero landlord responsibilities
  • The franchisee and guarantor, Tim Cloe, is an experienced operator and currently operates approximately 80 Wendy’s locations

Location Description

Wendy's is strategically located on Cleveland Avenue, a busy thoroughfare with access to 56,000 vehicles passing by daily. The property offers excellent street frontage and accessibility. Additionally, it enjoys a convenient location just half a mile from Edison Mall, a shopping center anchored by well-known stores like Dillard’s and JCPenney, among others. The densely populated trade area...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Wendy's
  • Guarantor:Franchisee
  • Company:Tim Cloe
  • # Units:80
  • Tenant S&P: B+
  • Moody’s: B3
  • Stock: NASDAQ: WEN

About Tenant

Wendy's is an American international fast food restaurant chain founded by Dave Thomas in 1969, in Columbus, OH. The Wendy’s Company, together with its subsidiaries, operates as a...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 12,596 67,351 171,247
2023 Total Population : 12,107 64,104 168,529
2023 Employed Civilian Pop : 5,962 27,659 73,887
2023 Total Businesses : 1,269 5,841 12,228
2023 Average Household Income : $ 69,120 $ 79,272 $ 86,253
2023 Total Consumer Spending : $ 315 M $ 1915 M $ 5562 M
2023 Median Age : 40 39 45
2023 Total Households : 5,172 27,501 73,864
2023 Pop Age 25+: Bachelor's Degree : 1,554 8,285 24,552
2023 Average Home Value : $ 314,382 $ 357,081 $ 364,180
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Broadway Solomon Blvd 2001 5,600 0.24 mi
Winkler Ave Broadway 2001 8,200 0.26 mi
Cleveland Avenue Earl Rd 2021 44,000 0.33 mi
Cleveland Avenue Stella St 2022 45,500 0.33 mi
Hill Avenue Princeton St 2022 1,900 0.46 mi
Cleveland Avenue Mildred Dr 2022 46,500 0.47 mi
Solomon Boulevard Residence Dr 2022 6,100 0.50 mi
Broadway Maravilla Ln 2022 5,000 0.58 mi
Cleveland Ave State Hwy 45 2005 55,000 0.64 mi
Hill Dr 2001 1,700 0.71 mi

Listing Broker

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