City BBQ (GL)

8444 Winton Rd, Cincinnati, OH 45231

$2,640,000

Cap Rate 6.25%

DOM: 9 Updated: 04.24.23 Posted: 04.17.23 Status: Sold 04.27.23

Summary

Price $2,640,000	Built/Renov 2023	Tenant City BBQ (GL)
Cap Rate 6.25%	Lease Type Abs NNN	Guarantor Corporate
Size/SF 3,850	Lease Start 02-23-2023	#Units 62
Price/SF $685.71	Expiration 02-22-2035	Tenant Type Fast Casual/Rest.
NOI $165,000	R. Term 9.8	Ownership Ground Lease
Rent/SF $42.86	Increases 10.0%/5/yrs	Pop 5Mi 234,975
Lot/AC 0.65	Options 3/5yrs/10%	AHHI 5Mi $67,690

Highlights

New construction | Drive-thru prototype scheduled to open May 2023
City BBQ recently signed a new 12-year ground lease with 3 (5-year) options to extend
The lease features a rental increase of 10% in year 4 of each option period
Absolute NNN lease structure provides a management-free investment
Corporate guarantee by Freeman Spogli & Co

Location Description

The newly constructed City Barbeque property is located directly off OH-126 freeway that carries ±57,112 VPD with easy access from Winton Road that carries ±26,608 VPD. The building is equipped with a drive-thru, providing ease and convenience for customers. The demographics are ideal for City Barbeque where the restaurant will draw on a population over 234,975 permanent residents within a...

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Key Features

New construction
New prototype
High traffic 50M+ VPD
Freeway close
Dense 200M+ pop 5 mi
Top 100 MSA
Brand new lease
Absolute NNN
Long 10+ yr lease
Corporate Guarantee

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Links

City Barbeque Wikipedia City Barbeque Wikipedia Cincinnati, Ohio Zip Code 45231 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: City BBQ (GL)
Guarantor:Corporate
Company:Freeman Spogli & Co
# Units:62
Stock:Private

About Tenant

City Barbeque, LLC (dba City BBQ) is a fast-casual restaurant company focused on authentic, "smoker-to-table" barbeque. City Barbeque serves beef brisket, pulled pork, turkey breast, pulled...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	11,004	84,061	234,085
2023 Total Population :	11,123	85,155	235,981
2023 Employed Civilian Pop :	5,827	39,939	114,428
2023 Total Businesses :	238	1,994	7,345
2023 Average Household Income :	$ 95,443	$ 82,818	$ 79,261
2023 Total Consumer Spending :	$ 364 M	$ 2508 M	$ 6852 M
2023 Median Age :	42	41	40
2023 Total Households :	4,426	34,801	99,118
2023 Pop Age 25+: Bachelor's Degree :	2,046	11,418	32,152
2023 Average Home Value :	$ 199,298	$ 227,803	$ 223,379

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Cloverview Ave	Beta Ave	2005	2,915	0.02 mi
Winton Rd	Cloverview Ave	2005	31,082	0.03 mi
Winton Rd	Cloverview Ave	2005	34,961	0.08 mi
RAMP FROM WINTON RD TO SR126 WB	Winton Rd	2021	4,820	0.15 mi
Ronald Reagan Cross County Hwy	Winton Rd	2004	3,966	0.15 mi
Winton Rd	Hempstead Dr	2011	18,957	0.16 mi
Winton Rd	Hempstead Dr	2011	656	0.17 mi
Hempstead Dr	Winton Rd	2011	4,236	0.19 mi
RAMP FROM SR126 EB TO WINTON RD NB	Winton Rd	2021	2,483	0.20 mi
Winton Rd	Hempstead Dr	2011	19,175	0.23 mi

Listing Broker

Jeff Conover

Faris Lee Investments

Contact

34 Listings
6828 Views
19 Sold

Scott DeYoung

Faris Lee Investments

Contact

35 Listings
6860 Views
20 Sold

Jeff Conover

Jeff Conover was appointed Managing Principal at Faris Lee Investments in 2021 and has 34 years of transactional brokerage experience within the commercial real estate industry across the U.S. As Managing Principal of Faris Lee Investments, a national leading retail advisory and investment sales firm, Mr. Conover is a top producer year-over-year with proven performance specializing in the disposition of single tenant NNN leased investments, multi-tenant shopping centers, national portfolios &am

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Scott DeYoung

As a Senior Managing Director at Faris Lee Investments, Mr. DeYoung was the co-top producer at the Company in 2021. Mr. DeYoung has more than a decade of brokerage experience and currently holds real estate broker licenses in California, Florida, Montana, and Hawaii. Mr. DeYoung is a fifth-generation broker and developer in Southern California, as well as an active real estate investor. In 2021, Mr. DeYoung acquired and disposed of over $26M in commercial real estate as a General Partner. His e

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