Bob Evans NNN
For Sale
$2,479,000
104 Bair Blvd, New Stanton, PA 15672
The property features a NNN lease and more than three decades of occupancy history.
Property Size6,641 SF
Price / SF$373.29
Days on Market59
Property Features for 104 Bair Blvd
General Information
Standard status
Active
Size
6,641 SF
Property subtype
Restaurant
Lease Type
NNN
Additional Details
Cap Rate
6.75%
Amenities
ABSOLUTE NNN LEASE WITH CORPORATE GUARANTEE: The tenant has 10+ years remaining on an Absolute NNN lease with zero landlord responsibilities for operating expenses, maintenance, or roof and structure.
STRONG HEDGE AGAINST INFLATION: The lease features highly attractive two percent annual rent increases throughout the remaining base term and the (six) five-year renewal options.
PROVEN LOCATION & HISTORICAL COMMITMENT: 100 percent occupied by Bob Evans since April 1995 (over 30 years of operational history).
FEE SIMPLE OWNERSHIP: Offers the buyer the highest form of real estate ownership and absolute control over the asset.
SUBSTANTIAL FOOTPRINT: The property features a 6,641-Square Foot building situated on a large 1.91-acre lot, providing ample parking with 120 dedicated spaces.
DENSE TRAVEL HUB & INTERCHANGE LOCATION: Strategically positioned at the Interstate 70, Pennsylvania Turnpike Interchange, seeing over 38,100 vehicles per day. The New Stanton exit serves as a major travel stop for westbound traffic entering the turnpike from the Ohio West Virginia border.
MAIN RETAIL & HOSPITALITY CORRIDOR: Surrounded by strong national tenants including Sheetz, McDonald's, Wendy's, Taco Bell, Cracker Barrel, Dollar General, and multiple major hotels (Hampton Inn, Fairfield Inn, Super 8, Wyndham, Ramada) with 627 rooms.
PROXIMITY TO MAJOR COMMUNITY COLLEGE: Located just minutes from the main campus of Westmoreland County Community College in neighboring Youngwood. The campus has an enrollment of over 1,00 students, providing a steady, daily consumer base for local dining and retail.
Building Details
Building Size
6,641 SF
Listing Agency:
(215) 531-7000
Listed By:
Timothy B. Stephenson Jr. · License #License(s) PA: RMR006104
(215) 531-7000
Source:
Marcusmillichap
Added: Jul 3
Changed: Aug 30
Last Checked: Aug 30 at 1:09PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Timothy B. Stephenson Jr.
Investment Insights
Based on property information with market context.
This Bob Evans restaurant property is subject to a NNN lease and has a reported occupancy history extending beyond 30 years. The property size is listed as 6,641, with the asset located at 104 Bair Blvd in New Stanton, Pennsylvania.
The property is identified within the Pittsburgh MSA and is offered as a restaurant asset. The available information supports the established restaurant use, lease structure, address, and long-term occupancy record.
The property is identified within the Pittsburgh MSA and is offered as a restaurant asset. The available information supports the established restaurant use, lease structure, address, and long-term occupancy record.
Key Highlights
- Bob Evans restaurant property
- NNN lease structure
- More than 30 years of historical occupancy
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$83,826
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.38%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,676,520
$1.7M
Cap Rate 7%
$1,197,514
$1.2M
Cap Rate 9%
$931,400
$931.4K
Market Conditions
NOI Build-Up for 6,641 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$119.5K $18.00/SF
− Vacancy
−$7.8K −$1.17/SF
EGI
$111.8K $16.83/SF
− OpEx
−$27.9K −$4.21/SF
NOI
$83.8K $12.62/SF
Area
Westmoreland County, PA
Vacancy
6.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,676,520
Cap Rate 7%
$1,197,514
Cap Rate 9%
$931,400
Alternative Uses
Best Use
Specialty Retail
$1.20M
$1.05M – $1.40M
NOI $83,826 @ 7.0% cap · market cap 3.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.69M
$1.48M – $1.97M
NOI $118,410 @ 7.0% cap · market cap 4.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
226
Businesses Nearby
185k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 47%
Shops & Services 47%
Hotels & Casinos 6%
Sheetz
Shops & Services
47,542 visits/mo
0.2 miles
GetGo Gas Station
Shops & Services
30,330 visits/mo
0.1 miles
Cracker Barrel Old Country Store
Dining
30,290 visits/mo
0.3 miles
McDonald's
Dining
18,371 visits/mo
0.2 miles
Wendy's
Dining
12,766 visits/mo
0.2 miles
Demographics for 15672, PA
3,320
Population
1,675
Households
2
Avg Household Size
45
Median Age
34%
College-Educated
97%
High-School Grad
11.2 sq mi
ZIP Area
296
Density / Sq Mi
$70,709
Median Household Income
$45,410
Median Earnings
$1,031
Median Rent
$235,800
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - The property features a NNN lease and more than three decades of occupancy history.
Where is this conventional restaurant located?
The property is located at 104 Bair Blvd New Stanton, PA.
What is the asking price?
The asking price for this property is $2,479,000.
What are key features of this property?
This property features: Bob Evans restaurant property; NNN lease structure; More than 30 years of historical occupancy
