Single-Tenant Restaurant with Absolute NNN
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3400 N Dixie Ave, Elizabethtown, KY 42701
Operating restaurant property leased to Cheddar’s Scratch Kitchen under an absolute NNN structure.
Property Size8,757 SF
Price / SF$421.38
Days on Market5
Property Features for 3400 N Dixie Ave
General Information
Standard status
Active
Size
8,757 SF
Property subtype
RETAIL
Building Details
Tenancy
Single
Listing Agency:
JLL | Miami
(305) 913-5545
Listed By:
Alex Sharrin · License #475158824
(305) 913-5545
Source:
Moodyscre
Added: Aug 29
Changed: Aug 31
Last Checked: Aug 31 at 4:43PM
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 JLL | Miami
Investment Insights
Based on property information with market context.
This 8,757-square-foot conventional restaurant property is occupied by Cheddar’s Scratch Kitchen as a single-tenant asset. The property is operating under an absolute NNN lease, providing a defined lease structure for the current tenancy.
Located at 3400 N Dixie Ave in Elizabethtown, Kentucky, the lease has approximately 8.3 years remaining in its primary term. Contractual rent escalations are set at 1.50% annually, and the tenant holds four five-year renewal options.
Located at 3400 N Dixie Ave in Elizabethtown, Kentucky, the lease has approximately 8.3 years remaining in its primary term. Contractual rent escalations are set at 1.50% annually, and the tenant holds four five-year renewal options.
Key Highlights
- 8,757‑square‑foot conventional restaurant property
- Single‑tenant Cheddar’s Scratch Kitchen location
- Absolute NNN lease structure
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
$104,195
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
2.82%
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%
$2,083,900
$2.1M
Cap Rate 7%
$1,488,500
$1.5M
Cap Rate 9%
$1,157,722
$1.2M
Market Conditions
NOI Build-Up for 8,757 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
$144.0K $16.44/SF
− Vacancy
−$5.0K −$0.58/SF
EGI
$138.9K $15.86/SF
− OpEx
−$34.7K −$3.97/SF
NOI
$104.2K $11.90/SF
Area
Hardin County, KY
Vacancy
3.50%
Lease Rate
$16.44 /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%
$2,083,900
Cap Rate 7%
$1,488,500
Cap Rate 9%
$1,157,722
Alternative Uses
Best Use
Specialty Retail
$1.49M
$1.30M – $1.74M
NOI $104,195 @ 7.0% cap · market cap 2.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.59M
$1.39M – $1.85M
NOI $110,969 @ 7.0% cap · market cap 3.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
266
Businesses Nearby
139k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 69%
Dining 28%
Home Improvements & Furnishings 3%
Barnes & Noble
Shops & Services
32,145 visits/mo
0.5 miles
Circle K
Shops & Services
27,150 visits/mo
0.1 miles
Michaels
Shops & Services
25,268 visits/mo
0.5 miles
Cheddar's Scratch Kitchen
Dining
18,039 visits/mo
0.0 miles
McAlister's Deli
Dining
13,663 visits/mo
0.1 miles
Demographics for 42701, KY
52,731
Population
23,565
Households
2.2
Avg Household Size
40
Median Age
28%
College-Educated
94%
High-School Grad
161.8 sq mi
ZIP Area
326
Density / Sq Mi
$68,715
Median Household Income
$44,251
Median Earnings
$902
Median Rent
$235,500
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Operating restaurant property leased to Cheddar’s Scratch Kitchen under an absolute NNN structure.
Where is this conventional restaurant located?
The property is located at 3400 N Dixie Ave Elizabethtown, KY.
What is the asking price?
The asking price for this property is $3,690,000.
What are key features of this property?
This property features: 8,757‑square‑foot conventional restaurant property; Single‑tenant Cheddar’s Scratch Kitchen location; Absolute NNN lease structure
