Cheddar’s Scratch Kitchen
For Sale
Contact for pricing
3400 North Dixie Highway, Elizabethtown, KY 42701
Single-tenant restaurant with an absolute NNN lease and multiple renewal options.
Property Size8,757 SF
Price / SF$421.38
Days on Market18
Property Features for 3400 North Dixie Highway
General Information
Standard status
Active
Size
8,757 SF
Property subtype
Retail
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$241,623
Building Details
Year Built
2011
Tenancy
Single
Listing Agency:
JLL Chicago | Americas Headquarters
Listed By:
Alex Sharrin · License #IL 475.170243
Source:
Crexi
Added: Aug 13
Changed: Aug 28
Last Checked: Aug 28 at 7:30AM
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 Chicago | Americas Headquarters
Investment Insights
Based on property information with market context.
The property is a single-tenant Cheddar’s Scratch Kitchen restaurant at 3400 North Dixie Highway in Elizabethtown, Kentucky. The building contains 8,757 square feet and was constructed in 2011.
The operating lease is structured as absolute NNN, with ±8.3 years remaining in the primary term. Contractual rent escalations are set at 1.50% annually, and the lease includes four five-year renewal options.
The operating lease is structured as absolute NNN, with ±8.3 years remaining in the primary term. Contractual rent escalations are set at 1.50% annually, and the lease includes four five-year renewal options.
Key Highlights
- Single‑tenant Cheddar’s Scratch Kitchen restaurant
- 8,757‑square‑foot building constructed in 2011
- 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
Location Intelligence
Trade Area within ½ mile
36
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Single-tenant restaurant with an absolute NNN lease and multiple renewal options.
Where is this conventional restaurant located?
The property is located at 3400 North Dixie Highway 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: Single‑tenant Cheddar’s Scratch Kitchen restaurant; 8,757‑square‑foot building constructed in 2011; Absolute NNN lease structure
