Taco Bell & KFC NNN
New
For Sale
$3,345,000
9594-9598 Livingston Rd, Fort Washington, MD 20744
Dual-brand restaurant site with absolute NNN ground leases and no landlord responsibilities.
Property Size4,400 SF
Days on Market2
Property Features for 9594-9598 Livingston Rd
General Information
Standard status
Active
Size
4,400 SF
Property subtype
Retail
Zoning
CGO
Additional Details
Highway Access
Yes
Building Details
Building Size
4,400 SF
Year Built
2022
Listing Agency:
SRS Real Estate Partners - Global Company
Listed By:
Andrew Fallon · License #5002882
(202) 286-1542
Source:
Srsre
Added: Sep 12
Last Checked: Sep 13 at 3:53AM
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 SRS Real Estate Partners - Global Company
Investment Insights
Based on property information with market context.
This 2022-built property represents the land ownership beneath operating Taco Bell and KFC restaurants at 9594-9598 Livingston Rd. Both occupants operate under matching absolute NNN ground lease structures, with tenants responsible for CAM, taxes, insurance, and all premises maintenance. The leases have more than 6 years remaining, include 4 (5-year) extension options, and provide roughly 1.9% annual increases during the initial term followed by 10% increases at each option period. Lease guarantees are provided by MITRA QSR KNE, LLC, a Taco Bell and KFC franchisee operating more than 170 restaurants.
The property functions as an outparcel to The Shoppes at Livingston Square, alongside national and credit tenants including Giant Food, McDonald’s, Heartland Dental, Urgent Care, and Panera Bread. It is adjacent to MD-210, which averages 80,000 vehicles per day, and sits just south of Interstate 495, reporting 236,700 VPD. Livingston Square records 2.7M+ annual visitors and ranks in the 88th percentile of shopping centers nationwide according to Placer.AI.
The property functions as an outparcel to The Shoppes at Livingston Square, alongside national and credit tenants including Giant Food, McDonald’s, Heartland Dental, Urgent Care, and Panera Bread. It is adjacent to MD-210, which averages 80,000 vehicles per day, and sits just south of Interstate 495, reporting 236,700 VPD. Livingston Square records 2.7M+ annual visitors and ranks in the 88th percentile of shopping centers nationwide according to Placer.AI.
Key Highlights
- Absolute NNN ground leases with no landlord responsibilities
- More than 6 years remaining plus 4 (5‑year) extension options
- Roughly 1.9% annual increases during the initial term and 10% at each option period
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
$99,359
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
2.97%
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%
$1,987,180
$2.0M
Cap Rate 7%
$1,419,414
$1.4M
Cap Rate 9%
$1,103,989
$1.1M
Market Conditions
NOI Build-Up for 4,400 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
$149.4K $33.96/SF
− Vacancy
−$16.9K −$3.85/SF
EGI
$132.5K $30.11/SF
− OpEx
−$33.1K −$7.53/SF
NOI
$99.4K $22.58/SF
Area
Prince George's County, MD
Vacancy
11.34%
Lease Rate
$33.96 /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%
$1,987,180
Cap Rate 7%
$1,419,414
Cap Rate 9%
$1,103,989
Alternative Uses
Best Use
Specialty Retail
$1.42M
$1.24M – $1.66M
NOI $99,359 @ 7.0% cap · market cap 2.97%
Second Best
—
—
no second resolved use
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
283
Businesses Nearby
134k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 45%
Groceries 41%
Shops & Services 14%
Giant
Groceries
54,688 visits/mo
0.1 miles
McDonald's
Dining
42,059 visits/mo
0.1 miles
7-Eleven
Shops & Services
14,606 visits/mo
0.2 miles
Panera Bread
Dining
12,103 visits/mo
0.1 miles
Jersey Mike's Subs
Dining
4,234 visits/mo
0.1 miles
Demographics for 20744, MD
52,747
Population
21,014
Households
2.5
Avg Household Size
44
Median Age
36%
College-Educated
90%
High-School Grad
26.1 sq mi
ZIP Area
2,021
Density / Sq Mi
$124,838
Median Household Income
$57,168
Median Earnings
$1,751
Median Rent
$418,100
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?
NNN property - Dual-brand restaurant site with absolute NNN ground leases and no landlord responsibilities.
Where is this nnn property located?
The property is located at 9594-9598 Livingston Rd Fort Washington, MD.
What is the asking price?
The asking price for this property is $3,345,000.
What are key features of this property?
This property features: Absolute NNN ground leases with no landlord responsibilities; More than 6 years remaining plus 4 (5‑year) extension options; Roughly 1.9% annual increases during the initial term and 10% at each option period
