320 Cincinnati Mills Dr Forest Park, OH 45240
- Retail properties
- 7,103 SF
- 1.37 lot acres
Current Use by Public Records
- Red Lobster / Seafood Restaurant / American Restaurant
Property Details for 320 Cincinnati Mills Dr
- Year built
- 2014
- Lot size
- 1.37 lot acres
- Property size
- 7,103 SF
- Property type
- Retail properties
- Property subtype
- Restaurants
Description
This exceptional investment opportunity presents a 7,103 square foot Red Lobster restaurant in Forest Park, Ohio, operating under an absolute NNN lease with 15.3 years remaining until the initial term expires. The lease commenced July 1, 2014, and features four five-year renewal options. Built in 2014, this single-building property sits on a 1.37-acre lot and boasts a strong 8.00% cap rate with a current NOI of $339,000. The asking price is $4,237,500, translating to $596.58 per square foot. The property enjoys 100% occupancy and benefits from annual rent bumps of 2% starting August 1, 2029. Its prime location on Cincinnati Mills Drive provides exceptional visibility and accessibility, adjacent to I-275, a major thoroughfare with over 120,000 vehicles per day. The surrounding area demonstrates strong demographics, with over 155,000 people within a five-mile radius and an average household income exceeding $81,000. Annual food and alcohol spending within a five-mile radius surpassed $487,696,208 in 2023. The property's proximity to Mercy Health Fairfield Hospital and its location at the entrance to a planned $150 million mixed-use redevelopment further enhance its long-term value. This is a stable, cash-flow-generating asset with minimal landlord responsibilities, making it an attractive investment for discerning buyers.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Forest Park
- County
- Hamilton
- State
- Ohio
- Longitude
- -84.5223
- Latitude
- 39.303
