2797 Waterloo Rd Akron, OH 44312-3946
- Turn key restaurants
- 2,483 SF
- 1.14 lot acres
Jan 24, 2025
Current Use by Public Records
- Pizza Hut / Chicken Wings Restaurant / Pizza Restaurant
Property Details for 2797 Waterloo Rd
- Year built
- 1975
- Lot size
- 1.14 lot acres
- Property size
- 2,483 SF
- Property type
- Turn key restaurants
- APN
- 51-09364
- APU
- 5109364
Description
This exceptional investment opportunity presents a fee-simple ownership of a Pizza Hut restaurant located at 2797 E Waterloo Rd, Akron, OH 44312, in Summit County. The property encompasses a 2,529 square foot building situated on approximately one acre of land. The property is currently operating under a 20-year absolute triple-net (NNN) lease, commencing February 21, 2022, and expiring February 27, 2042, leaving a substantial 17.3 years remaining. The current annual net operating income (NOI) is $75,058, representing a 6.00% capitalization rate based on the asking price of $1,250,968 ($494.65 per square foot). The lease includes six, five-year renewal options, potentially extending the lease term to 50 years. Annual rent increases of 1.75% are scheduled to commence in year seven and continue throughout the renewal periods. The tenant is a Pizza Hut franchisee. This offering presents a strong, long-term investment with a highly recognizable brand and significant upside potential due to the built-in rent escalations and lease renewal options. The property's location in Akron, Ohio, provides excellent visibility and accessibility. This is a 100% occupied, single-tenant property offering a secure and stable income stream.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $1,200,000
- ML approach
- $1,190,000
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Location Insight
- Map
- Local Demand
- City
- Akron
- County
- Summit
- State
- Ohio
- Longitude
- -81.4296
- Latitude
- 41.032
- CBSA code
- 10420
- CBSA name
- AKRON, OH METROPOLITAN STATISTICAL AREA
