3901 Highway 41 Evansville, IN 47711

Property Details for 3901 Highway 41

Year built

1992

Construction

TYPE NOT SPECIFIED

Lot size

1.01 lot acres

Property size

5,450 SF

Property type

Turn key restaurants

APN

82-06-09-034-406.002-020

APU

820609034406002020

Description

This exceptional investment opportunity presents a fee-simple, 5,450-square-foot building currently leased to a Denny's franchisee under an absolute NNN lease. Located at 3901 Hwy 41 N in Evansville, Indiana (Vanderburgh County, zip code 47711), this property boasts a strong location with excellent visibility and access from Hwy 41, experiencing 35,000 vehicles per day. The lease commenced January 1, 2000, and features a below-market rent of $13.76 per square foot, translating to a substantial $75,000 annual net operating income (NOI) and a 5.56% cap rate. The asking price is $1,350,000, representing $247.71 per square foot. The property sits on a 1.01-acre lot and benefits from a 10% rent increase every five years, with the next increase scheduled for March 2028. The building is situated adjacent to a Comfort Inn & Suites, sharing access. The five-mile radius boasts a population of 134,000 with an average household income of $61,860, indicating a strong market for this type of establishment. This is a rare opportunity to acquire a well-performing, low-maintenance investment with significant upside potential. The tenant's strong sales history and the below-market rent suggest a high likelihood of lease renewal. The property is considered below replacement cost.