504 Pike St Marietta, OH 45750-3332
- Drive through restaurants
- 5,170 SF
- 0.62 lot acres
Jan 25, 2025
Current Use by Public Records
- Bob Evans / Family Restaurant / Breakfast Restaurant
Property Details for 504 Pike St
- Year built
- 1981
- Lot size
- 0.62 lot acres
- Property size
- 5,170 SF
- Property type
- Drive through restaurants
- APN
- 240040992000
- APU
- 240040992000
Description
Exceptional investment opportunity: a fee-simple Bob Evans restaurant in Marietta, Ohio. This 5,215 square foot casual dining establishment sits on a 0.86-acre lot at 504 Pike St, 45750. The property is subject to a 20-year absolute triple-net (NNN) lease, commencing July 24, 2023, and expiring July 31, 2043, offering a remaining term of 18.7 years. The current annual net operating income (NOI) is $250,000, representing a 7.00% cap rate and a price per square foot of $684.84. The lease includes a corporate guarantee from Bob Evans Restaurants, LLC, a company with over 440 corporate locations. Rent increases of 2% annually are scheduled to begin May 1, 2027, and continue throughout the base term and each of the four, five-year renewal options, extending the potential lease term to 40 years. This demonstrates the tenant's long-term commitment to this location. The property offers a secure, passive income stream with significant upside potential. This is a rare opportunity to acquire a well-established, high-performing restaurant property with a strong tenant and a long-term lease.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $2,615,000
- ML approach
- $2,495,000
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Location Insight
- Map
- Local Demand
- City
- Marietta
- County
- Washington
- State
- Ohio
- Longitude
- -81.4292
- Latitude
- 39.4096
- CBSA code
- 31930
- CBSA name
- MARIETTA, OH MICROPOLITAN STATISTICAL AREA
