511 Main St Leitchfield, KY 42754-1058

Property Details for 511 Main St

Lot size

0.42 lot acres

Property type

Commercial real estate

APN

083-09-26-012

APU

830926012

Description

This exceptional investment opportunity presents a fee-simple ownership of a Checkers and Rally's restaurant located at 511 S Main St, Leitchfield, KY 42754. The property boasts a 1,038 square foot building constructed in 1982, situated on a 0.42-acre lot in a high-traffic area. The property is zoned commercial and benefits from a strong location with high visibility. The current lease is an absolute NNN lease with a franchisee tenant, providing a secure and passive income stream. The 20-year lease commenced April 1, 2025, and includes four five-year renewal options, extending the lease term to 2045. The lease features 2% annual rent escalations, ensuring consistent growth in rental income. The property's current Net Operating Income (NOI) is $48,000, yielding a 6.50% cap rate. The asking price is $738,462, translating to a price per square foot of $711.43. The property is 100% occupied and benefits from its proximity to major retailers, including Ace Hardware, Hardee's, and IGA, as well as Southgate Mall and Owensboro Health Twin Lakes Medical Center. The location enjoys high daily traffic counts on South Main Street and from the Western Kentucky Parkway exit. Leitchfield's population growth further enhances the long-term value of this investment. This is a rare opportunity to acquire a well-positioned, passively managed restaurant property with a long-term lease and significant upside potential. The property's APN is 083-09-26-012.