About This Restaurant
Investment Highlights
Executive Summary
The NNN Pro Group is pleased to present the exclusive listing for the Pizza Hut located at 3490 Colorado Ave, Lorain, OH 44052. The site will consist of roughly 1,155 rentable square feet of building space on estimated 1.21-acre parcel of land. The Pizza Hut is subject to a 20-year absolute triple-net (NNN) lease that commenced on 2/22/2022. The initial annual rent will be $97,115 and is scheduled to increase by one-and-three-quarters percent (1.75%) annually starting year seven (7) of the base term and continuing through six (6), five (5)-year renewal periods.
Property Details
- Sale Type Investment NNN
- Property Type Retail
- Property Subtype Restaurant
- Building Size 1,155
- Building Class B
- Year Built 2022
- Price 1,618,576
- Price Per SF 1,401
- Cap Rate 6
- NOI 97,115
- Tenancy Single
- Building Height 1 Story
- Building FAR 0.02
- Land Acres 1.21 AC
- Opportunity Zone Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Property Taxes
| Parcel Number | 03-00-057-112-024 | Improvements Assessment | $23,293 |
| Land Assessment | $259,693 | Total Assessment | $282,986 |
| Date Created: | 2024-07-16 04:18:06 | Last Updated: | 2024-07-16 04:18:06 |
| Address: | 3490 Colorado Ave , Lorain, Ohio, 44052 | ||