Pizza Hut 2665 Manchester Rd 3,029 SF Retail Building Akron, OH 44319 $1,421,210 ($469.20/SF) 6.25% Cap Rate
INVESTMENT HIGHLIGHTS
- Long-Term, 20-Year Absolute Triple Net (NNN) Lease that Commenced on February 22, 2022
- Six (6), Five (5)-Year Tenant Renewal Options, Bringing the Potential Lease Term to 50 Years
- 1.75% Rental Increases Annually Starting Year Seven (7)
EXECUTIVE SUMMARY
The NNN Pro Group is pleased to present the exclusive listing for the Pizza Hut located at 2665 Manchester Rd, Akron, OH 44319. The site will consist of roughly 3,029 rentable square feet of building space on estimated 0.80-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 $88,826 and is scheduled to increase by one-and-threequarters percent (1.75%) annually starting year seven (7) of the base term and continuing through six (6), five (5)-year renewal periods.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Fast Food
Building Size
3,029 SF
Building Class
C
Year Built
1977
Price
$1,421,210
Price Per SF
$469.20
Cap Rate
6.25%
NOI
$88,826
Tenancy
Single
Building Height
1 Story
Building FAR
0.09
Lot Size
0.80 AC
Opportunity Zone
Yes
Frontage
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 68-52945 | Improvements Assessment | $77,368 |
| Land Assessment | $33,121 | Total Assessment | $110,489 |
