FIVE GUYS/FIREHOUSE SUBS...Brand new Firehouse Subs and 3 year old Five Guys Burgers and Fries, both...

FIVE GUYS/FIREHOUSE SUBS

STRIP CENTER

830 EASTGATE SOUTH DRIVE

CINCINNATI, OH 45245

Investment Opportunity

I N V E S T M E N T O P P O R T U N I T Y

Brand new Firehouse Subs and 3 year old Five Guys Burgers and Fries, both on ten year initial terms. Located in the

Eastgate Mall market on Cincinnati’s east side. The property fronts Route 32 near McDonalds, Taco Bell, Arby’s, White

Castle, Burger King and Skyline Chili. Nice income producing property with limited Landlord duties, Tenants pay for

pro rata taxes insurance and common area maintenance.

Sales Price: $1,691,034 ($296.67 PSF) 7.25% cap rate $122,600 per year net income

FEATURES

• 5,700 SF building on 1.291 acre site in

Eastgate Mall market on Cincinnati’s east

side

• Abundant parking ̶ 102 cars

• Fully renovated strip center leased to 2

strong food concepts

• Great access, visibility, and parking in major

eastside mall market

• Sales Price: $1,691,034 ($296.67 PSF) 7.25%

cap rate

FIVE GUYS/FIREHOUSE SUBS STRIP CENTER Investment Opportunity

DEMOGRAPHICS 1-MILE 3-MILES 5-MILES

Total Population: 3,818 47,616 98,837

Total Households: 1,510 19,168 38,713

Avg. HH Income: $68,339 $71,865 $85,836

TRAFFIC COUNTS:

SR 32 at I-275 = 71,940 ADT in 2014

The depiction in the included photograph of any person, entity, sign, logo or property, other than Cushman & Wakefield’s (C&W) client and the property offered by C&W, is incidental

only, and is not intended to connote any affiliation, connection, association, sponsorship or approval by or between that which is incidentally depicted and C&W or its client. This listing

shall not be deemed an offer to lease, sublease or sell such property; and, in the event of any transaction for such property, no commission shall be earned by or payable to any cooperating

broker except if otherwise provided pursuant to the express terms, rates and conditions of C&W’s agreement with its principal, if, as and when such commission (if any) is actually received

from such principal. (A copy of the rates and conditions referred to above with respect to this property is available upon request.)

For more information, please contact:

CUSHMAN & WAKEFIELD |

CINCINNATI COMMERCIAL, REALTORS®

One East Fourth Street, Suite 500

Cincinnati, OH 45202

www.c-c-r.com

CHRIS NACHTRAB

Vice President

Retail | Investment Services

(513) 864 6042

[email protected]

JOHN THOMPSON

Senior Vice President


(513) 864 6040

[email protected]

NNN’S 2015 ESTIMATES

Real Estate Taxes $15,066/year $2.79 PSF

Insurance .30 PSF

Common Area Maintenance $3.84 PSF

Management Fee $1.11 PSF

TOTAL $8.04 PSF











www.c-c-r.com

CHRIS NACHTRAB

Vice President


(513) 864 6042

[email protected]

JOHN THOMPSON



(513) 864 6040

[email protected]

FIVE GUYS ̶ Lease Summary

• Lease signed: August 23, 2011

• Original lease rent commenced

January 2012

• Amended Rent Start Date: January 1,

2015

• 3,400 SF

• Tenant is responsible for interior of

space, all HVAC and pro rate share of

real estate taxes, general building

insurance and common area

maintenance.

• This franchisee operates 11 Five Guys

in the Cincinnati/Northern Kentucky

market and has very strong credit.

Personal guarantee is for first 5 years

of lease only.

RENT SCHEDULE

Years 4-5

(1/1/2015 –

12/31/2017)

$22.24 PSF $6300 per month $75,600 annually

Years 6-10

(1/1/2017 –

12/31/2022)

$24.24 PSF $6866.67 per month $82,400 annually

OPTION

Years 11-15 $26.24 PSF $7433.33 per month $89,200 annually

Years 16-20 $28.24 PSF $8000 per month $96,00 annually

PERCENTAGE RENT

Tenant shall pay 5% of annual gross sales in excess of

Years 1-5 $1,500,000

Years 6-10 $1,668,000

Years 11-15 $1,836.000

Years 16-20 $2,004,000

FIREHOUSE SUBS ̶ Lease Summary

• Lease signed: July 14, 2014

• Rent Start Date: January 1, 2015

• 2,000 SF

• Tenant is responsible for interior of

space, all HVAC and pro rata share of

real estate taxes, general building

insurance and common area

maintenance.

• Tenant has cap of 5% annually on

CAM costs.

• This franchisee operates 12 Firehouse

Subs in the Cincinnati/Northern

Kentucky market. Personal guarantee

is for first 3 years of lease only.

RENT SCHEDULE

Years 1-5

(1/1/2015 –

12/31/2015)


Years 6-10

(1/1/2020 –

12/31/2025)


OPTION



PERCENTAGE RENT NONE

SECURITY DEPOSIT $3916

SECURITY DEPOSIT $7700


830 Eastgate Drive Cincinnati, OH 45245











www.c-c-r.com

CHRIS NACHTRAB

Vice President


(513) 864 6042

[email protected]

JOHN THOMPSON



(513) 864 6040

[email protected]












www.c-c-r.com

EXECUTIVE SUMMARY 830 Eastgate South Dr, Cincinnati, Ohio, 45245

Rings: 1, 3, 5 mile radii

Latitude: 39.09447

Longitude: -84.26620

POPULATION 1 MILE 3 MILES 5 MILES

2000 Population 3,267 43,069 88,991

2010 Population 3,807 46,514 96,968

2014 Population 3,818 47,616 98,837

2019 Population 3,845 48,866 100,963

2000-2010 Annual Rate 3.11% 1.55% 1.73%

2010-2014 Annual Rate 0.06% 0.47% 0.38%

2014-2019 Annual Rate 0.14% 0.52% 0.43%

2014 Male Population 47.7% 48.7% 48.7%

2014 Female Population 52.3% 51.3% 51.3%

2014 Median Age 40.0 36.8 38.7

In the identified area, the current year population is 98,837. In 2010, the Census count in the area was 96,968. The rate of change since 2010 was 0.38% annually.

The five-year projection for the population in the area is 100,963 representing a change of 0.43% annually from 2014 to 2019. Currently, the population is 48.7%

male and 51.3% female.

MEDIAN AGE

The media age in this area is 38.7, compared to U.S. median age of 37.3.

RACE AND ETHNICITY

2014 White Alone 91.8% 92.2% 92.8%

2014 Black Alone 2.0% 2.3% 2.0%

2014 American Indian/Native Alaskan Alone 0.4% 0.2% 0.2%

2014 Asian Alone 3.1% 2.4% 2.3%

2014 Pacific Islander Alone 0.0% 0.0% 0.0%

2014 Other Race 1.1% 0.9% 0.7%

2014 Two or More Races 1.7% 1.9% 1.9%

2014 Hispanic Origin (Any Race) 2.7% 2.8% 2.6%

Persons of Hispanic origin represent 2.6% of the population in the identified area compared to 17.4% of the U.S. population. Persons of Hispanic Origin may be of

any race. The Diversity Index, which measures the probability that two people from the same area will be from different race/ethnic groups, is 15.3 in the

identified area, compared to 62.1 for the U.S. as a whole.

2000 Households 1,306 16,990 33,903

2010 Households 1,502 18,575 37,702

2014 Total Households 1,510 19,168 38,713

2019 Total Households 1,523 19,738 39,651

2000-2010 Annual Rate 2.84% 1.80% 2.15%

2010-2014 Annual Rate 0.11% 0.63% 0.53%

2014-2019 Annual Rate 0.09% 0.34% 0.28%

2014 Average Household Size 2.43 2.47 2.53

The household count in this area has changed from 38,713 in 2010 to 37,702 in the current year, a change of 0.53% annually. The five-year projection of

households is 39,651, a change of 0.28% annually from the current year total. Average household size is currently 2.53, compared to 2.55 in the year 2010. The

number of families in the current year is 3.03 in the specified area.

Data Note: Income is expressed in current dollars

Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2014 and 2019. Esri converted Census 2000 data into 2010 geography. April 17, 2015

CHRIS NACHTRAB

Vice President


(513) 864 6042

[email protected]

JOHN THOMPSON



(513) 864 6040

[email protected]











www.c-c-r.com

EXECUTIVE SUMMARY

MEDIAN HOUSEHOLD INCOME 1 MILE 3 MILES 5 MILES

2014 Median Household Income $53,554 $57,124 $64,398

2019 Median Household Income $61,986 $67,554 $76,897

2014-2019 Annual Rate 2.97% 3.41% 3.61%

HOUSEHOLD BY INCOME

Current median household income is $64,398 in the area, compared to $51,314 for all U.S. households. Median household income is projected to be $76,897 in

five years, compared to $59,580 for all U.S. households

Current average household income is $85,836 in this area, compared to $71,842 for all U.S households. Average household income is projected to be $95,707 in

five years, compared to $83,667 for all U.S. households

Current per capita income is $33,757 in the area, compared to the U.S. per capita income of $27,567. The per capita income is projected to be $37,744 in five

years, compared to $32,073 for all U.S. households.

HOUSING

2000 Total Housing Units 1,380 17,739 35,394

2000 Owner Occupied Housing Units 57.4% 61.7% 67.6%

2000 Renter Occupied Housing Units 37.2% 34.1% 28.2%

2000 Vacant Housing Units 5.4% 4.2% 4.2%













Currently, 34.8% of the 41,258 housing units in the area are owner occupied; 28.7%, renter occupied; and 6.2% are vacant. Currently, in the U.S., 56.4% of the

housing units in the area are owner occupied; 32.3% are renter occupied; and 11.3% are vacant. In 2010, there were 40,366 housing units in the area – 66.6%

owner occupied, 26.8% renter occupied, and 6.6% vacant. The annual rate of change in housing units since 2010 is 0.44%. Median home value in the area is

$176,279, compared to a median home value of $177,257 for the U.S. In five years, median value is projected to change by 3.70% annually to $211,353.

AVERAGE HOUSEHOLD INCOME 1 MILE 3 MILES 5 MILES

2014 Average Household Income $68,339 $71,865 $85,836

2019 Average Household Income $77,017 $80,037 $95,707

2014-2019 Annual Rate 2.42% 2.18% 2.20%

PER CAPITA INCOME 1 MILE 3 MILES 5 MILES

2014 Per Capita Income $25,684 $28,909 $33,757

2019 Per Capita Income $29,079 $32,298 $37,744

2014-2019 Annual Rate 2.51% 2.24% 2.26%

CHRIS NACHTRAB

Vice President


(513) 864 6042

[email protected]

JOHN THOMPSON



(513) 864 6040

[email protected]

830 Eastgate South Dr, Cincinnati, Ohio, 45245

Rings: 1, 3, 5 mile radii

Latitude: 39.09447

Longitude: -84.26620

FIVE GUYS/FIREHOUSE SUBS...Brand new Firehouse Subs and 3 year old Five Guys Burgers and Fries, both...

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