For Sale
$2,831,858

866 Eastgate DrCincinnati, OH 45245

High-yield, 15-year NNN lease. Prime Cincinnati location.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a 4,936 square foot, Class A, Outback Steakhouse restaurant located at 866 Eastgate N Dr, Cincinnati, OH 45245. The property sits on a 1.58-acre lot and boasts a 14.5-year remaining lease term (expiring 05/31/2039) with a corporate guarantee from Bloomin' Brands (NASDAQ: BLMN). The lease is a triple-net (NNN) structure, with a current annual net operating income (NOI) of $160,000, resulting in a compelling 5.65% cap rate. Built in 2024, this state-of-the-art restaurant benefits from 10% rent bumps every five years throughout the initial term and options. The property enjoys exceptional visibility and accessibility, situated along a major retail corridor with daily traffic counts exceeding 55,000 vehicles. Its strategic location provides direct access to Interstate-275 (67,000+ vehicles per day), connecting downtown Cincinnati and surrounding suburbs. The area is densely populated and affluent, with an average household income over $100,000 and more than 106,000 residents within a five-mile radius. The property benefits from strong tenant synergy, being near numerous national retailers including Meijer, Kroger, Walmart, and many others, as well as several large apartment complexes. This prime location offers a strong daytime employment base and convenient access for travelers due to its proximity to a Hampton Inn. The asking price is $2,831,858.

Highlights

  • 15-year NNN ground lease with 10% rent increases every five years. New construction (May 2024) featuring state-of-the-art design.
  • Excellent visibility and accessibility on a major retail corridor with 55,000+ daily vehicle traffic counts, adjacent to State Hwy-32.
  • Direct Interstate-275 access (67,000+ VPD), connecting downtown Cincinnati and surrounding suburbs.
  • Corporate-guaranteed lease by Bloomin' Brands (NASDAQ: BLMN), a leading casual dining company with over 1,000 locations.
  • Prime retail location near Meijer, Eastgate Mall, and a Hampton Inn, offering strong tenant synergy and convenient traveler access.
  • Densely populated, affluent area with over 106,000 residents and average household income exceeding $100,000 within a five-mile radius.

Property Details for 866 Eastgate Dr

Property type
Retail properties, Restaurants
Square Feet
4,936 SF
Class
A
Year Built
2024
Lot Size (sq. ft)
68,825 SF

Location Insight

City
Cincinnati
County
Clermont
State
Ohio
Latitude
39.0976569
Longitude
-84.2671851
866 Eastgate Dr, Cincinnati, Ohio

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866 Eastgate Dr
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