3250 Main StRichmond, IN 47374

Property Details for 3250 Main St

Year built

2012

Lot size

0.32 AC

Property size (Sq ft)

1,107 SF

Zone code

ZO01

Property type

Retail properties

Property subtype

Turn key restaurants

APN

89-16-34-430-116.000-030

APU

891634430116000030

Description

This exceptional investment opportunity presents a fee-simple ownership of a thriving Pizza Hut restaurant located at 3250 E Main St, Richmond, IN 47374. Built in 2012, this 1,084 square foot restaurant sits on a 0.32-acre lot and boasts a strong 11+ year operating history. The property is currently operating under a 20-year Absolute NNN lease, commencing February 22, 2022, and expiring February 28, 2042, leaving 17.3 years remaining. The lease includes annual rent bumps of 1.75% starting in year seven, and six, five-year renewal options. The tenant is a top Pizza Hut franchise operator with over 120 units, providing exceptional financial stability. The property has a 6.00% cap rate and a Net Operating Income (NOI) of $100,000, with a sale price of $1,666,667 ($1,537.52/sq ft). The property benefits from its location in a main retail corridor, demonstrating consistent year-over-year growth. This is a rare opportunity to acquire a well-established, nationally recognized brand with a long-term lease and significant upside potential. The property's 100% occupancy since August 1, 2012, further underscores its consistent performance and desirability.

• CAP approach

  CAP return

  Valuation

  6%

  $255,490

  6.5%

  $235,837

  7%

  $218,992

• Comparable approach

  Method

  Valuation

  Relative Method

  $242,631

  Geo Method

  $346,445

• Alternative Use

  Use

  Valuation

  Residential

  $198,938

  Hospitality

  $182,226

  Educational

  $151,610

  Medical

  $156,824

  Retail

  $235,837

Location Insight

City

Richmond

County

Wayne

State

Indiana

Latitude

39.8313

Longitude

-84.8572

CBSA code

39980

CBSA name

RICHMOND, IN MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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