Skip to main content

Restaurant

Freddy's | New Construction | 15 Yr. Abs. Net | Corner Lot | High Traffic

853 Eastern Bypass, Richmond, KY 40475

Listing Price: $2,700,000

Cap Rate
5.00%
Tenant Name
Freddy's Frozen Custard & Steakburgers
Years Remaining On Lease
15.1
Guarantor
Corporate Guarantee
Rentable SF
2,800
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$48.21

Investment Overview

Marcus & Millichap is pleased to present the exclusive listing for a Freddy’s located at 853 Eastern Bypass, Richmond, KY. The property consists of approximately 2,800-SF of building space and is situated on approximately 1.33 acres of land. The Freddy’s is scheduled to complete construction in November of 2021 and is subject to begin a new 15-Year absolute (NNN) lease. The initial annual rent is $135,000 subject to 7.50% increases every five years through term and at the start of each of the five (5), five (5)-year options. The property sits in a dense retail corridor as an out parcel to the Carriage Gate shopping center featuring multiple national tenants such as Hobby Lobby, Ashley Homestore, Office Depot, Harbor Freight, and more. The property is adjacent to the Richmond Mall and located less than a mile from the Lake Reba recreational complex, a public multi-sport complex featuring a waterpark, baseball, soccer and golf facilities. Freddy’s is located in Richmond, Kentucky. Richmond is the county seat of Madison County, Kentucky. Located 27 miles south of Lexington and 100 miles east of Louisville. Richmond is the sixth-largest city in Kentucky after seeing significant growth in the early 2000’s. Richmond is home to Eastern Kentucky University, a public university with over 16,000 students and staff. Freddy’s Frozen Custard & Steakburgers is a leading fast-casual restaurant franchise concept with more than 370 locations across 32 states. Co-founded in 2002 by Scott Redler and Bill, Randy and Freddy Simon, Freddy’s opened its first location in Wichita, Kansas, offering a unique combination of cooked-to-order steakburgers seasoned with Freddy’s Famous Steakburger & Fry Seasoning®, Vienna® Beef hot dogs, shoestring fries paired with Freddy’s Famous Fry Sauce® and frozen custard that is freshly churned throughout the day in each restaurant.

Investment Highlights

  • Brand New Fifteen (15)-Year Absolute NNN Lease | 7.50% Rental Increases Every Five (5)-Years & During Options.
  • Operated by M&M Custard, LLC | Experienced & Growing Operator with Eighteen (18)-Total Units in Four (4)-States.
  • Freddy's is One of the Fastest Growing Restaurants in the U.S. | Increasing Total Units By About 30% Per Year Since 2013.
  • Build-to-Suit | 2021 Construction with Drive-Thru.
  • Positioned Along a Major Retail & Traffic Corridor Just off of Interstate 75 | Daily Traffic Counts Exceed 33,000 Vehicles.
  • One (1)-Mile from Eastern Kentucky University with More Than 12,500 Students and Staff.
  • Growing Demographics | 5% Population & Household Growth Expected Over the Next Five Years.

Exclusively Listed By

Broker of Record

  • Colby Haugness

    First Vice President Investments

    (513) 878-7733

    License(s) KY: 242197

    Kentucky

Restaurant

Freddy's | New Construction | 15 Yr. Abs. Net | Corner Lot | High Traffic

Listing Price: $2,700,000

Cap Rate
5.00%
Tenant Name
Freddy's Frozen Custard & Steakburgers
Years Remaining On Lease
15.1
Guarantor
Corporate Guarantee
Rentable SF
2,800
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$48.21

Investment Highlights

  • Brand New Fifteen (15)-Year Absolute NNN Lease | 7.50% Rental Increases Every Five (5)-Years & During Options.
  • Operated by M&M Custard, LLC | Experienced & Growing Operator with Eighteen (18)-Total Units in Four (4)-States.
  • Freddy's is One of the Fastest Growing Restaurants in the U.S. | Increasing Total Units By About 30% Per Year Since 2013.
  • Build-to-Suit | 2021 Construction with Drive-Thru.
  • Positioned Along a Major Retail & Traffic Corridor Just off of Interstate 75 | Daily Traffic Counts Exceed 33,000 Vehicles.
  • One (1)-Mile from Eastern Kentucky University with More Than 12,500 Students and Staff.
  • Growing Demographics | 5% Population & Household Growth Expected Over the Next Five Years.

Investment Overview

Marcus & Millichap is pleased to present the exclusive listing for a Freddy’s located at 853 Eastern Bypass, Richmond, KY. The property consists of approximately 2,800-SF of building space and is situated on approximately 1.33 acres of land. The Freddy’s is scheduled to complete construction in November of 2021 and is subject to begin a new 15-Year absolute (NNN) lease. The initial annual rent is $135,000 subject to 7.50% increases every five years through term and at the start of each of the five (5), five (5)-year options. The property sits in a dense retail corridor as an out parcel to the Carriage Gate shopping center featuring multiple national tenants such as Hobby Lobby, Ashley Homestore, Office Depot, Harbor Freight, and more. The property is adjacent to the Richmond Mall and located less than a mile from the Lake Reba recreational complex, a public multi-sport complex featuring a waterpark, baseball, soccer and golf facilities. Freddy’s is located in Richmond, Kentucky. Richmond is the county seat of Madison County, Kentucky. Located 27 miles south of Lexington and 100 miles east of Louisville. Richmond is the sixth-largest city in Kentucky after seeing significant growth in the early 2000’s. Richmond is home to Eastern Kentucky University, a public university with over 16,000 students and staff. Freddy’s Frozen Custard & Steakburgers is a leading fast-casual restaurant franchise concept with more than 370 locations across 32 states. Co-founded in 2002 by Scott Redler and Bill, Randy and Freddy Simon, Freddy’s opened its first location in Wichita, Kansas, offering a unique combination of cooked-to-order steakburgers seasoned with Freddy’s Famous Steakburger & Fry Seasoning®, Vienna® Beef hot dogs, shoestring fries paired with Freddy’s Famous Fry Sauce® and frozen custard that is freshly churned throughout the day in each restaurant.

Exclusively Listed By

Broker of Record

  • Colby Haugness

    First Vice President Investments

    (513) 878-7733

    License(s): KY: 242197

    Kentucky

MM Texture Background
MM Textured Background Lower