CAP RATE: 7.00%
BUILDING SIZE: 7,500 Sq Ft
YEAR BUILT | RENOVATED: 1954 | 2020
LOT SIZE: +/- 0.55 Acres
- New 10 Year Lease Signed by Papa John’s in 2021
In 2021, the landlord was able to secure a 10-year lease for one third of the gross leasable area from Papa John’s. This particular lease is guaranteed by Bajco Group, which is the largest Papa John’s franchisee in the country with 189 locations in 10 different states. The Bajco Group lease benefits from increases every five years in rent during the base term and three, five-year option periods.
- Located Adjacent to the University of Notre Dame
Notre Dame is home to over 20,000 students when classes are in session, adding significantly to The Bend’s population. Stunningly beautiful, the Notre Dame campus includes acres of greenspace and historic architecture. Iconic landmarks like the Main Building with its Golden Dome, Touchdown Jesus, the Basilica of the Sacred Heart and the Grotto of Our Lady of Lourdes are must-sees.
- Priced Well Below Replacement Cost – $135 per Square-Foot
The subject property benefits from extremely low rental rates, which average $9.50 per square-foot across the building. As a result of this, the price per square foot remains low making this an irreplaceable asset in a highly desirable college town.
- South Bend, IN – Centralized Midwest Region
Known as the home to the University of Notre Dame, the South Bend metro is situated in northern Indiana and southern Michigan, roughly 100 miles east of Chicago and 200 miles southwest of Detroit. It consists of St. Joseph and Cass counties. The city of South Bend is the most populous city in the metro, with 102,000 residents. Key drivers of the local economy include food and agriculture, advanced manufacturing, logistics and distribution, as well as technology and life science segments.