The Chetek Group of Marcus & Millichap is pleased to present the opportunity to acquire a single-tenant, absolute net leased Pizza Hut located at 1203 W Bremer Avenue in Waverly, Iowa (the “Property”). The Property is situated on 0.59 acres of land and features a 3,040-square foot building reflecting Pizza Hut’s latest brand prototype in the market. Pizza Hut has successfully operated at this location for more than 42 years and recently exercised another 5-year renewal option through 2024 at a scheduled rent increase. In addition to its long operating history and recent renewal, Pizza Hut has clearly demonstrated its commitment to the location by completing numerous renovations and remodels over the course of its occupancy since 1977 to maintain the latest brand specifications. The lease is structured absolute triple-net with zero landlord responsibilities. In addition, the lease is guaranteed by NPC International, Inc., the largest Pizza Hut operator in the world with over 1,213 locations in 27 states. Founded in 1958, NPC International, Inc. has more than 60 years of history operating Pizza Hut and is one of the largest operators of any restaurant in the Unites States with a portfolio that also includes 386 Wendy’s units in 7 states. Pizza Hut is an iconic global brand that’s recognized as the top pizza brand in the United States based on unit count and revenue. The Property located along W Bremer Avenue, the primary thoroughfare in Waverly, Iowa. The Property sits just south of the Walston-Hoover Football Stadium and just north of the Waverly Health Center. The football stadium is home to Wartburg College, a four-year liberal arts college of the Evangelical Lutheran Church. The Waverly Health Center continues to operate at the largest hospital in the city of Waverly. The hospital offers inpatient services, outpatient services, testing, community programs, and a rehab facility.
The Property is being offered free and clear of debt at a cap rate of 6.74 percent at $533,846.
Absolute NNN lease (No Landlord Responsibilities)
Investment grade tenant – the lease
is guaranteed by NPC International, the largest Pizza Hut franchisee in the world, operating more than 1,213 locations in 27 states. NPC International has more than 60 years of Pizza Hut operating history and is the 5th largest restaurant unit operator in the United States.
More than 42 years of successful operating history at this location.
» Top pizza brand in the U.S. based on unit count and revenue.
» Consistent history of renovations and remodels to maintain the latest brand prototype.
» NPC International is the world’s largest Pizza Hut Franchisee (1,213 units in 27 states).
» Great historical occupancy — Pizza Hut has occupied the space since 1977.
Strong Visibility from Bremer Ave and located on the main thoroughfare.