3401 Granville AveMuncie, IN 47303

This exceptional investment opportunity presents a fee-simple ownership of a 6,536 square foot Outback Steakhouse located at 3401 N Granville Ave, Muncie, IN 47303. The property sits on a 0.23-acre lot and is situated on an outparcel of Muncie Mall, recently acquired by Hull Property Group, signaling potential revitalization of the area. The single-story building, constructed in 1997 and renovated in 2017, operates under an absolute NNN lease with a corporate guarantee from OSI Restaurants, LLC (Bloomin' Brands - NASDAQ: BLMN), a financially strong company with over $4.6B in 2023 revenue. The lease, commencing November 21, 2017, and expiring November 30, 2027, has a remaining term of approximately 3 years, with four, five-year renewal options. The current rent is $15.50 per square foot, significantly below market rates for comparable casual dining establishments, resulting in a low price per square foot of $250.61. The property boasts a 6.25% cap rate and a net operating income (NOI) of $102,312. Annual rent increases of 1% are built into the lease throughout the initial term and the first three, five-year options. The property benefits from its location near other national retailers, including Target, Kohl's, and T.J. Maxx, creating a synergistic retail environment. This is a truly passive investment with zero landlord responsibilities, offering a strong return on investment with a globally recognized brand and a stable tenant. The asking price is $1,638,000.