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Bob Evans NNN Investor Hub | Cap Rate Trends, Credit Rating Trends, Lease Terms & Due Diligence

Bob Evans

Last Year Cap

6.7%

This Year Cap

6.8%

Cap Change

0.1%

Last Year Rating

B-

This Year Rating

B-

Rating Change

No change

Bob Evans – NNN Cap Rate Trend

Cap Rate Trends

wdt_ID wdt_created_by wdt_created_at wdt_last_edited_by wdt_last_edited_at Tenant Year Cap Rate
5779 admin2 2026 04:17 AM admin2 2026 04:17 AM 7 Brew 2,020 6.5
5780 admin2 2026 04:17 AM admin2 2026 04:17 AM 7 Brew 2,021 6.3
5781 admin2 2026 04:17 AM admin2 2026 04:17 AM 7 Brew 2,022 6.0
5782 admin2 2026 04:17 AM admin2 2026 04:17 AM 7 Brew 2,023 6.3
5783 admin2 2026 04:17 AM admin2 2026 04:17 AM 7 Brew 2,024 6.6
5784 admin2 2026 04:17 AM admin2 2026 04:17 AM 7 Brew 2,025 6.6
Tenant Year Cap Rate
1031 Exchange
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Credit (what net-lease buyers care about)

Credit Snapshot

Bob Evans

Cap Rates NNN
Last Year 6.7%
This Year 6.8%
Change 0.1%
S&P Rating CREDIT
Last Year B-
This Year B-
Change No change

Bob Evans Net Lease: Secure, Essential Investment

Bob Evans Restaurants is a nationally recognized casual dining net lease tenant. This guide reviews cap rates, lease terms, tenant credit, and key due diligence considerations for buyers and sellers.

For 1031 exchange buyers, Bob Evans Ground Lease Properties are important to compare against fee simple Bob Evans assets, as lease structure can materially impact pricing, financing, and long-term resale value.

Investors often target Bob Evans assets for:

  • Stable Income Potential
  • Established Family Dining Brand Recognition
  • Long-Term Net Lease Structures
  • Attractive 1031 Exchange Compatibility

Bob Evans Ground Lease Properties require close comparison of rent escalations, remaining lease term, extension options, and residual land value versus fee simple ownership.

Bob Evans Ground Lease Properties for 1031 Exchange Buyers

Bob Evans Ground Lease Properties often trade differently than fee simple Bob Evans assets. Buyers should carefully evaluate lease structure, remaining term, renewal options, landlord responsibilities, and reversion rights to understand long-term risk and return.

Bob Evans – Credit Trend (S&P vs Moody’s)

Tenant_Rating_Trend

wdt_ID wdt_created_by wdt_created_at wdt_last_edited_by wdt_last_edited_at TenantKey Tenant Year Moody SP Moody_Grade SP_Grade Moody_GradeRank SP_GradeRank
1 admin2 2025 03:43 PM admin2 2025 03:43 PM 7eleveninc 7-Eleven, Inc. 2022 Baa2 A Lower Medium Grade Upper Medium Grade 5 6
2 admin2 2025 03:43 PM admin2 2025 03:43 PM 7eleveninc 7-Eleven, Inc. 2023 Baa2 A Lower Medium Grade Upper Medium Grade 5 6
3 admin2 2025 03:43 PM admin2 2025 03:43 PM 7eleveninc 7-Eleven, Inc. 2024 Baa2 A Lower Medium Grade Upper Medium Grade 5 6
4 admin2 2025 03:43 PM admin2 2025 03:43 PM 7eleveninc 7-Eleven, Inc. 2025 Baa2 A Lower Medium Grade Upper Medium Grade 5 6
5 admin2 2025 03:43 PM admin2 2025 03:43 PM 99centsonlystoresllc 99 Cents Only Stores, LLC 2022 Caa2 CCC+ Substantial Risk Substantial Risk 2 2
TenantKey Tenant Year Moody SP Moody_Grade SP_Grade Moody_GradeRank SP_GradeRank

Post Holdings Stock Price (NYSE:POST)

POST stock price by TradingView

Bob Evans Investment Market Statistics

AVERAGE SALE PRICE

$3,900,000

BUILDING SIZE

5,000 – 6,000 SF

AVERAGE NOI

$215,000

LAND

1.0 – 1.5 acres

$/SF RANGE

$650 – $780

LEASE TERM SHOWN

20 years

Bob Evans Investor Snapshot (Quick Facts)

Origins & Growth (Past)

  • Began as a small sausage production and restaurant business in Ohio
  • Focused on farm-style, homestyle dining experiences
  • Expanded through company-owned restaurant growth
  • Established a strong presence across the Midwest and Southeast
  • Built brand recognition around breakfast and comfort food
  • Developed an integrated food production and retail products segment
  • Became a well-known family dining restaurant chain in the U.S.

Where Bob Evans Stands Today

  • Regional U.S. footprint
  • Family dining segment
  • Moderate customer traffic
  • Corporate-operated model
  • Focus on core menu
  • Limited digital growth
  • Cost efficiency focus
 
 

Where Bob Evans Stands Today

  • Menu focus
  • Operational improvements
  • Digital adoption
  • Limited loyalty
  • Store optimization
  • No fuel exposure
  • Stable demand

Why investors buy Bob Evans NNN Properties or Bob Evans ground Lease Properties?

Pros (what buyers like)

  • Established brand recognition
    Nationally recognized family dining chain with long operating history
  • Stable dine-in demand
    Consistent customer base driven by breakfast and comfort food segments
  • Freestanding real estate
    Many locations feature standalone buildings with good visibility and access
  • Attractive lease structures
    Long-term NNN or ground leases appeal to passive and 1031 exchange buyers

Cons (what can bite you)

  • Non-investment grade tenant
    Credit profile is weaker compared to investment-grade tenants
  • Casual dining risk
    Performance tied to discretionary consumer spending trends
  • Lease structure variability
    Some leases may be NN or modified NNN with landlord responsibilities
  • Re-tenanting risk
    Single-tenant restaurant layouts may limit reuse if vacated

Find out more

Bob Evans Background & History

Bob Evans Restaurants is a national casual dining restaurant company best known for its farm-style menu and full-service dining experience. What began as a small sausage business and restaurant evolved into a well-known family dining brand, focused on comfort food, breakfast offerings, and consistent in-restaurant service.

Over time, the company built a strong regional footprint, particularly across the Midwest and Southeast. Today, customers rely on Bob Evans locations for dine-in meals, takeout, and familiar menu items that cater to everyday dining occasions.

As consumer preferences shifted, the brand has adapted through menu simplification, operational improvements, and a focus on core offerings that drive repeat visits and maintain brand relevance.

Why Bob Evans Matters to NNN Investors

Today, Bob Evans operates a large base of freestanding restaurant locations across the United States, serving a steady customer base. The business model is centered on repeat dining visits, established brand familiarity, and locations positioned along suburban corridors and near residential trade areas.

Many stores benefit from strong visibility, easy access, and established customer patterns built over time. In addition, the company has focused on improving operational efficiency, menu execution, and cost controls to stabilize unit-level performance.

This focus on consistent dining demand helps explain why Bob Evans remains relevant within the casual dining sector, even as industry conditions evolve. Management continues to refine operations and optimize locations to align with changing consumer behavior and dining trends.

What Buyers and Sellers Should Evaluate

For investors evaluating Bob Evans NNN properties, a Bob Evans net lease, or a Bob Evans ground lease, the investment thesis is typically centered on location quality and unit-level performance rather than credit strength alone. As a result, buyers often place greater emphasis on lease structure, real estate fundamentals, and store performance.

Common searches include Bob Evans real estate, Bob Evans cap rate, Bob Evans lease term, Bob Evans tenant credit, and restaurant performance trends. Ultimately, Bob Evans net lease value is driven by site-specific factors, lease economics, and how the location performs within its trade area.

As dining habits and consumer spending patterns evolve, the strongest Bob Evans locations tend to be those with stable sales, strong visibility, and good access within established communities. Buyers and sellers should therefore evaluate each property individually, including ingress and egress, visibility, traffic counts, surrounding demographics, competition, and lease language that defines landlord responsibilities.

In addition, investors should consider long-term cash-flow durability, tenant credit profile, and how the asset may perform across different hold periods and exit strategies.

Corporate vs. Franchise | Store Count

Bob Evans Restaurants operates primarily under a corporate-owned model, with most locations run directly by the company rather than franchisees, so NNN and ground lease properties are typically backed by a consistent corporate guarantor. In the U.S., the brand operates approximately 430+ locations, mainly across the Midwest and Southeast, and for investors, factors such as unit-level performance, lease structure, and real estate quality tend to be more important than total store count given its non-investment-grade credit profile.

Bob Evans Financial Snapshot

Bob Evans Restaurants operates in the U.S. as a privately held company owned by Golden Gate Capital. The business generates an estimated ~$1B+ in annual revenue, with performance tied to restaurant-level sales and cost management rather than a diversified global platform. As a result, net-lease obligations are supported by a mid-sized, private operating company, making unit-level performance and lease structure especially important for investors.

Bob Evans Lease Types

Bob Evans Restaurants properties are typically structured as long-term NNN leases, though lease terms can vary by deal. Many assets are marketed as NNN, but some leases may be NN or modified NNN, with the landlord retaining responsibility for roof, structure, or certain site components. As a result, buyers should carefully review lease language, maintenance obligations, and expense responsibilities before underwriting and pricing.

our team of experts are here for you

Our team helps investors evaluate NNN properties with practical, market-based guidance. In addition, we support buyers and sellers with lease review, pricing analysis, and due diligence strategy.

Whether you are comparing Bob Evans ground lease properties or fee simple Bob Evans assets, we can help you review the details that affect risk and long-term value. As a result, clients can make more confident decisions based on lease structure, location quality, and investment goals.

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