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    New Chick-fil-A Net Lease Title is generated by Realmo AI

    1647 MS-1, Greenville, MS 38701

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    New 4,958 SF Chick-fil-A in Greenville, Mississippi for sale.

    Type:Retail
    Property size:
    4,958 SF
    Price / SF:
    $938/SF
    Added:
    Mar 26, 2024
    Days on Market:
    802
    Last Refresh:
    May 12 at 10:15 pm

    Property Features for 1647 MS-1

    General Information

    Standard status
    Active
    Size
    4,958 SF
    Property subtype
    Retail

    Building Details

    Year Built
    2023

    We can help!

    Listing Contact
    T. Griffin Lennox

    Listing agent T. Griffin Lennox License #LA 0995697308

    Listing office The Lennox/Massell Companies LA

    Listing date Mar 26, 2024

    Source Crexi

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of The Lennox/Massell Companies LA

    HighLights

    • Absolute Net Lease: Enjoy a completely passive investment with zero landlord responsibilities.
    • Long‑Term Lease: Benefit from a 15‑year primary term lease with multiple renewal options and rent increases.
    • New Construction: Completed in 2023, rent commencing August 2024, featuring Chick‑fil‑A’s latest prototype with multiple drive‑thru lanes.
    • Strategic Location: Outparcel to Greenville Mall with co‑tenants like Five Below, TJ Maxx Shoe Department and Belk.
    • High Traffic Volume: Fronts Highway 1 with 22,000+ vehicles per day (VPD).
    • Proximity to Key Amenities: Located near schools, recreation centers and a dense residential area.

    Overview

    This is an opportunity to purchase the fee simple interest in a Chick-fil-A property located in Greenville, Mississippi. The property features an absolute net lease structure, offering a passive investment with no landlord responsibilities. The primary lease term is 15 years, with renewal options and rent increases. The 4,958 square foot building was completed in 2023, with rent commencing in August 2024. The building represents Chick-fil-A’s latest prototype, including multiple drive-thru lanes. The property is strategically situated as an outparcel to the Greenville Mall, which includes Five Below, TJ Maxx Shoe Department, and Belk. Other nearby retailers include Lowe’s, Walmart, Kroger, Harbor Freight, Petsense by Tractor Supply, Taco Bell, McDonald’s, and Sherwin Williams. The property fronts Highway 1, with traffic counts exceeding 22,000 vehicles per day. It is located in a dense area of single-family and multi-family housing, near Akin Elementary, Washington School, and Greenville High School, which have a combined enrollment of over 2,000 students. The Elwyn Watts Recreation Center and the Hodding Carter Memorial YMCA are located directly across the street.
    Location Intelligence

    Current Use by Public Records

    Drive through restaurants

    Map

    City
    Greenville
    County
    Washington
    State
    Mississippi
    Longitude
    -90.9989
    Latitude
    33.2777

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    FAQs

    What type of property is this?
    Drive through restaurant - New 4,958 SF Chick-fil-A in Greenville, Mississippi for sale.
    Where is this drive through restaurant located?
    The property is located at 1647 MS-1 Greenville, MS.
    What is the asking price?
    The asking price for this property is $4,651,100.
    What are key features of this property?
    This property features: Absolute Net Lease: Enjoy a completely passive investment with zero landlord responsibilities.; Long‑Term Lease: Benefit from a 15‑year primary term lease with multiple renewal options and rent increases.; **New Construction:** Completed in 2023, rent commencing August 2024, featuring Chick‑fil‑A’s latest prototype with multiple drive‑thru lanes.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    T. Griffin Lennox
    Real Estate License ID: LA 0995697308
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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