Single-Tenant Drive-Thru
For Sale
Contact for pricing
Pending
220 Shenstone Boulevard, Garner, NC 27529
Chick-fil-A is offered under an absolute NNN ground lease with remaining primary term and scheduled rent escalations.
Property Size4,804 SF
Lot Size1.30 Acres
Days on Market61
Property Features for 220 Shenstone Boulevard
General Information
Standard status
Pending
Size
4,804 SF
Lot size
1.30 Acres
Property subtype
Retail
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$95,234
Building Details
Year Built
2003
Year Renovated
2021
Tenancy
Single
Listing Agency:
JLL - Dallas | Cedar Springs, Texas
Listed By:
Caroline Pinkston · License #601565
Source:
Crexi
Added: Jul 7
Changed: Aug 8
Last Checked: Jul 24 at 5:30PM
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 JLL - Dallas | Cedar Springs, Texas
Investment Insights
Based on property information with market context.
Jones Lang LaSalle Americas, Inc. ("JLL") presents the single-tenant Chick-fil-A at 220 Shenstone Boulevard in Garner, North Carolina. The property is operated on an absolute NNN ground lease structure, with approximately ±4.9 years remaining in the primary lease term. Rent escalations are scheduled at 8.0% every five years, and the lease includes five, five-year renewal options.
The restaurant has been operating at this site for 23+ years and is situated on a large 1.3-acre parcel. The current rent is noted as $95,000, described as below-market rent in the offering materials.
This asset is currently leased to a nationally recognized tenant and is positioned for investors seeking a long-standing, single-tenant NNN ground lease investment profile.
The restaurant has been operating at this site for 23+ years and is situated on a large 1.3-acre parcel. The current rent is noted as $95,000, described as below-market rent in the offering materials.
This asset is currently leased to a nationally recognized tenant and is positioned for investors seeking a long-standing, single-tenant NNN ground lease investment profile.
Key Highlights
- Single‑tenant Chick‑fil‑A at 220 Shenstone Blvd, Garner, NC
- Absolute NNN ground lease with about 4.9 years remaining on the primary term
- Rent escalations of 8.0% every 5 years
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$96,016
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.29%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,920,320
$1.9M
Cap Rate 7%
$1,371,657
$1.4M
Cap Rate 9%
$1,066,844
$1.1M
Market Conditions
NOI Build-Up for 4,804 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$135.5K $28.20/SF
− Vacancy
−$7.5K −$1.55/SF
EGI
$128.0K $26.65/SF
− OpEx
−$32.0K −$6.66/SF
NOI
$96.0K $19.99/SF
Area
Wake County, NC
Vacancy
5.50%
Lease Rate
$28.20 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,920,320
Cap Rate 7%
$1,371,657
Cap Rate 9%
$1,066,844
Alternative Uses
Best Use
Specialty Retail
$1.37M
$1.20M – $1.60M
NOI $96,016 @ 7.0% cap · market cap 4.29%
Second Best
—
—
no second resolved use
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6
Businesses Nearby
Explore this area
Business Placement
Demographics for 27529, NC
54,250
Population
22,089
Households
2.5
Avg Household Size
39
Median Age
41%
College-Educated
93%
High-School Grad
57.7 sq mi
ZIP Area
940
Density / Sq Mi
$86,426
Median Household Income
$47,686
Median Earnings
$1,379
Median Rent
$325,600
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Drive through restaurant - Chick-fil-A is offered under an absolute NNN ground lease with remaining primary term and scheduled rent escalations.
Where is this drive through restaurant located?
The property is located at 220 Shenstone Boulevard Garner, NC.
What is the asking price?
The asking price for this property is $2,240,000.
What are key features of this property?
This property features: Single‑tenant Chick‑fil‑A at 220 Shenstone Blvd, Garner, NC; Absolute NNN ground lease with about 4.9 years remaining on the primary term; Rent escalations of 8.0% every 5 years
