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 Market106
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: Oct 19
Last Checked: Oct 19 at 3:40AM
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
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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 / Yr
$96,016
Cap Rate
4.29%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in South region
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
