Absolute NNN Drive-Through Burger
For Sale
Contact for pricing
2200 NEW CUT RD, Spartanburg, SC 29303
Single-tenant absolute NNN Burger King operated by Carrols LLC with stepped base rent through 9/1/2026.
Property Size3,010 SF
Price / SF$505.74
Days on Market93
Property Features for 2200 NEW CUT RD
General Information
Standard status
Active
Size
3,010 SF
Property subtype
Retail
Lease Type
Absolute Net
Net Operating Income
$96,664
Site & Location
Traffic Count
37,737 vehicles/day
Highway Access
Yes
Building Details
Stories
1
Tenancy
Single
Listing Agency:
Colliers - Los Angeles - Orange County, California
Listed By:
Eric Carlton · License #CA 01809955
(949) 724-5561
Source:
Crexi
Added: Jun 11
Changed: Sep 10
Last Checked: Sep 11 at 5:25AM
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 Colliers - Los Angeles - Orange County, California
Investment Insights
Based on property information with market context.
A single-tenant absolute NNN Burger King offering an investor structure in which the tenant is responsible for all taxes, insurance, CAM, and roof and structure, leaving zero landlord responsibilities. The property is leased by Carrols LLC, a wholly owned subsidiary of Restaurant Brands International (NYSE: QSR). Lease base rent steps from $78,000 to $84,000 on 9/1/2026, reflecting a 7.7% increase already embedded in the lease, and the tenant has paid percentage rent for ten consecutive years.
The site is located at the I-26 and New Cut Road interchange (Exit 17) in Spartanburg, South Carolina, positioned along a manufacturing-anchored corridor with 37,737 vehicles per day per the provided remarks. The area is described as within the demand catchment of BMW’s Plant Spartanburg, which employs more than 11,000 people, and part of an Upstate manufacturing cluster anchored by BMW alongside Michelin, BASF, and AESC.
The site is located at the I-26 and New Cut Road interchange (Exit 17) in Spartanburg, South Carolina, positioned along a manufacturing-anchored corridor with 37,737 vehicles per day per the provided remarks. The area is described as within the demand catchment of BMW’s Plant Spartanburg, which employs more than 11,000 people, and part of an Upstate manufacturing cluster anchored by BMW alongside Michelin, BASF, and AESC.
Key Highlights
- Single‑tenant absolute NNN Burger King leased to Carrols LLC (subsidiary of Restaurant Brands International, NYSE: QSR).
- Absolute NNN structure: tenant covers all taxes, insurance, CAM, plus roof and structure—zero landlord responsibilities.
- Base rent steps from $78,000 to $84,000 effective 9/1/2026 (7.7% increase already embedded in the lease).
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
$59,260
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
3.89%
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%
$1,185,200
$1.2M
Cap Rate 7%
$846,571
$846.6K
Cap Rate 9%
$658,444
$658.4K
Market Conditions
NOI Build-Up for 3,010 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
$92.5K $30.72/SF
− Vacancy
−$13.5K −$4.47/SF
EGI
$79.0K $26.25/SF
− OpEx
−$19.8K −$6.56/SF
NOI
$59.3K $19.69/SF
Area
Spartanburg County, SC
Vacancy
14.55%
Lease Rate
$30.72 /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%
$1,185,200
Cap Rate 7%
$846,571
Cap Rate 9%
$658,444
Alternative Uses
Best Use
Specialty Retail
$846.6K
$740.8K – $987.7K
NOI $59,260 @ 7.0% cap · market cap 3.89%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$2.34M
$2.04M – $2.73M
NOI $163,571 @ 7.0% cap · market cap 10.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
37,737 VPD
Traffic count
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
110
Businesses Nearby
60k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 65%
Shops & Services 28%
Hotels & Casinos 6%
McDonald's
Dining
26,417 visits/mo
0.1 miles
Burger King
Dining
9,759 visits/mo
0.1 miles
Exxon
Shops & Services
8,475 visits/mo
0.2 miles
BP
Shops & Services
7,051 visits/mo
0.2 miles
Waffle House
Dining
2,990 visits/mo
0.2 miles
Demographics for 29303, SC
26,793
Population
10,891
Households
2.5
Avg Household Size
33
Median Age
12%
College-Educated
76%
High-School Grad
32.4 sq mi
ZIP Area
827
Density / Sq Mi
$45,713
Median Household Income
$24,506
Median Earnings
$968
Median Rent
$143,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Single-tenant absolute NNN Burger King operated by Carrols LLC with stepped base rent through 9/1/2026.
Where is this nnn property located?
The property is located at 2200 NEW CUT RD Spartanburg, SC.
What is the asking price?
The asking price for this property is $1,522,268.
What are key features of this property?
This property features: Single‑tenant absolute NNN Burger King leased to Carrols LLC (subsidiary of Restaurant Brands International, NYSE: QSR).; Absolute NNN structure: tenant covers all taxes, insurance, CAM, plus roof and structure—zero landlord responsibilities.; Base rent steps from $78,000 to $84,000 effective 9/1/2026 (7.7% increase already embedded in the lease).
