1026 Glenway DrStatesville, NC 28625

For Sale
$2,365,000

High-yield IHOP NNN lease, strong tenant.

Overview

Added:
Dec 11, 2024
Days on market:
92
This exceptional investment opportunity presents a brand-new, 5,558-square-foot IHOP restaurant in Statesville, North Carolina. The property boasts a 15-year absolute NNN lease with a prominent tenant, Suncakes, LLC, a subsidiary of Sun Holdings, the second-largest franchisee in the U.S. The lease features attractive 10% rent escalations every five years and includes three five-year renewal options, ensuring long-term, stable income. Located on a 1.325-acre lot in a high-traffic retail corridor, this pad site is adjacent to a Walmart-anchored shopping center and benefits from exceptional visibility and accessibility on Glenway Drive, near Turnersburg Highway (32,018 CPD) and I-40 (59,421 CPD). The surrounding area is densely populated, with a strong demographic profile including a high average household income. Nearby retailers include Lowe's, Home Depot, Publix, and many other national brands. The property's strategic location, coupled with the strength of the tenant and the favorable lease terms, makes this a compelling investment opportunity with a 5.50% cap rate and a current NOI of $130,000. Built in 2024, this single-story building is zoned C and offers a fee-simple ownership structure. The property's proximity to Mitchell Community College and Iredell Memorial Hospital further enhances its appeal. This is a rare chance to acquire a high-performing, low-maintenance investment property with significant upside potential.

Highlights

  • Brand new 5,558 square foot IHOP restaurant with a 15-year absolute NNN lease featuring 10% rent escalations every five years and three five-year renewal options.
  • Tenant is Suncakes, LLC, a subsidiary of Sun Holdings, the second-largest franchisee in the U.S.
  • Located on a 1.325-acre pad site in a high-traffic retail corridor adjacent to a Walmart-anchored shopping center, with excellent visibility and access on Glenway Drive near Turnersburg Highway (32,018 CPD) and I-40 (59,421 CPD).
  • Strong demographics: 2024 data shows a 5-mile population of 48,019 and a 1-mile average household income of $88,382.

Property Details for 1026 Glenway Dr

Property type
Other retail properties, Restaurants
Square Feet
5,558 SF
Year Built
2024
Buildings
1
Stories
1
Lot Size (sq. ft)
57,717 SF
Units
1

Location Insight

City
Statesville
County
Iredell
State
North Carolina
Latitude
35.8084924
Longitude
-80.8742008
1026 Glenway Dr, Statesville, North Carolina

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1026 Glenway Dr
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