518 3Rd St Pembroke, NC 28372
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High-growth NC QSR, strong tenant.
Property size:
1,992 SFProperty Features for 518 3Rd St
General Information
- Property type
- Individual retail properties
- Square Feet
- 1,992 SF
- Class
- A
- Lot Size
- 38,333 SF
Building Details
- Year Built
- 2024
Listing Agency: Atlantic Capital Partners Listing Agent: David Hoppe
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
Overview
This exceptional investment opportunity presents a fee-simple, 1,992 square foot Popeyes restaurant located at 518 W 3rd St, Pembroke, NC 28372. The property boasts a new 15-year Absolute NNN lease with a corporate guarantee, commencing August 10, 2024, and expiring August 31, 2039, leaving a substantial 14.8 years remaining. The lease includes attractive 10% rent increases every five years, minimizing landlord responsibilities. The property sits on a 0.88-acre lot and benefits from a 6.15% cap rate and a current NOI of $162,500. The asking price is $2,642,000. This Class A property is situated in a high-traffic retail corridor with over 15,500 vehicles per day, and is less than half a mile from UNC Pembroke, a university with over 7,500 students and 420+ faculty. The surrounding area shows robust retail activity, with over 325,000 square feet of retail space within a one-mile radius boasting 0% vacancy and over 3,700 square feet absorbed in the past year. Nearby national tenants include Jersey Mike's, Circle K, Cook Out, McDonald's, and Burger King. This is a rare opportunity to acquire a new construction Popeyes, built to their newest prototype, in a high-growth market with a strong, creditworthy tenant and a secure, long-term lease. The lease includes three five-year renewal options. 100% occupancy is currently maintained.
Property Profile
Location Intelligence
Current Use by Public Records
Retail space
Location Insight
- Map
- Local Demand
- City
- Pembroke
- County
- Robeson
- State
- North Carolina
- Longitude
- -79.198826905759
- Latitude
- 34.683173285719
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FAQs
What type of property is this?
Individual retail property - High-growth NC QSR, strong tenant.
Where is this individual retail property located?
The property is located at 518 3Rd St Pembroke, NC.
What is the asking price?
The asking price for this property is $2,642,000.
What are key features of this property?
This property features: 15-Year Absolute NNN Lease with 10% rent increases every 5 years; no landlord responsibilities.; Popeyes, a major quick-service restaurant chain with over 4,100 locations, is the tenant; Q3 2023 sales growth was 16.1% year-over-year.; High-visibility location on W. 3rd St (15.5k VPD) in a strong retail corridor with 0% vacancy and significant recent absorption.