3403 Main StHope Mills, NC 28348

This exceptional investment opportunity presents a 1,470 square foot Papa John's restaurant located at 3403 N Main St, Hope Mills, NC 28348. The property, situated on a 0.23-acre lot in the Planned Commercial District, boasts a strong current lease with Papa John's USA, Inc., extending until April 21, 2028, with a five-year option to renew until April 21, 2033. The gross lease structure means the landlord is responsible for structural and exterior maintenance. The current Net Operating Income (NOI) is $23,738, yielding a 7.30% cap rate. Rent increases are built in at 2% annually. The building, constructed in 1998, is a single-story structure. A 250 square foot cooler/freezer is owned by the tenant. Important to note: the lease includes a tenant buy-out clause. Access to easements, covenants, and sewer are available. The property benefits from its proximity to neighboring businesses such as Surge Trampoline Park and the DMV. A Cumberland County tax revaluation is scheduled for January 1, 2025. The asking price is $325,000, representing a price per square foot of $221.09. The property's APN is 0414365951000.