Current Use by Public Records
- Retail properties & Spaces
Property Details for 66 Us-321
- Year built
- 2024
- Lot size
- 0.92 lot acres
- Property type
- Retail properties & Spaces
- Property subtype
- Restaurants
Description
This exceptional investment opportunity presents a fee-simple ownership of a brand-new, 2,325 square foot Chipotle Mexican Grill located in Hickory, North Carolina. The property boasts a 15-year absolute NNN lease with a corporate guarantee from Chipotle, a publicly traded company (NYSE: CMG) with a market capitalization exceeding $82 billion and over 3,200 locations nationwide. The lease commenced November 21, 2024, and expires December 1, 2039, offering a substantial remaining term of approximately 14.8 years. The lease includes four 5-year renewal options with a 10% rent increase every five years. This is a first-generation Habanero prototype featuring a drive-through "Chipotlane," strategically positioned on a high-traffic retail corridor (US-321 NW, 38.5K VPD) with excellent visibility and accessibility. The 0.92-acre lot is situated in a high-growth area, benefiting from a strong demographic profile, including an average household income exceeding $86,000 within a 5-mile radius and a population exceeding 68,000. The property's location near major transportation arteries (Hwy 70 E and I-40) and a dense industrial node further enhances its value. The current Net Operating Income (NOI) is $145,000, resulting in a compelling 4.85% cap rate. This is a rare opportunity to acquire a high-quality, net-leased property with a strong tenant and significant long-term growth potential. The property was built in 2024 and enjoys 100% occupancy.
Value Estimations
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Location Insight
- Map
- Local Demand
- City
- Hickory
- County
- Catawba
- State
- North Carolina
- Longitude
- -81.3651
- Latitude
- 35.7325
