Current Use by Public Records
- Retail properties & Spaces
Property Details for 518 3Rd St
- Year built
- 2024
- Lot size
- 0.88 lot acres
- Property type
- Retail properties & Spaces
- Property subtype
- Restaurants
Description
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.
Value Estimations
-
AI approach
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Pembroke
- County
- Robeson
- State
- North Carolina
- Longitude
- -79.1988
- Latitude
- 34.6832
