2272 Nazareth Church Rd Spartanburg, SC 29301

Property Details for 2272 Nazareth Church Rd

Year built

2023

Lot size

1.00 lot acres

Property size

2,904 SF

Property type

Retail properties

Description

This exceptional investment opportunity presents a fee-simple ownership of a brand-new, 2023-constructed Zaxby's restaurant in Spartanburg, South Carolina. The property boasts a 2,904 square foot building situated on a one-acre lot at a high-traffic intersection, less than half a mile from I-85 and Greenville Highway, experiencing over 30,000 vehicles daily. The property benefits from a 20-year absolute NNN lease with a franchisee tenant, commencing November 1, 2023, and expiring October 31, 2043. The lease includes four, five-year renewal options with annual rent increases of 1.50%. The current annual net operating income (NOI) is $240,229, representing a 6.15% cap rate on the $3,907,000 asking price. The property features a double drive-thru, the newest Zaxby's prototype, designed for efficient customer service. This prime location is near significant development, including a large industrial park, new apartment complexes, and a recently opened charter school with extensive athletic facilities. Spartanburg's robust economic growth, ranking among the fastest-growing metros in the US, further enhances the investment potential. The property's strategic location and long-term lease make it an attractive investment with significant upside potential. The 100% occupancy and strong tenant credit rating provide security and stability. This is a rare opportunity to acquire a high-performing, low-maintenance asset in a thriving market.