911 4Th Ave Red Springs, NC 28377

Property Details for 911 4Th Ave

Year built

2020

Lot size

1.32 lot acres

Property size

3,680 SF

Property type

Retail properties

Property subtype

Restaurants

Description

This exceptional investment opportunity presents a fee-simple ownership of a 3,680-square-foot KFC restaurant situated on a 1.319-acre lot in Red Springs, North Carolina. The property boasts a brand-new 20-year absolute NNN lease with the largest KFC franchisee in the U.S., FQSR, LLC, a company operating over 832 locations. The lease features attractive 7% rent escalations every five years, ensuring consistent income growth. The restaurant, built in 2020 and last remodeled in 2020 with the next remodel slated for 2030, has demonstrated strong performance since its opening in 2006, consistently exceeding national sales averages and exhibiting an 8.24% rent-to-sales ratio. This high-traffic location benefits from its prominent position on E 4th Street, a major thoroughfare with 9,707 cars passing daily, and its proximity to a Food Lion-anchored shopping center and a Dollar General. The surrounding area showcases robust demographics, with a total population of 11,488 within a five-mile radius and an average household income of $61,934 within one mile. The property's zoning is C, and the asking price is $2,293,000, representing a 6.15% cap rate with a current NOI of $141,000. The lease includes two five-year renewal options, further securing long-term returns. This is a rare opportunity to acquire a stable, high-performing asset with a strong tenant and significant growth potential.