703 Atlantic StSouth Hill, VA 23970

Property Details for 703 Atlantic St

Year built

1970

Lot size

12.75 AC

Property size (Sq ft)

126,984 SF

Zone code

C2

Property type

Mixed-use properties

Property subtype

Other industrial properties

APN

078A18-A--045

APU

078A18A045

Description

This exceptional investment opportunity presents a fee-simple, single-tenant, absolute NNN lease for a combined KFC and Taco Bell restaurant located at 703 E Atlantic St, South Hill, VA 23970. The property, built in 1989, boasts 3,893 square feet on a 1.04-acre lot and enjoys a prime location on a major arterial roadway providing easy access to Interstate 85 and State Road 58. The current lease, commenced March 19, 2019, and expiring March 31, 2039, has a remaining term of approximately 14.4 years, offering significant long-term stability. The lease includes two, five-year renewal options and features a 10% rent increase every five years, ensuring consistent income growth. The property's strong financial performance is reflected in its current occupancy of 100%, a pro-forma NOI of $132,312, and a cap rate of 4.25%. The asking price is $3,113,223, translating to a price per square foot of $799.70. This is a rare opportunity to acquire a well-established, high-performing QSR property with minimal landlord responsibilities and substantial future growth potential. The property's strategic location within an hour's drive of both Richmond, VA and Raleigh-Durham, NC, further enhances its investment appeal. This is a truly passive investment opportunity with a strong tenant and a long-term lease.

• CAP approach

  CAP return

  Valuation

  6%

  $25,115,784

  6.5%

  $23,183,800

  7%

  $21,527,814

• Comparable approach

  Method

  Valuation

  Relative Method

  $45,179,256

  Geo Method

  $45,179,256

• Alternative Use

  Use

  Valuation

  Residential

  $23,183,800

  Hospitality

  $21,236,236

  Educational

  $17,668,300

  Medical

  $18,275,940

  Retail

  $27,484,022

Location Insight

City

South Hill

County

Mecklenburg

State

Virginia

Latitude

36.7201

Longitude

-78.1166

Property Tax & Assessments

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