1026 Glenway Dr Statesville, NC 28625-9205

Property Details for 1026 Glenway Dr

Year built

1996

Construction

WOOD

Lot size

1.33 lot acres

Property size

8,507 SF

Zone code

B-3,B3

Property type

Turn key restaurants

APN

4745-44-3437.000

APU

4745443437000

Description

This exceptional investment opportunity presents a brand-new, 5,558-square-foot IHOP restaurant in Statesville, North Carolina. The property boasts a 15-year absolute NNN lease with a prominent tenant, Suncakes, LLC, a subsidiary of Sun Holdings, the second-largest franchisee in the U.S. The lease features attractive 10% rent escalations every five years and includes three five-year renewal options, ensuring long-term, stable income. Located on a 1.325-acre lot in a high-traffic retail corridor, this pad site is adjacent to a Walmart-anchored shopping center and benefits from exceptional visibility and accessibility on Glenway Drive, near Turnersburg Highway (32,018 CPD) and I-40 (59,421 CPD). The surrounding area is densely populated, with a strong demographic profile including a high average household income. Nearby retailers include Lowe's, Home Depot, Publix, and many other national brands. The property's strategic location, coupled with the strength of the tenant and the favorable lease terms, makes this a compelling investment opportunity with a 5.50% cap rate and a current NOI of $130,000. Built in 2024, this single-story building is zoned C and offers a fee-simple ownership structure. The property's proximity to Mitchell Community College and Iredell Memorial Hospital further enhances its appeal. This is a rare chance to acquire a high-performing, low-maintenance investment property with significant upside potential.