105 Mechanic St Franklin, VA 23851
- Commercial real estate
- 3,326 SF
- 0.69 lot acres
Current Use by Public Records
- Hardee's / Fast Food Restaurant / Hamburger Restaurant
Property Details for 105 Mechanic St
- Year built
- 1974
- Lot size
- 0.69 lot acres
- Property size
- 3,326 SF
- Zone code
- B2
- Property type
- Commercial real estate
- APN
- 107 120 1,2
- APU
- 10712012
Description
This exceptional investment opportunity presents a fee-simple, 3,336 square foot Hardee's restaurant located at 105 N Mechanic St, Franklin, VA 23851. The property sits on a 0.67-acre lot and boasts a newly extended 10-year absolute triple-net (NNN) lease, commencing April 30, 2012, and expiring August 31, 2033, with a remaining term of 8.8 years. The current annual base rent is $80,000, supplemented by percentage rent averaging $25,164 annually over the past three years (5.5% of annual sales). The tenant, a franchisee of Boddie-Noell Enterprises, Inc. – the largest and oldest Hardee's franchisee – is fully guaranteed. This franchisee reports sales exceeding the national Hardee's average, demonstrating strong operational performance. The property underwent a complete remodel in 2023, with all costs covered by the tenant, showcasing their commitment to the location. The asking price is $1,741,837, representing a 6.15% cap rate and a price per square foot of $522.13. Built in 1985, this property offers a secure, high-performing investment with significant upside potential. The tenant also has four, five-year renewal options. This is a 100% occupied, single-tenant property with a strong track record and a secure future.
Value Estimation
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Franklin
- County
- Franklin City
- State
- Virginia
- Longitude
- -76.9214
- Latitude
- 36.6783
- CBSA code
- 47260
- CBSA name
- VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA
