2298 Irby St Florence, SC 29505

Exceptional investment opportunity featuring a thriving Zaxby's restaurant in Florence, South Carolina. This property boasts a new, 20-year absolute NNN lease, commencing April 8th, 2024, and expiring April 30th, 2044, offering a remaining term of 19.5 years. The lease is backed by Guernsey Holdings ZRC Opco, LLC, a strong guarantor with 20 currently operating locations. The 3,040 square foot building, constructed in 2000 and renovated in 2023, sits on a 1.22-acre lot with 58 parking spaces. The property enjoys exceptional visibility and accessibility from South Irby Street (Highway 52), a major thoroughfare with approximately 45,050 vehicles per day, and is conveniently located near Highways 52 & 301, providing easy access to Myrtle Beach. The location benefits from proximity to a Walmart Supercenter-anchored shopping center and numerous other retail establishments, including Chick-fil-A, Verizon, and more. The site's strong performance is evident in its 2023 sales, exceeding the Zaxby's national average by over 42%. This translates to a substantial NOI of $290,574 and a 6.25% cap rate at the asking price of $4,649,000. Rent increases are structured as the lesser of 10% or CPI every five years, providing a hedge against inflation. The lease includes four, five-year renewal options, ensuring long-term stability and income generation. This is a truly exceptional opportunity for a passive, long-term investment with significant upside potential. The property's strategic location, strong tenant, and favorable lease terms make it an attractive addition to any investment portfolio.