2298 Irby St Florence, SC 29505

Property Details for 2298 Irby St

Year built

2000

Lot size

1.22 lot acres

Property size

3,040 SF

Property type

Commercial real estate

Description

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.