3403 Main St Hope Mills, NC 28348-1883
- Turn key restaurants
- 1,482 SF
- 0.23 lot acres
Dec 23, 2024
Current Use by Public Records
- Papa John's Pizza / Pizza Restaurant
Property Details for 3403 Main St
- Year built
- 1998
- Lot size
- 0.23 lot acres
- Property size
- 1,482 SF
- Zone code
- CP
- Property type
- Turn key restaurants
- APN
- 0414-36-5951
- APU
- 414365951
Description
This exceptional investment opportunity presents a 1,470 square foot Papa John's restaurant located at 3403 N Main St, Hope Mills, NC 28348. The property, situated on a 0.23-acre lot in the Planned Commercial District, boasts a strong current lease with Papa John's USA, Inc., extending until April 21, 2028, with a five-year option to renew until April 21, 2033. The gross lease structure means the landlord is responsible for structural and exterior maintenance. The current Net Operating Income (NOI) is $23,738, yielding a 7.30% cap rate. Rent increases are built in at 2% annually. The building, constructed in 1998, is a single-story structure. A 250 square foot cooler/freezer is owned by the tenant. Important to note: the lease includes a tenant buy-out clause. Access to easements, covenants, and sewer are available. The property benefits from its proximity to neighboring businesses such as Surge Trampoline Park and the DMV. A Cumberland County tax revaluation is scheduled for January 1, 2025. The asking price is $325,000, representing a price per square foot of $221.09. The property's APN is 0414365951000.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $315,000
- ML approach
- $315,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $191,000
Market price range: $112k - $450k
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Location Insight
- Map
- Local Demand
- City
- Hope Mills
- County
- Cumberland
- State
- North Carolina
- Longitude
- -78.9548
- Latitude
- 34.978
- CBSA code
- 22180
- CBSA name
- FAYETTEVILLE, NC METROPOLITAN STATISTICAL AREA
