907 Venture Dr, Smithfield, NC 27577-4756

This exceptional investment opportunity presents a fee-simple ownership of a thriving Bob Evans restaurant located at 907 Venture Dr, Smithfield, NC 27577. The property boasts 5,264 square feet on a 2.07-acre lot, built in 2003 and renovated in 2014. Currently operating under a 20-year absolute triple-net (NNN) lease with a corporate guarantee from Bob Evans Restaurants, LLC, this investment offers significant long-term stability. The lease commenced April 28, 2017, and expires April 30, 2037, leaving approximately 12.4 years remaining. The current annual net operating income (NOI) is $97,073, representing a 6.00% cap rate on the asking price of $1,617,883 ($307.35/sq ft). The lease includes a 2% annual rent increase starting May 1st, 2027, and four 5-year renewal options, extending the potential lease term to 40 years. This is a single-tenant, 100% occupied property offering a secure and lucrative investment prospect in a prime location within Johnston County. The property's strong tenant, Bob Evans, with over 440 corporate locations, provides further assurance of long-term financial performance.