907 Waughtown St Winston Salem, NC 27107-3446

Property Details for 907 Waughtown St

Year built

1974

Construction

BRICK

Lot size

0.37 lot acres

Property size

1,422 SF

Zone code

HB

Property type

Drive through restaurants

APN

6834-96-5435.00

APU

683496543500

Description

This exceptional investment opportunity presents a fee-simple ownership of a Church's Chicken fast-food restaurant located at 907 Waughtown Street, Winston-Salem, North Carolina. The property boasts 1,482 square feet on a 0.37-acre lot, situated in a high-traffic area. The current lease, an absolute NNN (Triple Net) agreement with a corporate guarantee from Church's Chicken, offers significant long-term stability. The lease commenced February 1st, 2004, and has a remaining term of 10.1 years, extending to December 28th, 2034, with two five-year renewal options. The annual rent is $59,172, with annual escalations of 1.5%, providing consistent income growth. The property's strong performance is evidenced by the tenant's recent decision to sign a 10-year lease extension. The location benefits from its proximity to a Food Lion grocery store, UNC School of Arts (within one mile), and Winston-Salem State University (within two miles), ensuring a substantial customer base. Built in 1974, this single-story building is zoned for commercial use and features a fully functional drive-thru. The asking price is $956,752, representing a 6.18% cap rate. This is a rare opportunity to acquire a well-established, high-performing QSR property with a strong tenant and significant upside potential. The property is offered as a 1031 exchange opportunity.