945 Factory Shops Blvd Gaffney, SC 29341-3330

Property Details for 945 Factory Shops Blvd

Lot size

0.24 lot acres

Property size

6,290 SF

Property type

Commercial real estate

APN

063-00-00-052.009

APU

630000052009

Description

This exceptional investment opportunity presents a 6,172-square-foot Outback Steakhouse located at 945 Factory Shops Blvd, Gaffney, South Carolina, 29341. The property sits on a 0.24-acre lot and is part of the 360,000-square-foot Gaffney Outlet Marketplace, a vibrant shopping center with numerous national retailers. Built in 2003, this single-tenant, absolute NNN leased property boasts a strong 6.50% cap rate and a substantial net operating income (NOI) of $245,584. The lease, with Bloomin' Brands, Inc. corporate guaranty, features a remaining term of approximately 11.9 years with three 5-year renewal options and attractive 1.8% annual rent increases. The asking price is $3,778,200, translating to a price per square foot of $612.15. The property benefits from excellent visibility and access, situated less than four miles from downtown Gaffney and conveniently located near Interstate 85 (65,000 vehicles per day), which is undergoing a widening project to improve traffic flow. The surrounding area demonstrates strong demographics, with a population of 25,764 and an average household income of $62,361 within a five-mile radius. Within a five-mile radius, there's also significant commercial real estate, including 3.2 million square feet of retail, 6.6 million square feet of industrial space, and 1,821 multifamily units. This property offers a compelling combination of a strong tenant, favorable lease terms, and a prime location within a thriving retail environment. The lease commenced September 30, 2016, and expires September 30, 2036. This is a rare opportunity to acquire a high-performing, net-leased retail asset with significant long-term growth potential.