OFFERING SUMMARY:

PRICE: $2,983,000
CAP RATE: 5.50%
BUILDING SIZE: 3,159 Sq Ft
NOI: $164,016
YEAR BUILT | RENOVATED: 1982 | 2016
LOT SIZE: +/- 1.01 Acres

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HIGHLIGHTS:

  • 20-Year Original Lease with 13+ Years Remaining
    Burger King has 13+ years remaining on their initial 20-year base term that commenced in 2016. The lease is structured as an absolute net lease, with zero landlord responsibilities. The lease also features annual rental increases of 1.50% and provides for an additional four, five-year options to renew.
  • 200+ Unit Guarantee (Subsidiary of Carrols Restaurant Group – NASDAQ: TAST)
    The lease is guaranteed by Cambridge Franchise Holdings, LLC, a subsidiary of Carrols Restaurant Group with 200+ units. Carrols Restaurant Group (NASDAQ: TAST), is one of the largest restaurant companies in the United States and the largest Burger King franchisee globally with 1,100 plus units across 23 states.
  • Positioned at a Stop Light Corner with Multiple Access Points
    The property is also surrounded by many national retailers including: Walmart, CVS, Family Dollar, Walgreens, AutoZone, McDonald’s, KFC, Popeyes, Wendy’s, Pizza Hut and more. The location will further benefit from new housing developments in the area like the Meadows, a 300+ home subdivision project that is currently under construction less than a mile from the subject property.
  • Raleigh-Durham Metropolitan Statistical Area
    In 2022, Raleigh-Durham ranked fourth among the fastest-growing cities in the Unites States according to the American Growth Project. With the property situated just off of the Interstate 85 interchange (32k+ CPD), the location benefits from the local traffic drawn in from the Raleigh-Durham metropolitan statistical area. Interstate 85 extends from Montgomery, Alabama to Richmond, Virginia, serving as a major interstate for the southeast region.

EXCLUSIVELY LISTED BY:

DOMINIC SULO
Senior Vice President Investments
Senior Director, Net Lease Properties Division
(630) 570-2171
dominic.sulo@marcusmillichap.com

DREW ANTONIOU
Associate
(630) 570-2185
andrew.antoniou@marcusmillichap.com

NORTH CAROLINA BOR
Ben Yelm
Lic #303785