OFFERING SUMMARY:

PRICE: $3,000,000
CAP RATE: 5.25%
BUILDING SIZE: 2,300 Sq Ft
NOI: $157,500
YEAR BUILT: 2022
LOT SIZE: +/- 1.32 Acres

DOWNLOAD DOCUMENT:

HIGHLIGHTS:

  • Brand New 2022 Construction – Double Drive-Thru
    The subject property is currently under construction with a near term completion. The construction is Popeyes new prototype building, with a double drive-thru.
  • 20-Year Absolute Net Sale-Leaseback
    At the close of escrow, a brand new 20-year lease will be signed, with attractive 10% increases in rent every five years.
    In addition to the long-term lease, this will be an absolute-net lease with zero landlord responsibilities.
  • Lease is Guaranteed by Wildor Restaurant Group, LLC
    Wildor Restaurant Group, LLC (WRG) has been a Popeyes franchisee since 2013 and currently has 10 locations open and operating with three others currently under construction. WRG signed a development agreement in 2018 to open 15 (Portfolio Total would be 19) additional restaurants by 2027 which gives them the exclusive development rights to 12 prime counties in North Carolina and Virginia.
  • Raleigh, North Carolina Metropolitan Statistical Area
    The market is approximately a two-hour drive west of the Atlantic Ocean and four-hour commute east of the Appalachian Mountains. The metro is composed of 11 counties: Wake, Durham, Johnston, Chatham, Orange, Franklin, Harnett, Vance, Granville, Lee, and Person. The most highly populated is Wake County with more than 1.1 million residents, almost half of the entire metros populous. Raleigh, home to the state capitol, has approximately 467,500 citizens, which leads the region. Durham is the second-largest city with 273,000 residents, followed by Cary, where roughly 164,400 people live. The metro is projected to add nearly 228,800 people over the next five years, which will result in the formation of 93,600 households.

EXCLUSIVELY LISTED BY:

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

NORTH CAROLINA BOR
Ben Yelm
Lic #303785