This Retail Property is Off-Market.

4584 Charlotte Hwy (Hwy 49)
Lake Wylie, SC 29710 ·

790 SF · Retail For Sale

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Checkers Drive-In

Price N/A No. Stories 1
Building Size 790 SF Tenancy Single
Property Type Retail Year Built 2007
Property Sub-type
Restaurant
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  • Free Standing Bldg
  • Retail (Other)
  • Retail Pad
Lot Size 0.94 AC
Property Use Type Investment APN / Parcel ID 5750000018
Cap Rate 7.50%
Listing ID: 15087672 Date Created: 04/12/2007 Last Updated: 06/04/2008

Description

The subject property is a freestanding 790+/- square foot Checkers Drive-In Restaurant located at 4584 Charlotte Highway (Hwy 49), Lake Wylie, South Carolina. Charlotte Highway (Hwy 49) generates daily traffic counts of 21,000+/- (2004). Local area retailers in the immediate area include CVS, Food Lion, Wendy's, Burger King, and Pizza Hut.

Starnes Foods, Inc. has signed a new 20 Year NN Lease (Landlord Has Structural Obligations Not Including Roof) with a projected rent commencement date of 5/1/2007. The Lease provides Landlord friendly rent increases of 6.9% every Four (4) Years (1.725% Annually). The Tenant is responsible for all CAM, Taxes, and Insurance Premium expenses and will pay one-twelfth (1/12) of the estimated amount monthly as Additional Rent. At the end of each Lease Year Landlord and Tenant shall settle up for the actual expense amount.

Starnes Foods, Inc., out of Granite Falls, NC successfully operates four (4) Checkers Drive-In restaurants throughout North and South Carolina. Their operations have boasted locations with $1,000,000+ in annual sales.

York County, South Carolina, capitalizes on its geography offering favorable tax incentives and business climate of South Carolina with adjacent access to the largest metropolitan area in the two Carolinas - Charlotte, NC. The region offers a unique balance of business strength, accessibility and quality of life. The diversity and strength of the business community continually supports economic and population growth. In the past several years, York County has averaged $200 million in business and industry development and 1,700 new jobs annually. Since 2000, reported investment totaled $1 Billion and 7,900 new jobs.

The Charlotte MSA is the nation's 2nd largest financial center and with an International airport major highways (Interstate 77 & 85) the region also boasts a strong distribution and manufacturing presence. Charlotte is headquaters to nine (9) Fortune 500 companies.

Highlights

  • 6.9% Rent Increases Every Four (4) Years--1.725% Annually
  • New 20 Year NNN Lease (Landlord Has Structural Obligations Not Including Roof)
  • Nationally Recognized QSR Chain--800+ Locations
  • One of the Fastest Growing QSR's in the Past Three (3) Years Based on Same Store Sales
  • 14% Projected Population Growth in Next Five (5) Years (3 Mile Radius)
  • Located 15 Miles from Charlotte, NC--Largest City in the Carolinas

Research

4584 Charlotte Hwy (Hwy 49), Lake Wylie, SC 29710 (York County)

Property Record Data - Historical Listings, current tax, mortgage, owners & tenant info for this property

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