Highlights

• True NNN lease with tenant paying for all taxes, insurance, and maintenance with no landlord responsibilities whatsoever.
• Twenty years base lease plus 2 ten-year options to renew. 6% rent increase every four years starting with 1/1/12
• Shoney' s national corporation guaranty

• Lease commenced on January 22, 2007
• 8.0% current cap rate
• 2% Commission to buyer' s agent

Description

Excellent investment property. This is an absolute NNN lease guaranteed by Shoney' s corporation. There are nineteen years remaining on the twenty years base lease plus there are 2 ten-year options with 6% rent increase every four years starting with January 1, 2012. The total lease ends on January 31, 2047. The current net operating income (NOI) is $88,463 (8.0% cap rate). This is an absolute NNN lease with the tenant paying for all expenses including the taxes, insurance, and maintenance and there are no landlord responsibilities whatsoever.

Greensboro is the third-largest city, by population, in North Carolina and the largest city in Guilford County and the surrounding Piedmont Triad metropolitan region. Its estimated 2007 population was 244,610. The city is located at the intersection of two major interstate highways (I-85 and I-40) in the Piedmont ("foot of the mountains") region of central North Carolina. The Greensboro - Winston-Salem - High Point combined statistical area (CSA), popularly referred to as the Piedmont Triad had an estimated population of 1,535,926 in 2007 making it the 30th largest metropolitan area in the USA.