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Ray Ray's Chicken Shack 105 Cowan Ln 2,949 SF Retail Building Statesville, NC 28625 $1,778,000 ($602.92/SF) 6.75% Cap Rate
Investment Highlights
- Brand New 5-Year Lease | Option To Extend | 2% Annual Rental Increases | 2022 Construction | Drive-Thru Equipped
- Dense Retail Node | Surrounded By Major Retail Destinations
- Charlotte MSA
- NNN | Fee Simple Ownership | Minimal Landlord Responsibilities
- High-Traffic Corridor Frontage | Interstate 40 & 77 Connectivity
Executive Summary
SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN leased investment property located in Statesville, North Carolina. The tenant recently executed a brand new 5-year lease with one (1) additional 5-year renewal option, providing stable in-place income with extension potential. The lease features scheduled 2% annual rental increases throughout the primary term and option period, steadily growing NOI and providing a hedge against inflation. The tenant is responsible for insurance, utilities, and all maintenance and repairs to the premises, while real estate taxes are fully reimbursed to the landlord, resulting in minimal landlord responsibilities. Constructed in 2022, the property features high-quality materials, modern finishes, and drive-thru infrastructure.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Building Size
2,949 SF
Year Built
2022
Price
$1,778,000
Price Per SF
$602.92
Cap Rate
6.75%
NOI
$120,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.06
Lot Size
1.05 AC
Zoning
B-2 - Neighborhood Business District
Parking
26 Spaces (8.82 Spaces per 1,000 SF Leased)
Amenities
- Corner Lot
- Restaurant
- Drive Thru
- Monument Signage
Fairly walkable
40/100
Exceptionally drivable
100/100
Somewhat bikeable
30/100
Nearby Major Retailers
1 of 12
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