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Pizza Hut - Pennington Gap VA 42485 E Morgan Ave 2,304 SF Retail Building Pennington Gap, VA 24277 $1,066,000 ($462.67/SF) 6.75% Cap Rate
INVESTMENT HIGHLIGHTS
- New 17-Year Lease | Tasty Hut, LLC - Strong Operator | Annual Rental Increases | Options to Extend
- Signalized, Hard Corner | Strong National/Credit Tenant Presence | Excellent Visibility & Access | Nearby School & Hospital
- Absolute NNN | Fee Simple Ownership | Zero Landlord Responsibilities
- Strong Demographics in 5-mile Trade Area
EXECUTIVE SUMMARY
• The tenant, Tasty Hut, LLC, has entered into a brand new 17 year lease with 4 (5-year) options to extend, demonstrating their commitment to the site
• Tasty Restaurant Group, LLC is an experienced QSR franchisee with over 450 restaurants strong across 23 states operating under six iconic brands: Pizza Hut, Burger King, Dunkin’, Baskin-Robbins, Kentucky Fried Chicken and Taco Bell brands
• The lease features annual rental increases of 1.50% throughout initial term and option periods, generating NOI and hedging against inflation
• Tasty Restaurant Group, LLC is an experienced QSR franchisee with over 450 restaurants strong across 23 states operating under six iconic brands: Pizza Hut, Burger King, Dunkin’, Baskin-Robbins, Kentucky Fried Chicken and Taco Bell brands
• The lease features annual rental increases of 1.50% throughout initial term and option periods, generating NOI and hedging against inflation
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
2,304 SF
Building Class
C
Year Built
1980
Price
$1,066,000
Price Per SF
$462.67
Cap Rate
6.75%
NOI
$71,955
Tenancy
Single
Building Height
1 Story
Building FAR
0.08
Lot Size
0.63 AC
Zoning
C
Parking
40 Spaces (17.36 Spaces per 1,000 SF Leased)
Frontage
AMENITIES
- Corner Lot
- Pylon Sign
- Restaurant
- Signage
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 23E-(31)-45 | Improvements Assessment | $9,000 |
| Land Assessment | $146,700 | Total Assessment | $155,700 |
PROPERTY TAXES
Parcel Number
23E-(31)-45
Land Assessment
$146,700
Improvements Assessment
$9,000
Total Assessment
$155,700
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Pizza Hut - Pennington Gap VA | 42485 E Morgan Ave
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