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Popeyes 518 3rd st 1,992 SF Retail Building Pembroke, NC 28372 $2,642,000 ($1,326.31/SF) 6.15% Cap Rate
INVESTMENT HIGHLIGHTS
- Attractive Lease Fundamentals
- Close Proximity to UNC Pembroke
- Name Brand Tenant
EXECUTIVE SUMMARY
ATTRACTIVE LEASE FUNDAMENTALS
- New 15 year Abs. NNN
- 10% rent increases every 5 years
- No Landlord Responsibilities
NAME BRAND TENANT
- Popeyes is the second largest “quick-service chicken restaurant group”
- Over 4,100+ locations in 40 states and 30 countries world wide
- In Q3 of 2023, Popeyes had 16.1% Sales Growth compared to Q3 in 2022
HIGHLY VISIBLE ON A RETAIL CORRIDOR
- Fronting W. 3rd St (15.5k VPD)
- Over 325KSF of retail space located in a 1-mile radius boasting a 0% vacancy rate
- Over 3.7K SF of retail space has been absorbed over the past 12 months
- Nearby national tenants include: Jersey Mikes, Circle K, Cook Out, McDonalds, and Burger King
CLOSE PROXIMITY TO HIGH GROWTH UNC PEMBROKE
- Less than a half-mile to UNC Pembroke
- Over 7,500 students and 420+ faculty
- 8 different colleges & schools
- Since adopting the NC Promise Tuition Plan in 2016, enrollment has grown 32%
NEW CONSTRUCTION
- Popeye’s is constructing the new building to their newest prototype
- New 15 year Abs. NNN
- 10% rent increases every 5 years
- No Landlord Responsibilities
NAME BRAND TENANT
- Popeyes is the second largest “quick-service chicken restaurant group”
- Over 4,100+ locations in 40 states and 30 countries world wide
- In Q3 of 2023, Popeyes had 16.1% Sales Growth compared to Q3 in 2022
HIGHLY VISIBLE ON A RETAIL CORRIDOR
- Fronting W. 3rd St (15.5k VPD)
- Over 325KSF of retail space located in a 1-mile radius boasting a 0% vacancy rate
- Over 3.7K SF of retail space has been absorbed over the past 12 months
- Nearby national tenants include: Jersey Mikes, Circle K, Cook Out, McDonalds, and Burger King
CLOSE PROXIMITY TO HIGH GROWTH UNC PEMBROKE
- Less than a half-mile to UNC Pembroke
- Over 7,500 students and 420+ faculty
- 8 different colleges & schools
- Since adopting the NC Promise Tuition Plan in 2016, enrollment has grown 32%
NEW CONSTRUCTION
- Popeye’s is constructing the new building to their newest prototype
PROPERTY FACTS
Sale Type
Investment NNN
Sale Conditions
Property Type
Retail
Property Subtype
Building Size
1,992 SF
Building Class
B
Year Built
2024
Price
$2,642,000
Price Per SF
$1,326.31
Cap Rate
6.15%
NOI
$162,500
Tenancy
Single
Building Height
1 Story
Building FAR
0.05
Lot Size
0.90 AC
Opportunity Zone
Yes
Zoning
CB
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE END
- Popeyes
- -
- -
- -
- -
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE END | ||
| Popeyes | - | - | - | - |
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 3503-01-026 | Improvements Assessment | $399,200 |
| Land Assessment | $179,700 | Total Assessment | $578,900 |
PROPERTY TAXES
Parcel Number
3503-01-026
Land Assessment
$179,700
Improvements Assessment
$399,200
Total Assessment
$578,900
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Popeyes | 518 3rd st
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