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Burger King 1510 E Broad St

2,840 SF Retail Building Statesville, NC 28625 $2,100,000 ($739/SF) 8.19% Cap Rate

Retail Space North Carolina Statesville 1510 E Broad St, Statesville, NC 28625

Investment Highlights

  • YEAR 5 CAP RATE BASED ON CURRENT SALES GROWTH RATE: 8.5%
  • NEW 15-YEAR LEASE SIGNED AUGUST 2022 BY 1000+ STORE FRANCHISEE
  • 7% PERCENTAGE RENT FACTOR AND FIXED ESCALATIONS.
  • YEAR 1 CAP RATE ON PROJECTED NOI: 6.0%
  • TENANT IN PERCENTAGE RENT SINCE 2009
  • I-77 INTERCHANGE

Executive Summary

Store has been in Percentage Rent for since 2009, and is currently experiencing a surge in sales due to completion of recent road improvements . Cap rate based on average NOI using current U.S. CPI. This 2,840 SF freestanding restaurant space sits on approximately 0.9 acres and features 50 onsite parking spaces. The property offers peak visibility with two curb cuts on Broad Street, and cross-access to Broad Street Shopping Center. Built in 2002 for Burger King, the building has a fully functional drive through lane including order and pick up windows and parking spaces.

Attachments

1510 E Broad OM

Property Facts

Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Retail
Building Size
2,840 SF
Building Class
C
Year Built
1982
Price
$2,100,000
Price Per SF
$739
Cap Rate
8.19%
NOI
$171,990
Tenancy
Single
Building Height
1 Story
Building FAR
0.07
Lot Size
0.90 AC
Zoning
B4
Parking
70 Spaces (24.65 Spaces per 1,000 SF Leased)
Frontage
140 FT on E Broad St

Amenities

  • Freeway Visibility
  • Pylon Sign
  • Signage
  • Signalized Intersection
  • Drive Thru
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Nearby Major Retailers

Starbucks
Rent-A-Center
Bank of America
First Horizon Bank
Bestway Rent-To-Own
IHOP
Food Lion
Planet Fitness
Outback Steakhouse
Truist

PROPERTY TAXES

Parcel Number 4744-87-5777.000 Improvements Assessment $747,870
Land Assessment $617,040 Total Assessment $1,364,910

PROPERTY TAXES

Parcel Number
4744-87-5777.000
Land Assessment
$617,040
Improvements Assessment
$747,870
Total Assessment
$1,364,910
(919) 349-3569

Contact

  • Listing ID: 28251366

  • Date on Market: 4/17/2023

  • Last Updated:

  • Address: 1510 E Broad St, Statesville, NC 28625

More public record information on 1510 E Broad St, Statesville, NC 28625

The Retail Property at 1510 E Broad St, Statesville, NC 28625 is currently available for sale. Contact TradeMark Properties for more information.

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Burger King | 1510 E Broad St
(919) 349-3569 x

Burger King | 1510 E Broad St

Brian Grabowski

(919) 349-3569

(919) 349-3569

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