Price Reduced - National Tenant | 3403 N Main St
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Price Reduced - National Tenant 3403 N Main St
1,470 SF Retail Building Hope Mills, NC 28348 $325,000 ($221/SF) 7.30% Cap Rate
Investment Highlights
- National Tenant with long history in the space
Executive Summary
IMPORTANT!!!!! It is a Gross Lease. Loopnet/Costar has it classified as Investment NNN. It is not. I have asked Loopnet to change it, to no avail.
On the positive side: Papa John’s USA, Inc is the tenant. Current term runs through April 21, 2028 with an option to extend through April 21, 2033. Gross lease; owner responsible for structural and outside maintenance. Building is 1470 sf. The 255 sf of cooler/freezer belongs to the tenant.
Material Facts: Tenant has a buy out clause. Cumberland County tax revaluation takes effect Jan 1 2025.
Access and sewer easements available as are Covenants.
Neighbors include Surge Trampoline Park and DMV.
On the positive side: Papa John’s USA, Inc is the tenant. Current term runs through April 21, 2028 with an option to extend through April 21, 2033. Gross lease; owner responsible for structural and outside maintenance. Building is 1470 sf. The 255 sf of cooler/freezer belongs to the tenant.
Material Facts: Tenant has a buy out clause. Cumberland County tax revaluation takes effect Jan 1 2025.
Access and sewer easements available as are Covenants.
Neighbors include Surge Trampoline Park and DMV.
Property Facts Under Contract
Sale Type
Investment
Property Type
Retail
Property Subtype
Freestanding
Building Size
1,470 SF
Building Class
C
Year Built
1998
Price
$325,000
Price Per SF
$221
Cap Rate
7.30%
NOI
$23,738
Tenancy
Single
Building Height
1 Story
Building FAR
0.15
Lot Size
0.23 AC
Zoning
CP - Planned Commercial District
Parking
6 Spaces (4.08 Spaces per 1,000 SF Leased)
Frontage
52 FT on Main St
Amenities
- Pylon Sign
- Signage
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 0414-36-5951 | Improvements Assessment | $143,408 |
| Land Assessment | $40,253 | Total Assessment | $183,661 |
PROPERTY TAXES
Parcel Number
0414-36-5951
Land Assessment
$40,253
Improvements Assessment
$143,408
Total Assessment
$183,661
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Price Reduced - National Tenant | 3403 N Main St
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