Hooters | 7702 Gateway Ln NW
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Hooters 7702 Gateway Ln NW
4,749 SF Retail Building Concord, NC 28027 $3,513,520 ($740/SF) 6.25% Cap Rate
Investment Highlights
- Long-Term, 20-Year Absolute Triple Net (NNN) Lease
- The Lesser of Ten Percent (10%) or 1.25 Times Change In CPI Occurring Every Five (5) Years And Each Renewal Option Starting In January 2033
- Three (3), Five (5)-Year Tenant Renewal Options Remaining, Bringing the Potential Remaining Lease Term to 28+ Years
- Approximately 13.4 Years Remaining
- Initial Lease Commenced In 2011 | Long Operating History | Tenant Exercised First Renewal Option Early, Exhibiting Strong Commitment To The Site
Executive Summary
NNN Pro Group is pleased to present the exclusive listing for a Hooters located at 7702 Gateway Ln in Concord, NC. The site consists of roughly 4,749 rentable square feet of building space on estimated 1.17-acre parcel of land. This Hooters is subject to a 20-year absolute triple-net (NNN) lease, which commenced in 2011. The current annual rent is $219,595 and is scheduled to increase by the lesser of 10% or 1.25 times change in CPI every 5 years in each of the 3, 5-year renewal options. The tenant exercised their first 5-year renewal option early, exhibiting strong commitment to the site.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Restaurant
Building Size
4,749 SF
Building Class
B
Year Built
1978
Price
$3,513,520
Price Per SF
$740
Cap Rate
6.25%
NOI
$219,595
Tenancy
Single
Building Height
1 Story
Building FAR
0.09
Lot Size
1.17 AC
Zoning
C-2
Parking
72 Spaces (15.16 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Bus Line
- Corner Lot
- Pylon Sign
- Restaurant
- Signage
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 4599-12-1038-0000 | Improvements Assessment | $928,130 |
| Land Assessment | $1,490,730 | Total Assessment | $2,418,860 |
PROPERTY TAXES
Parcel Number
4599-12-1038-0000
Land Assessment
$1,490,730
Improvements Assessment
$928,130
Total Assessment
$2,418,860
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Hooters | 7702 Gateway Ln NW
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