Bojangles' Net Lease Investment Opportunity | 5.8% Cap Rate
1017 Dallas-Cherryville Hwy
Dallas, NC 28034
| PRICE : | $3,088,500 |
|---|---|
| CAP RATE: | 5.8% |
| PROPERTY TYPE: | Retail |
| SITE SIZE: | 1.62 Acres |
| BUILDING SIZE: | 3,450 SF |
| YEAR BUILT: | 2008 |
Highlights
- • Absolute NNN with no Landlord responsibilities
- • Extended term runs through 12/31/2030
- • 11% rent increase in July 2023
- • Three 5-year options with 10% rent increases
- • Corporate-guaranteed lease
- • Strong retail trade area with over 22,500 VPD
- • Located in the main retail area of Dallas (Charlotte MSA) and in front of Gaston College
- • Michael Bull of Bull Realty, NC License #C17910
Description
This NNN, corporate-guaranteed Bojangles’ is located in Gaston County, a sub-market of the Charlotte MSA with over 206,000 residents. Bojangles’ recently extended their lease an additional 10 years through December 31, 2030, showing a strong commitment to this location. An upcoming 11% rent increase will occur in July 2023. Going forward there are 10% rent increases in each of the three 5-year options. This is an absolute NNN lease with no Landlord responsibilities.
The ± 3,450 SF building (with drive-thru) was built in 2008. It is located near Gaston College (Dallas Campus), a community college with annual enrollment over 7,800 full-time students and 11,400 continuing-education students across its three campuses. Traffic counts on Dallas-Cherryville Hwy average 22,500 VPD.
This is a robust retail trade area with national retailers and restaurants including Walmart, Food Lion, KFC, Advance Auto Parts, Wells Fargo, Waffle House, AutoZone, Walgreens, and McDonald’s. The population within a five-mile radius is 64,616 with an average household income of $54,969.
