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Bojangles' Net Lease Investment Opportunity | 5.7% Cap Rate

1362 Whiskey Road
Aiken, SC 29803
PRICE : $3,495,000
CAP RATE: 5.7%
SITE SIZE: 1.20 Acres


  • Absolute NNN lease with just under 11 years remaining of initial term and three 5-year options
  • No rent concessions were requested by the tenant due to the Pandemic in 2020
  • 10% rent increase in May 2022 and 10% rent increases every 5 years thereafter with three 5-year options
  • Outparcel to a Fresh Market and Party City-anchored shopping center in a vibrant commercial area with many nearby national tenants
  • Operated and guaranteed by the largest Bojangles’ franchisee with over 92 locations and growing
  • Nancy Miller, South Carolina License #65151


This Bojangles’ fast-casual, quick-service restaurant, located in Aiken, South Carolina, is an outparcel to a Fresh Market and Party City-anchored shopping center. The ± 3,808 SF building with drive-thru, situated on a ± 1.2-acre site, was built in 2016. Traffic counts of nearly 15K VPD pass this location, which is one of the main north-south commercial arteries in Aiken. Within a five-mile radius, the population is 57,462 with an average household income of $81,062. Other nearby national credit tenants include Dollar General, Applebee’s, Fairfield Inn & Suites, Home Depot, Kroger, Moe’s Southwest Grill, Pizza Hut, Wells Fargo and Regions Bank. Aiken, home to numerous golf clubs and polo fields, is located less than an hour from Augusta, GA, home of The Masters. Aiken’s major area employers include the U.S. Department of Energy/Savannah River Plant, Bridgestone PSR Plant, Kimberly Clark, Shaw Industries, the University of SC – Aiken, Aiken Regional Medical Centers and more.

The current absolute NNN lease runs through April 2032 with three 5-year renewal options. The first 10% rent increase occurs in May of 2022 with future increases of 10% every five years thereafter and in the 3 option terms. The offered cap rate of 5.7% is based on the average rent for the next 6 years.

Bojangles’ first opened its chicken and biscuits fast casual concept in 1977. Today, there are over 760 company operated and franchise locations in 14 states. This location is operated and guaranteed by the largest Bojangles’ franchise operator in the system, BOJ of WNC, LLC with over 92 locations in 6 states. The operator is known for its strong operations and team development to ensure a quality fast casual dining experience. Their expansion plans include continued expansion in the SE and Ohio in the coming year.

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