For Sale
$2,642,000

518 3Rd St Pembroke, NC 28372

High-growth NC QSR, strong tenant.

Property Records

Overview

Added:
Dec 11, 2024
Days on market:
138
This exceptional investment opportunity presents a fee-simple, 1,992 square foot Popeyes restaurant located at 518 W 3rd St, Pembroke, NC 28372. The property boasts a new 15-year Absolute NNN lease with a corporate guarantee, commencing August 10, 2024, and expiring August 31, 2039, leaving a substantial 14.8 years remaining. The lease includes attractive 10% rent increases every five years, minimizing landlord responsibilities. The property sits on a 0.88-acre lot and benefits from a 6.15% cap rate and a current NOI of $162,500. The asking price is $2,642,000. This Class A property is situated in a high-traffic retail corridor with over 15,500 vehicles per day, and is less than half a mile from UNC Pembroke, a university with over 7,500 students and 420+ faculty. The surrounding area shows robust retail activity, with over 325,000 square feet of retail space within a one-mile radius boasting 0% vacancy and over 3,700 square feet absorbed in the past year. Nearby national tenants include Jersey Mike's, Circle K, Cook Out, McDonald's, and Burger King. This is a rare opportunity to acquire a new construction Popeyes, built to their newest prototype, in a high-growth market with a strong, creditworthy tenant and a secure, long-term lease. The lease includes three five-year renewal options. 100% occupancy is currently maintained.

Highlights

  • 15-Year Absolute NNN Lease with 10% rent increases every 5 years; no landlord responsibilities.
  • Popeyes, a major quick-service restaurant chain with over 4,100 locations, is the tenant; Q3 2023 sales growth was 16.1% year-over-year.
  • High-visibility location on W. 3rd St (15.5k VPD) in a strong retail corridor with 0% vacancy and significant recent absorption.
  • Less than a half-mile from UNC Pembroke, with over 7,500 students and 420+ faculty.
  • New construction built to Popeyes' latest prototype.

Property Details for 518 3Rd St

Property type
Retail properties, Restaurants
Square Feet
1,992 SF
Class
A
Year Built
2024
Lot Size (sq. ft)
38,333 SF

Location Insight

City
Pembroke
County
Robeson
State
North Carolina
Latitude
34.683173285719
Longitude
-79.198826905759

FAQs

What type of property is this?
Retail property - High-growth NC QSR, strong tenant.
Where is the retail property located?
The property is located at 518 3Rd St Pembroke, NC.
What is the asking price?
The asking price for this property is $2,642,000.
What are key features of this property?
This property features: 15-Year Absolute NNN Lease with 10% rent increases every 5 years; no landlord responsibilities.; Popeyes, a major quick-service restaurant chain with over 4,100 locations, is the tenant; Q3 2023 sales growth was 16.1% year-over-year.; High-visibility location on W. 3rd St (15.5k VPD) in a strong retail corridor with 0% vacancy and significant recent absorption.
How can I contact the broker?
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518 3Rd St
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