For Sale
$3,907,000

2272 Nazareth Church RdSpartanburg, SC 29301

Spartanburg, SC QSR; strong ROI.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a fee-simple ownership of a brand-new, 2023-constructed Zaxby's restaurant in Spartanburg, South Carolina. The property boasts a 2,904 square foot building situated on a one-acre lot at a high-traffic intersection, less than half a mile from I-85 and Greenville Highway, experiencing over 30,000 vehicles daily. The property benefits from a 20-year absolute NNN lease with a franchisee tenant, commencing November 1, 2023, and expiring October 31, 2043. The lease includes four, five-year renewal options with annual rent increases of 1.50%. The current annual net operating income (NOI) is $240,229, representing a 6.15% cap rate on the $3,907,000 asking price. The property features a double drive-thru, the newest Zaxby's prototype, designed for efficient customer service. This prime location is near significant development, including a large industrial park, new apartment complexes, and a recently opened charter school with extensive athletic facilities. Spartanburg's robust economic growth, ranking among the fastest-growing metros in the US, further enhances the investment potential. The property's strategic location and long-term lease make it an attractive investment with significant upside potential. The 100% occupancy and strong tenant credit rating provide security and stability. This is a rare opportunity to acquire a high-performing, low-maintenance asset in a thriving market.

Highlights

  • $3,907,000 asking price for a Zaxby's in Spartanburg, SC.
  • 2,904 square foot, brand new (2023) construction, single-tenant, absolute NNN net lease.
  • 20-year lease term (commencing 11/1/2023) with four, five-year renewal options; 1.5% annual rent increases.
  • 6.15% cap rate, $240,229 annual NOI, 100% occupancy.
  • Located on a 1-acre lot at a hard corner with high traffic counts (25,000+ cars/day) near I-85 and Greenville Hwy.
  • Strong tenant: Zaxby's, a top-3 chicken chain with high average unit volume. Features a double drive-thru.

Property Details for 2272 Nazareth Church Rd

Property type
Retail properties
Square Feet
2,904 SF
Year Built
2023
Lot Size (sq. ft)
43,560 SF

Location Insight

City
Spartanburg
County
Spartanburg
State
South Carolina
Latitude
34.9362642
Longitude
-82.0669507
2272 Nazareth Church Rd, Spartanburg, South Carolina

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2272 Nazareth Church Rd
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