714 Us 74 HwyRockingham, NC 28379

Property Details for 714 Us 74 Hwy

Year built

2024

Lot size

1.57 AC

Property size (Sq ft)

5,780 SF

Property type

Retail properties

Property subtype

Other retail properties

Description

This exceptional investment opportunity presents a fee-simple ownership of a brand-new, 5,780-square-foot IHOP restaurant in Rockingham, North Carolina. Built in 2024, the property boasts a 15-year absolute NNN lease with a highly reputable tenant, Suncakes, LLC, a subsidiary of Sun Holdings, the second-largest IHOP franchisee in the U.S. The lease features attractive 10% rent bumps every five years and includes three five-year renewal options, extending the lease term to 2039. The property sits on a sizable 1.57-acre lot in a dominant retail corridor, enjoying excellent visibility and accessibility on W US-74 Hwy, with a daily traffic count of 25,166 vehicles. Its strategic location is adjacent to a Walmart Shopping Center and across from Aldi and Goodwill. Nearby, a robust mix of national and regional retailers further enhances the property's appeal. The property's strong location is complemented by proximity to Richmond Community College and FirstHealth Moore Regional Hospital, serving a population of 29,972 within a five-mile radius and boasting an average household income of $67,173 within one mile. The property generates a substantial net operating income (NOI) of $100,000, resulting in a compelling 5.50% cap rate. This single-tenant, single-story building offers a secure and profitable investment opportunity with significant long-term potential. The property is zoned C.

Location Insight

City

Rockingham

County

Richmond

State

North Carolina

Latitude

34.9571

Longitude

-79.8207

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