1948 Rockford StMount Airy, NC 27030

Property Details for 1948 Rockford St

Year built

2015

Lot size

1.63 AC

Property size (Sq ft)

8,978 SF

Zone code

M1

Property type

Turn key restaurants

APN

5929-07-58-3614

APU

592907583614

Description

This exceptional investment opportunity presents a fee-simple ownership of a 10,100-square-foot Cracker Barrel Old Country Store restaurant situated on a 1.63-acre lot in Mount Airy, North Carolina. The property boasts a prime location, benefiting from high visibility and strong traffic counts due to its proximity to major retailers like Lowe's and Food Lion, and its placement along Highway 52, a primary commuter route. The single-tenant, absolute NNN ground lease with Cracker Barrel (NYSE: CBRL) offers significant stability and predictable cash flow. The lease commenced July 20, 2015, and has a remaining term of 5.7 years, with six five-year renewal options. The current lease includes a 10% rent increase every five years. The property features 131 parking spaces and is in excellent condition, having been built in 2015. The current Net Operating Income (NOI) is $148,500, representing a 5.50% cap rate on the asking price of $2,700,000. The property's land value is $267.33 per square foot. This investment offers a compelling combination of a strong corporate tenant, a favorable lease structure, and a desirable location within a thriving retail corridor. The property is zoned MI and is conveniently located near Surry Community College, Northern Regional Hospital, and numerous other businesses. The tenant, Cracker Barrel, is a publicly traded company with a strong financial track record, reporting $3.47 billion in annual revenue in 2024. This presents a rare opportunity to acquire a well-performing, passively managed investment with significant long-term potential.

• CAP approach

  CAP return

  Valuation

  6%

  $1,447,938

  6.5%

  $1,336,558

  7%

  $1,241,090

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,871,802

  Geo Method

  $3,831,243

• Alternative Use

  Use

  Valuation

  Residential

  $1,127,437

  Hospitality

  $1,032,726

  Educational

  $859,216

  Medical

  $888,766

  Retail

  $1,336,558

Location Insight

City

Mount Airy

County

Surry

State

North Carolina

Latitude

36.4831

Longitude

-80.6145

CBSA code

34340

CBSA name

MOUNT AIRY, NC MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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