1032 Miami BlvdDurham, NC 27703

Property Details for 1032 Miami Blvd

Year built

1988

Lot size

0.57 AC

Property size (Sq ft)

3,841 SF

Zone code

CC

Property type

Drive through restaurants

APN

120855

APU

120855

Description

This exceptional investment opportunity presents a fee-simple ownership of a Little Caesars restaurant located at 1032 N Miami Blvd, Durham, NC 27703. The property boasts a 3,841 square foot building on a 0.57-acre lot, constructed in 1988 and renovated in 2023. Currently operating under a 20-year absolute NNN lease with a highly successful franchisee (the second largest in the nation with over 80 locations), this property offers exceptional stability and growth potential. The lease includes 10% rent bumps every five years and three five-year renewal options, minimizing landlord responsibilities. The property enjoys a prime location at a signalized intersection with excellent visibility and convenient access, situated within a thriving retail node boasting over 630,000 square feet of retail space within a one-mile radius. Notable nearby tenants include McDonald's, Family Dollar, AutoZone, and Advance Auto Parts. The property's strong financial performance is reflected in its $1,569,000 asking price, $102,000 net operating income (NOI), and attractive 6.50% capitalization rate. This is a rare opportunity to acquire a Class A retail property in the rapidly growing Triangle region of North Carolina, a region experiencing significant population growth (5.6% since 2020) and boasting a population exceeding 2.1 million. The Little Caesars brand is globally recognized, further enhancing the investment's appeal. This is a turnkey investment with minimal management requirements and significant long-term upside.

• CAP approach

  CAP return

  Valuation

  6%

  $1,131,663

  6.5%

  $1,044,612

  7%

  $969,997

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,221,791

  Geo Method

  $2,221,791

• Alternative Use

  Use

  Valuation

  Residential

  $881,170

  Hospitality

  $807,147

  Educational

  $671,536

  Medical

  $694,632

  Retail

  $1,044,612

Location Insight

City

Durham

County

Durham

State

North Carolina

Latitude

35.9937

Longitude

-78.8698

CBSA code

20500

CBSA name

DURHAM-CHAPEL HILL, NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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