2401 Memorial DrGreenville, NC 27834

Property Details for 2401 Memorial Dr

Year built

1994

Construction

FRAME

Lot size

0.90 AC

Property size (Sq ft)

3,770 SF

Zone code

IU

Property type

Retail properties

Property subtype

Drive through restaurants

APN

53478

APU

53478

Description

This exceptional investment opportunity features a 2,860 square foot Burger King restaurant in Greenville, North Carolina, operating under a long-term net lease with a strong corporate guarantee. Built in 1994 and renovated in 2011, the property sits on a 1.29-acre lot and boasts a 5.50% cap rate with a substantial NOI. The lease, commenced December 22, 2014, has approximately 10.1 years remaining until expiration on December 31, 2034, with annual rent increases of 1%. The asking price is $1,583,218, translating to $553.57 per square foot. This is a single-tenant, triple-net (NNN) lease, offering a passive income stream with minimal landlord responsibilities. The property enjoys 100% occupancy. The lease is guaranteed by a publicly traded company operating over 1000 Burger King locations.

• CAP approach

  CAP return

  Valuation

  6%

  $1,343,323

  6.5%

  $1,239,991

  7%

  $1,151,420

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,514,960

  Geo Method

  $2,180,722

• Alternative Use

  Use

  Valuation

  Residential

  $1,045,979

  Hospitality

  $958,111

  Educational

  $797,137

  Medical

  $824,552

  Retail

  $1,239,991

Location Insight

City

Greenville

County

Pitt

State

North Carolina

Latitude

35.6532

Longitude

-77.3662

CBSA code

24780

CBSA name

GREENVILLE, NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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