3403 Main StHope Mills, NC 28348

Property Details for 3403 Main St

Year built

1998

Lot size

0.23 AC

Property size (Sq ft)

1,482 SF

Zone code

CP

Property type

Retail properties

Property subtype

Turn key restaurants

APN

0414-36-5951

APU

414365951

Description

This exceptional investment opportunity presents a 1,470 square foot Papa John's restaurant located at 3403 N Main St, Hope Mills, NC 28348. The property, situated on a 0.23-acre lot in the Planned Commercial District, boasts a strong current lease with Papa John's USA, Inc., extending until April 21, 2028, with a five-year option to renew until April 21, 2033. The gross lease structure means the landlord is responsible for structural and exterior maintenance. The current Net Operating Income (NOI) is $23,738, yielding a 7.30% cap rate. Rent increases are built in at 2% annually. The building, constructed in 1998, is a single-story structure. A 250 square foot cooler/freezer is owned by the tenant. Important to note: the lease includes a tenant buy-out clause. Access to easements, covenants, and sewer are available. The property benefits from its proximity to neighboring businesses such as Surge Trampoline Park and the DMV. A Cumberland County tax revaluation is scheduled for January 1, 2025. The asking price is $325,000, representing a price per square foot of $221.09. The property's APN is 0414365951000.

• CAP approach

  CAP return

  Valuation

  6%

  $537,962

  6.5%

  $496,580

  7%

  $461,110

• Comparable approach

  Method

  Valuation

  Relative Method

  $961,567

  Geo Method

  $857,249

• Alternative Use

  Use

  Valuation

  Residential

  $418,884

  Hospitality

  $383,696

  Educational

  $319,230

  Medical

  $330,209

  Retail

  $496,580

Location Insight

City

Hope Mills

County

Cumberland

State

North Carolina

Latitude

34.978

Longitude

-78.9548

CBSA code

22180

CBSA name

FAYETTEVILLE, NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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