1510 Broad StStatesville, NC 28625

Property Details for 1510 Broad St

Year built

1982

Construction

WOOD

Lot size

0.86 AC

Property size (Sq ft)

3,243 SF

Zone code

B-4

Property type

Drive through restaurants

APN

4744-87-5777.000

APU

4744875777000

Description

This exceptional investment opportunity presents a 2,840 square foot, free-standing Burger King restaurant located at 1510 E Broad St, Statesville, NC 28625. Built in 2002, this single-story building sits on a 0.9-acre lot and boasts 50 on-site parking spaces. The property benefits from high visibility with two curb cuts on Broad Street and convenient access to the Broad Street Shopping Center. Featuring a fully functional drive-thru lane, this location enjoys a prime position at the I-77 interchange, offering unparalleled accessibility and exposure to a high traffic volume of 20,000 AADT on E Broad Street and 68,000 AADT on I-77. The property is strategically positioned as the first fast-food restaurant accessible from I-77 Exit 50, outpositioning competitors such as Starbucks, Bojangles, Taco Bell, Dunkin', Wendy's, and Arby's. The current lease with Burger King, signed in August 2022, extends until August 30, 2037 (12.8 years remaining), and includes a 7% percentage rent factor and fixed escalations. The tenant has operated under a percentage rent structure since 2009, and recent road improvements have significantly boosted sales. The property's projected Net Operating Income (NOI) yields a compelling 9.18% cap rate, based on current U.S. CPI. This is a triple-net (NNN) lease investment, offering a strong return on investment with a well-established tenant in a high-traffic location. The property is directly across from the city's only mall and serves as a key location within the central business district, near county and municipal offices.

• CAP approach

  CAP return

  Valuation

  6%

  $1,149,260

  6.5%

  $1,060,855

  7%

  $985,080

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,383,908

  Geo Method

  $1,383,908

• Alternative Use

  Use

  Valuation

  Residential

  $894,871

  Hospitality

  $819,697

  Educational

  $681,978

  Medical

  $705,432

  Retail

  $1,060,855

Location Insight

City

Statesville

County

Iredell

State

North Carolina

Latitude

35.7904

Longitude

-80.8597

CBSA code

16740

CBSA name

CHARLOTTE-CONCORD-GASTONIA, NC-SC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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