1026 Glenway DrStatesville, NC 28625

Property Details for 1026 Glenway Dr

Year built

1996

Construction

WOOD

Lot size

1.33 AC

Property size (Sq ft)

8,507 SF

Zone code

B-3,B3

Property type

Retail properties

Property subtype

Turn key restaurants

APN

4745-44-3437.000

APU

4745443437000

Description

This exceptional investment opportunity presents a brand-new, 5,558-square-foot IHOP restaurant in Statesville, North Carolina. The property boasts a 15-year absolute NNN lease with a prominent tenant, Suncakes, LLC, a subsidiary of Sun Holdings, the second-largest franchisee in the U.S. The lease features attractive 10% rent escalations every five years and includes three five-year renewal options, ensuring long-term, stable income. Located on a 1.325-acre lot in a high-traffic retail corridor, this pad site is adjacent to a Walmart-anchored shopping center and benefits from exceptional visibility and accessibility on Glenway Drive, near Turnersburg Highway (32,018 CPD) and I-40 (59,421 CPD). The surrounding area is densely populated, with a strong demographic profile including a high average household income. Nearby retailers include Lowe's, Home Depot, Publix, and many other national brands. The property's strategic location, coupled with the strength of the tenant and the favorable lease terms, makes this a compelling investment opportunity with a 5.50% cap rate and a current NOI of $130,000. Built in 2024, this single-story building is zoned C and offers a fee-simple ownership structure. The property's proximity to Mitchell Community College and Iredell Memorial Hospital further enhances its appeal. This is a rare chance to acquire a high-performing, low-maintenance investment property with significant upside potential.

• CAP approach

  CAP return

  Valuation

  6%

  $3,014,724

  6.5%

  $2,782,822

  7%

  $2,584,049

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,630,250

  Geo Method

  $3,630,250

• Alternative Use

  Use

  Valuation

  Residential

  $2,347,415

  Hospitality

  $2,150,219

  Educational

  $1,788,957

  Medical

  $1,850,482

  Retail

  $2,782,822

Location Insight

City

Statesville

County

Iredell

State

North Carolina

Latitude

35.8086

Longitude

-80.8742

CBSA code

16740

CBSA name

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

Property Tax & Assessments

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