343 Folly RdCharleston, SC 29412

Property Details for 343 Folly Rd

Year built

1979

Lot size

0.89 AC

Property size (Sq ft)

2,317 SF

Property type

Turn key restaurants

APN

424-00-00-022

APU

4240000022

Description

This exceptional investment opportunity presents a fee-simple ownership of a Wendy's restaurant located at 343 Folly Rd, Charleston, SC 29412. The property boasts a 2,317 square foot building on a 0.89-acre lot, featuring a drive-thru. Built in 1979, this single-story structure enjoys a prime location on Folly Road, with daily traffic exceeding 30,600 vehicles. The absolute NNN lease with the franchisee tenant commenced November 30th, 2024, and extends for 20 years, with four 5-year renewal options. Rent increases by 7.5% every five years, ensuring consistent income growth. The property's current Net Operating Income (NOI) is $175,000, yielding a 5.25% cap rate. The asking price is $3,333,333, translating to $1,438.64 per square foot. The property benefits from its proximity to numerous national retailers, including CVS, Arby's, Lowe's, and several banks, as well as numerous apartment complexes and new residential developments, ensuring strong customer traffic and long-term value. The Wendy's Company, a major fast-food chain, operates over 7,000 restaurants globally, generating over $2.2 billion in annual US revenue. This investment offers a secure, high-yield opportunity with significant upside potential. 100% occupancy is guaranteed from the lease commencement date.

Location Insight

City

Charleston

County

Charleston

State

South Carolina

Latitude

32.7579

Longitude

-79.9742

CBSA code

16700

CBSA name

CHARLESTON-NORTH CHARLESTON, SC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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