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DOM: 44 Updated: 05.31.23 Posted: 04.26.23 Status: Sold     06.09.23

Summary

Price $2,106,515 $2,229,760
Built/Renov 1996/2016
Tenant Burger King
Cap Rate 6.62% 6.25%
Lease Type Abs NNN
Guarantor Franchisee
Size/SF 2,321
Lease Start 10-28-2016
#Units 1,094
Price/SF $907.59 $960.69
Expiration 10-31-2036
Tenant Type Fast Food/QSR
NOI $139,360
R. Term 11.4
Ownership Fee Simple
Rent/SF $60.04
Increases 1.5%/1/yrs
Pop 5Mi 2,951
Lot/AC 0.91
Options 4/5yrs/1.5%
AHHI 5Mi $59,375

Highlights

  • Burger King has over 13 years remaining on the current lease term with 4 (5-year) options to extend
  • Lease features a 1.5% annaul rent increase throughout the initial term and each option period
  • Absolute NNN lease with zero landlord responsibilities
  • Carrols Restaurant Group (NASDAQ: TAST) is one of the largest restaurant franchisees in the U.S. and the largest Burger King franchisee in the world
  • Carrols currently operates 1,029 Burger King restaurants in 23 states as well as 65 Popeyes restaurants in 7 states

Location Description

Burger King is strategically located along King Street which sees over 1,000 vehicles passing daily and is also near the on/off ramp of U.S. Highway 360 which sees 6,091 vehicles passing daily. The highway represents a major arterial for the state of Virginia allowing Burger King to benefit from travelers passing through the town looking for a rest stop. Nearby major national retailers include...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

About Tenant

Burger King is an American-based multinational chain of hamburger fast food restaurants, and the second largest fast food hamburger chain in the world. The Burger King menu features their...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 872 1,860 2,915
2023 Total Population : 898 1,912 2,991
2023 Employed Civilian Pop : 442 941 1,454
2023 Total Businesses : 72 100 111
2023 Average Household Income : $ 55,341 $ 57,193 $ 58,230
2023 Total Consumer Spending : $ 18 M $ 43 M $ 69 M
2023 Median Age : 46 46 46
2023 Total Households : 385 861 1,341
2023 Pop Age 25+: Bachelor's Degree : 52 123 191
2023 Average Home Value : $ 166,190 $ 174,708 $ 180,099
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Lunenburg Highway Pecan St 2021 3,200 0.06 mi
Lunenburg Hwy Pecan St 2016 3,500 0.06 mi
Osborne Street Pettus St 2018 330 0.07 mi
Pettus Street King St 2021 150 0.07 mi
Spaulding St Kearny St 2012 1,100 0.09 mi
Spaulding Street Kearny St 2018 1,000 0.09 mi
King Street Spaulding St 2018 1,400 0.12 mi
King St Spaulding St 2016 1,300 0.12 mi
Spaulding Street Osborne St 2018 290 0.12 mi
Old Kings Hwy 2021 70 0.14 mi

Listing Broker

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