7702 Gateway Ln, Concord, NC 28027
4,749 SF | Retail Building | Concord, NC 28027 | $3,513,520 ($740/SF) | 6.25% Cap Rate
For Sale
Active
Asking Price $3,513,520
- Property Type
-
Retail, Restaurant
- Square Feet
- 4,749 SF
- Price / Square Foot
- $740
Listing Contacts
Glen Kunofsky
Judson Kauffman
Hannan Ben Yosef
Matthew Sorace
Property Overview
NNN Pro Group is pleased to present the exclusive listing for a Hooters located at 7702 Gateway Ln in Concord, NC. The site consists of roughly 4,749 rentable square feet of building space on estimated 1.17-acre parcel of land. This Hooters is subject to a 20-year absolute triple-net (NNN) lease, which commenced in 2011. The current annual rent is $219,595 and is scheduled to increase by the lesser of 10% or 1.25 times change in CPI every 5 years in each of the 3, 5-year renewal options. The tenant exercised their first 5-year renewal option early, exhibiting strong commitment to the site.
Property Details
- Class
- B
- Year Built/Renovated
- 1978/2013
- Stories
- 1
- Lot Size (sq. ft)
- 50,965 SF
Highlights
- Long-Term, 20-Year Absolute Triple Net (NNN) Lease
- Approximately 13.4 Years Remaining
- The Lesser of Ten Percent (10%) or 1.25 Times Change In CPI Occurring Every Five (5) Years And Each Renewal Option Starting In January 2033
- Initial Lease Commenced In 2011 | Long Operating History | Tenant Exercised First Renewal Option Early, Exhibiting Strong Commitment To The Site
- Three (3), Five (5)-Year Tenant Renewal Options Remaining, Bringing the Potential Remaining Lease Term to 28+ Years
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