TACO BELL
| Price | $2,376,500 |
| Cap Rate | |
| NOI | |
| Lease Term | 23 Years Remaining |
| Lease Type | Absolute NNN, With Tenant Responsible For All Taxes, Insurance, And Maintenance |
| Rental Increases | 1% Annual Rental Increases |
| Year Built | 2018 |
| Building Size | 2,721 SF |
| Lot Size | .76 Acres (33,088 SF) |
| Status | Sold |
| Lead Broker Information | Michael T. Yuras, CCIM Executive Managing Director 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Scott Crowle Executive Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 Vincent Aicale Executive Director 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Ryan Forsyth Executive Director 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 |
Investment Highlights
23-YEAR ABSOLUTE NNN LEASE WITH ANNUAL RENTAL INCREASES
» Operated by Taco Bell’s largest franchisee, with over 350 units
» Absolute NNN lease with no landlord management, providing an ideal investment for an out-of-area investor
» Rare annual rental increases, providing an excellent hedge against inflation
» Tenant is responsible for taxes, insurance, and all maintenance
» 2018 construction featuring a dedicated drive-thru and patio seating for added customer convenience
HIGH-TRAFFIC LOCATION IN POPULOUS AREA NEAR DOWNTOWN GATE CITY
» 19,576 residents within a five-mile radius of the property
» Located at the confluence of U.S. Highway 23 and Interstate 26, two major Southern Virginia/Northern Tennessee thoroughfares, increasing traffic to the site
» 17,000 AADT directly in front of the property along Kane Street
CENTRAL LOCATION NEAR PRIMARY GATE CITY SCHOOLS, ATTRACTIONS, AND RETAILERS
» Across the street from Gate City Middle School and High School and one mile from Shoemaker Elementary School (combined 1,618 students)
» Beneficial proximity to Creation Kingdom Zoo (1.6 million annual visitors)
» Convenient access to several surrounding national and local retailers, including McDonald’s, Food Lion, Long John Silver’s, Hardee’s, O’Reilly Auto Parts, and more
» Centralized location between numerous National Forests, including Daniel Boone National Forest, George Washington and Jefferson National Forests, Cherokee National Forest, and Pisgah National Forest (combined 10+ million annual visitors)
MAJOR NATIONAL TENANT WITH STRONG FINANCIALS
» Taco Bell serves more than 40 million customers each week in the U.S.
» Annual sales projected to reach $15 billion by 2022
» Voted Best Mexican Restaurant of 2018 in the Harris Poll 2018
» Owned by Yum! Brands, Inc. (over 48,000 restaurants in more than 145 countries and territories)
Property Description
SOLD
The property is conveniently located and easily accessible from Kane Street, a major economic and retail corridor for Gate City, with visibility and access to 17,000 vehicles per day directly in front of the location. The property is also within minutes of U.S. Highway 23 and Interstate 26, two primary Southern Virginia/ Northern Tennessee thoroughfares. The property benefits from its central location in a populous area, with 19,576 residents living within a five-mile radius of the location.
Traffic to the site is increased by its centralized location near primary Gate City schools, attractions, and retailers. The property is located across the street from Gate City Middle School and High School and is one mile from Shoemaker Elementary School (combined 1,618 students). The location also has a beneficial proximity to Creation Kingdom Zoo, which welcomes 1.6 million annual visitors. Visibility is increased by the site’s location between numerous National Forests, including Daniel Boone National Forest, George Washington and Jefferson National Forests, Cherokee National Forest, and Pisgah National Forest, all of which attract a combined 10+ million annual visitors. The site also maintains convenient access to several surrounding national and local retailers, including McDonald’s, Food Lion, Long John Silver’s, Hardee’s, O’Reilly Auto Parts, and more.
