Selma, NC- Olive Garden
$3,900,000
191 St Mark Ave, Selma, NC 27576
5
Cap Rate
195,000
NOI
Details:
Description:
SRS National Net Lease is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in a NNN ground leased, Olive Garden investment property located in Selma, North Carolina. The tenant, Olive Garden, recently signed a brand new 10-year lease with 4 (5-year) options to extend, demonstrating their commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is NNN with minimal landlord responsibilities making it an ideal, low management investment opportunity for a passive investor. The property is located in an opportunity zone, providing potential tax benefits to ownership (contact a tax advisor).
The Olive Garden is located near the intersection of Interstate 95 and U.S. Highway 70 E which combine to average over 63,400 vehicles passing by daily. Interstate 95 and U.S. Highway 70 E are the major retail and commuter thoroughfares serving the region. The subject property is an outparcel to the Eastfield Town Center, a Target and Academy anchored center that also features national/credit tenants including Ross, Hobby Lobby, Burlington, Ulta, LongHorn Steakhouse, Panda Express, Chase Bank, and many others. The asset is part of the 435-acre Eastfield development, which will include 3+ million square feet of developed space featuring three hotels, over 1 million square feet of business park, senior living, multi-family, and single-family homes. The property is in the center of a primary retail corridor with other nearby national/credit tenants including a BJ’s Wholesale Club, Chick-fil-A, McDonald’s, Starbucks, Sheetz, and more, further increasing consumer traffic to the site. The 5-mile trade area is supported by a population of over 27,600 residents and 17,600 employees with an average household income of $73,955.
Location
Gallery
