North Las Vegas, NV - Charley's
$3,932,000
4372 West Craig Road, North Las Vegas, NV 89032
6.75
Cap Rate
265,411
NOI
Details:
Description:
SRS Real Estate Partners, LLC is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, Charleys Cheesesteaks investment property located in North Las Vegas, Nevada. The tenant, LV Food Service Concept LLC, recently signed a brand new 10-year lease with 2 (10-year) options to extend, demonstrating their commitment to the site. The tenant is a subsidiary of LV Petroleum, which operates over 80 travel center locations, 180 quick-service restaurants, and 30 convenience stores. The lease features 2% annual rental increases throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for a passive investor. The project is currently under construction and is expected to be completed by mid-July, with a public opening scheduled for August 1. All equipment located on the property is included in the sale, providing the potential for bonus depreciation (consult a tax advisor)
The Charleys Cheesesteaks is located near the signalized, hard corner intersection of W Craig Road and Valley Drive, which combine to average more than 47,900 vehicles passing by daily. W Craig Road is a major retail thoroughfare serving the city of North Las Vegas. The asset is a part of a new development that will feature tenants such as Rally’s, Bojangles, Black Bear Diner, Conoco, and more. In addition, the subject property is near North Mesa Plaza, a Walmart Supercenter anchored center with other national/credit tenants including Harbor Freight, Ross, Hibbett, Dave’s Hot Chicken, Applebee’s, and many others. The property is in the center of a primary retail corridor with other nearby national/credit tenants including The Home Depot, Albertson’s, Smith’s, EOS Fitness, Planet Fitness, Chick-fil-A, Starbucks, McDonald’s, and more, further increasing consumer traffic to the site. The 5-mile trade area is supported by a population of over 457,500 residents and 102,400 employees with an average household income of $100,664.
Location
Gallery
