Slim Chickens | Absolute NNN

807 West 3rd Street, Pembroke, NC

For Sale

Retail

$3,916,667

Price

Overview

Cap Rate

NOI

$235,000

Building Size

3,700 sqft

Lot Area

2.1 acres

Lease Type

Absolute Net

Year Built

2023

Roof and Structure

Tenant's Responsibility

Offered by

Highlights

Brand New Construction: With a brand new 20-Year Lease, investors can benefit from an extended period of predictable rental income.
Rental Increases: Slim Chickens offers the advantage of 5% rental increases every 5 years during the base term of the lease, providing a hedge against inflation and providing an attractive opportunity for increased cash flow and potential appreciation in the property's value.
Zero Landlord Responsibility: Absolute NNN Fee-Simple Ownership. The tenant is responsible for paying the property taxes, insurance, and maintenance expenses.
Fast Growing Chain: Slim Chickens is a fast-food chain that operates in the United States, the U.K., and Kuwait. It currently has more than 200 units across 30 states in the U.S. and 12 locations in the U.K. and Kuwait. The company plans to expand its presence by adding 500 more units within the next five years.
Experienced Operators: The owners of Break Bread Ventures are Jonathan Crumpler and Rob Bryan. Jonathan Crumpler serves as the CEO of the company and brings his background as an investment banker and former CFO for a medical device company. Rob Bryan, an attorney who previously served in North Carolina's General Assembly, is also part of the ownership team. Together, they formed Break Bread Ventures with the goal of building and making a difference in people's lives through restaurants operations and franchise development. Break Bread Ventures plans to develop 30+ Slim Chicken Locations in the Carolinas and Virginia.
Strong Real Estate Fundamentals: The property benefits from its proximity to the University of North Carolina at Pembroke. With a captive audience of students, faculty, and visitors, the restaurant will enjoy consistent foot traffic year-round. The university enrolls over 8,300 students with a 22% enrollment increase in 2023. The university's growth and expanding student body create a promising environment for long-term success, making this an ideal investment in a vibrant and university-centric market. Furthermore, the property sits on ±2.00 Acres and sees ±18,000 VPD.