Address: 597 N Polk Street, Pineville, North Carolina, United States 28134
Cap Rate: 5.50%
Lease Type: Triple Net (NNN)
Annual Rent: $76,125
Net Operating Income: $76,125
Lease Term Remaining: 13.4 Years
Rental Increases: 5.00% Every 5 Years
Options: Four (4), Five (5) Year Option Periods
Year Built: 1988
Rentable Sq/Ft: 2,672 SF
Rent Sq/Ft: $28.49
Price Sq/Ft: $518
Lot Size: 0.48 Acres
Marcus & Millichap is pleased to present the exclusive listing for an Arby’s located at 597 N Polk Street, Pineville, North Carolina. The property consists of 2,672 square feet of building space and is situated on roughly 0.48 acres of land. This Arby’s is subject to a long term, 20-year triple-net (NNN) lease, which commenced on June 6, 2012. The annual rent is $76,125. There are four (4), five (5)-year tenant renewal options.
This Arby’s property is located at 597 N Polk Street in Pineville, North Carolina. Pineville is located just 12 miles south of Charlotte and is one of the fastest growing and most affluent areas of the Charlotte MSA.
The subject property is located at the signalized corner of N Polk Street and Commerce Drive and is as an out-parcel to a shopping center occupied by Sky High Sports, Harbor Freight Tools, Anytime Fitness, NAPA Auto Parts, and others. The property is also located in close proximity to several other shopping centers and regional malls including the Centrum, the Pineville Towne Market, the Carolina Pavilion and most notably, Carolina Place, a 1.2 million square foot regional mall anchored by Belk, Dillard’s, Forever 21, H&M REI and more. Carolina Place is a major demand driver for the region that draws 14 million customers per year. In addition to the strong retail presence in the area, the property is also located near Atrium Health Pineville, a 235-bed hospital, providing comprehensive emergency and specialty care.
There are 60,851 individuals residing within a three-mile radius and 178,232 individuals within a five-mile radius of the property, which is projected to increase by 7.8% and 9.3%, respectively, over the next five years. The surrounding area is highly affluent with average household income exceeding $110,000 within that same five-mile radius. The property is located along N Polk Street which experiences an average daily traffic count of 19,000 vehicles and has convenient access to I-485 and I-77, which bring an additional 135,000 and 152,700 vehicles through the immediate area per day, respectively.
Charlotte is the second largest city in the southeastern Unites States, just behind Jacksonville, Florida, and is considered one of the fastest growing major cities in the United States. Charlotte has become a major U.S. financial center with the third most banking assets after New York City and San Francisco. It also has prominent foodstuffs, transportation, energy, and education, and logistics industries. Top employers for the city include Carolinas Healthcare System, Wells Fargo, Bank of America, Charlotte-Mecklenburg Schools, and Novant Health. In November of 2017 the National Real Estate Investor named Charlotte’s Suburbs as the second best suburbs for millennials. Charlotte was also recently recognized as number seven for best places for business and careers by Forbes and number 10 for biggest population growth by the us census bureau of 15 largest cities.
Broker of Record: Benjamin Yelm – License # 303785