Cap Rate: 4.75%
Net Operating Income: $102,250
Lot Size: 2.12 AC
Year Built: 2019
The subject property is a 2,811 square foot Burger King located in Greer (Greenville), SC. The brand new 2019 construction site is operating on a long term absolute NNN lease. The lease calls for zero landlord obligations and scheduled 8% increases in rent every 5 years. The site is ideally positioned less than 1 mile from Greenville-Spartanburg International Airport, 5 miles from the I-85/I-385 interchange, and 11 miles from downtown Greenville. The property is leased to Carrols Corporation who is one of the largest restaurant franchisees in the U.S. and the largest Burger King franchisee.
Greer is a city in Greenville and Spartanburg counties in the U.S. state of South Carolina. The population was 25,515 as of the 2010 census and had risen to an estimated 32,102 as of 2018. The city of Greer is located in Greenville County. It is part of the Greenville–Anderson–Mauldin Metropolitan Statistical Area. The city is additionally part of the Greenville-Spartanburg-Anderson, SC Combined Statistical Area in Upstate South Carolina.
Greer is adjacent to Greenville-Spartanburg International Airport (GSP), which serves Greenville, Spartanburg, and the Upstate. Greer is also the site of the only BMW manufacturing facility in North America. According to a June 2005 article in The Greenville News, BMW’s Greer plant employs about 9,000 people, and has attracted dozens of suppliers in South Carolina, providing jobs for more than 12,000 people. Greer is home to the South Carolina Inland Port, an intermodal facility that receives and sends containers by rail to the Port of Charleston.