Cap Rate: 5.50%
Net Operating Income: $203,987
Square Footage: 6,624
Year Renovated: 2018
This is the opportunity to purchase a long term NNN leased Outback Steakhouse in Huntersville (Charlotte), NC. The tenant has over 11 years remaining on the initial term and there are no landlord obligations. There are annual 1% increases in rent and four, 5 year options to renew beyond the initial term. The lease is guaranteed by a strong an experienced operator of nearly 1,000 restaurants in the United States.
The asset benefits from its location off I-77 which boast high traffic counts of 89,500 VPD. The asset is located in a very dense retail corridor and neighboring retailers include, Target, Lowe’s, Home Depot, Whole Foods, CVS, Walgreens, Longhorn, Panera Bread, Chili’s, Chipotle, McDonald’s, Chick-fil-A, Starbucks, Bojangles, and many others. The site is approximately 20 minutes from Downtown Charlotte and just 10 minutes from Davidson College.
Huntersville is a large suburban town in Mecklenburg County, North Carolina, United States. A part of the Charlotte metropolitan area, the population was 46,773 at the 2010 census, and had increased to 58,098 according to the 2019 census annual estimate, making Huntersville the 17th largest municipality in North Carolina. It is located 14 mi (23 km) north of Charlotte.
U.S. Highway 21 (Statesville Road) and North Carolina Highway 115 (Old Statesville Road) are the two main north-south arterial roads through the town. These two routes complement I-77 south to Charlotte and north to Mooresville and Statesville, which are both in adjacent Iredell County.