Cap Rate: 5.00%
Net Operating Income: $137,739
Square Footage: 3,468
Rent to Sales: 6.9%
The subject property is a 20-year Wendy’s NNN lease, which commenced in December 2018. The lease is guaranteed by Delight Raleigh 1 LLC which operates 12 units. The tenant’s parent company is Delight Restaurant Group which operates over 57 restaurants including Wendy’s and Taco Bell and is continuing to grow. This lease calls for zero landlord obligations and scheduled increases of 8% every 5 years. The tenant also has four, 5-year options to renew. The site benefits from its location in a major retail trade area.
Roxboro is a city and the county seat of Person County, North Carolina. The population was 8,362 at the 2010 census. The city is 30 miles (48 km) north of Durham and is a part of the four-county Durham–Chapel Hill Metropolitan Statistical Area, which has a population of 504,357 as of the 2010 Census. The Durham–Chapel Hill MSA is a part of the larger Raleigh–Durham–Cary Combined Statistical Area, which has a population of 1,749,525 as of the 2010 Census.