Cap Rate: 6.50%
Net Operating Income: $66,990
Lot Size: 1.07 AC
Year Built: 1984
This is the rare opportunity to purchase an absolute NNN leased Wendy’s in Roanoke, Virginia. The tenant, a 14-unit operator, recently extended their lease five years, and have one, five-year option at the end of the five years with a 10% increase in rent. The tenant has been operating at this location since 1984, and current rent to sales ratio is 5.9%. The asset is well situated on a major commercial thoroughfare near Kroger Supermarket, and across from a retail strip center anchored by Dollar Tree.
Roanoke is an independent city in the state of Virginia. At the 2010 census, the population was 97,032. It is located in the Roanoke Valley of the Roanoke Region of Virginia.
Roanoke is the largest municipality in Southwest Virginia, and is the principal municipality of the Roanoke Metropolitan Statistical Area (MSA), which had a 2010 population of 308,707. It is composed of the independent cities of Roanoke and Salem, and Botetourt, Craig, Franklin, and Roanoke counties. Bisected by the Roanoke River, Roanoke is the commercial and cultural hub of much of Southwest Virginia and portions of Southern West Virginia.