Cap Rate: 5.00%
Net Operating Income: $118,925.48
Square Footage: 3,112
Lot Size: 0.69 AC
This is the rare opportunity to purchase an absolute NNN leased Wendy’s in Santee, SC. The tenant has an absolute NNN lease with four, 5 year options to renew. The lease call for 7.5% increases every five years. The site is operated by Carolina Restaurant Group, a strong and experienced operator of 122 units. The operator has been at this location since 1981, and the building is slated for renovation in 2022. The asset is well situated on a major commercial thoroughfare near CVS pharmacy, Shell Gas, and Wyndham.
Santee is a town in Orangeburg County along the Santee River Valley in central South Carolina, United States. It has become a resort town of note located centrally north-south along the Atlantic Seaboard of South Carolina. The region has been rural, with a primarily agricultural economy typical of Orangeburg County, but is now known primarily for its several golf courses in proximity to Lake Marion, Santee State Park and other Lake Marion attractions. Interstate 95 connects its attractions easily with tourists traveling by automobile. I-95 crosses a narrow arm of the lake into the town lands, along a causeway. Lake Marion is a man-made hydroelectric reservoir, which at 110,000 acres is one of the fifty largest lakes in the country.
The population was 961 at the 2010 census. The town has been undergoing economic and population growth, and development as rural niches are supplanted by bedroom communities.