Investment Overview

Marcus & Millichap is pleased to present the exclusive listing for the Hooters Restaurant located at 3725 E Franklin Blvd in Gastonia, NC. The site presently consists of roughly 3,616 rentable square feet of building space on estimated 2.02-acre parcel of land. In addition, there is another 5-acre parcel of land situated behind the subject property that is included in this offering. This presents a unique opportunity to acquire a cash-flowing, legacy net lease asset with prime frontage along Franklin Blvd, with the ability to further develop in a corridor that has little-to-no available land remaining. An investor would have a very attractive basis in the Hooters asset, which would also provide a potential development runway in unlocking considerable value in this exceptionally busy corridor. This Hooters is subject to a 20-year absolute triple-net (NNN) lease, which commenced in November 1998. The tenant is currently in their first option period. The current annual rent is $119,922 and is scheduled to increase by ten percent (10%) at the commencement of each of the three (3), five (5)-year renewal options.