Located at 949 North Wesleyan Boulevard in Rocky Mount, North Carolina, this absolute net-leased newly remodeled Wendy’s property
consists of a 3,138 sq.ft. restaurant with a drive-up window and ample parking. The subject property sits on a huge 0.95-acre parcel of land. It is strategically positioned at the signalized intersection of North Wesleyan Boulevard and Sutter’s Creek Boulevard that sees a combined daily traffic count of more than 37,900 vehicles per day. The immediate area has a population of close to 59,095 residents, having an average annual household income of more than $67,748. Almost 15 years are remaining on the original 20-year lease, including a 10 percent hike in rent every five years with the four five-year option periods. Several national and regional retailers are also present in the immediate area, including Target, Starbucks, Walmart, Red Lobster, McDonald’s, Toyota, Lidl, Golden Corral, Big Lots, Rainbow, Joann, Subway, Verizon, and Tractor Supply Co.
Founded by Dave Thomas on Nov 15, 1969, in Columbus, Ohio, Wendy’s is an international fast-food restaurant chain. Till January 2019, the company was operational at 6,711 locations, out of which the company owned 353 restaurants. A total of 6,358 restaurants are franchised, and North America has 77 percent of them. In 2016, second only to Burger King and McDonald’s, Wendy’s was the world’s third-largest hamburger fast-food chain.
This investment property is suitable for a 1031 exchange.
Property Details –