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34451206
34451207

1628 John B White Sr Boulevard, Spartanburg, SC 29301 For Sale

DR
SC 25178
NAI Charleston
Listed by NAI Charleston
$2,500,000
4 days on market
Updated 4 days ago

1628 John B White Sr Boulevard

Details
Property Type Retail
Sub Type QSR/Fast Food, Restaurant
Square Footage 2,365
Cap Rate 5.20%
NOI $130,000
Tenancy Single
Brand/Tenant PSP-PLC 22, LLC (PSP Holdings)
Lease Type Absolute NNN
Lease Expiration 05/30/2042
Rent Bumps Yes
Lease Options Four (4) 5-year renewal options with 10% rent escalation at start of each option period
Price per SqFt $1,057
Year Built 2022
Buildings 1
Acreage 0.890
Investment Type Net Lease
Tenant Credit Franchisee
Lease Commencement 05/31/2022
Ground Lease No

1628 John B White Sr Boulevard, Spartanburg, SC 29301

Marketing description

NAI Charleston is pleased to present the opportunity to acquire a ±2,365 SF freestanding Popeyes situated on ±0.89 acres along one of Spartanburg's premier retail corridors. The property offers excellent visibility, convenient access, and a drive-thru configuration, with approximately six years remaining on the lease, providing stable, predictable cash flow. Surrounded by a strong concentration of national retailers and restaurants, the site benefits from consistent consumer traffic and is located within 30 minutes of downtown Greenville and 10 minutes of five colleges and universities, creating a diverse and growing customer base. Constructed in 2022, the property features modern improvements and presents an exceptional opportunity to acquire a newer, net-leased asset occupied by a nationally recognized quick-service restaurant brand.

Located inside a dense retail corridor of Spartanburg, SC with convenient access from John B. White Blvd and approximately 30 minutes from downtown Greenville.

Investment highlights

  • Acreage: ±0.89 AC
  • Improvements: ±2,365 SF freestanding building
  • Year Built: 2022
  • Landlord/Seller: Palmetto Land Buyers, LLC
  • Tenant: PSP-PLC 22, LLC (PSP Holdings); Guaranty: PLC Development Group, LLC
  • Price: $2,500,000
  • NOI: $130,000 (Lease Years 1-5)
  • Cap Rate: 5.2%
  • Structure: Absolute Triple Net (NNN)
  • Tenant Responsibility: taxes, insurance, & maintenance/repair
  • Lease Term: See Lease Summary (following page) for full commencement, expiration, and rent schedule

Listing Contacts

DR
SC 25178
NAI Charleston
Listed by NAI Charleston

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Loan Amount
$0.00
Annual Debt Service
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Annual Cash Flow
$130,000.00
$10,833.33/mo

Valuation Metrics

0
DSCR
5.2%
Cap Rate
5.2%
ROI

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