KFC

Lexington, VA

Price $1,073,000
Cap Rate 5.50%
TYPE Single-Tenant
STATUS Under Contract
Tenant KFC
LEASE TYPE Absolute NNN
SQUARE FEET 2,561
PRICE/SQ FT $418
YEAR BUILT 1997 (Est.)
LEASE EXP. 2/9/2032
LISTING AGENT Justin Zahn
480-214-5088 x102
justin@ciadvisor.com
Andrew T. Knight, New England Commercial Brokerage, Inc.
Virginia Local Broker #225214094

Property Description

KFC has 14 years remaining on an initial 20 year Absolute NNN lease with 7.5% rental escalations every 5 years (next increase: 2/10/2022). The tenant, JRN, Inc. is an experienced operator of 155 locations in 11 states. This location has been successfully open and operating for over two decades with an impressive 8.14% rent-to-sales ratio! This KFC is slated for a substantial remodel by yearend 2023, further solidifying the tenant’s commitment to the site.

The subject property is located in Lexington, Virginia with high drive by visibility just off Lee Highway. KFC is located just one mile from Washington & Lee University and less than half a mile from Carilion Stonewall Jackson Hospital. Nearby retailers include:  Kroger, Food Lion, True Value, Ollie’s Bargain Outlet, Dollar General, Goodwill Store, CVS Pharmacy, Tractor Supply Co., Peebles, Walmart, Lowe’s Home Improvement & Virginia Horse Center

*In Association with Virginia Local Broker: New England Commercial Brokerage, Inc.

Property Highlights

  • 14 Years Remaining on Initial 20-Year Absolute NNN Lease with 7.5% Rental Escalations every 5 Years (Next Increase: Feb 10, 2022)
  • Successfully Open & Operating for Over Two Decades with an 8.14% Rent-to-Sales Ratio!
  • Situated just off Lee Hwy and Enjoys High Drive-by Visibility where Traffic Counts Exceed 22,600 CPD
  • Tenant: JRN, Inc. is an Experienced Operator of 155 Locations in 11 States!
  • Slated for Substantial Remodel by YE 2023, Further Solidifying the Tenant’s Commitment to the Site!
  • Demographics (5-MI RING): Total Population: 15,562 | Avg HH Income: $66,769