Pizza Hut
Closed518 E. Main Street, Lincolnton, NC 28092
Property type
Retail
Price
$1,086,100
Building size
2,245 sf
Rentable area
2,245 SF
Year built
1977
Year renovated
Occupancy
Zoning code
Lot size
0.45 Acres
Sold/status
Sold · Date unknown
Sale price
$1086100
CAP
5.75%
Net Operating Income
$62,451
Property description
Franklin Street is pleased to present this Pizza Hut location in Lincolnton, North Carolina. Lincolnton is located in the Charlotte MSA 30 miles northwest of uptown. Pizza Hut recently executed a new 15 year lease at this location showing their strong tenant commitment to this site. The property is located at the center of the town on the main retail thoroughfare. This location is a high performer with a low rent to sales ratio. ADT Pizza, the franchisee, was formed in 2018 with the acquisition of 125 Pizza Hut locations across the East Coast. The previous franchisee had operated the locations for 20+ years. ADT Pizza currently has 174+ locations and is looking to continue their store growth through acquisitions and new store development. The CEO, who has an MBA from Harvard, spent many years in the hospitality industry as an executive with Starwood Hotels. On October 29, Pizza Hut's parent company Yum! Brands (YUM) reported the chain's offsite sales had surged 17%-21% during the third quarter of 2020.
Property highlights
- New 15 Year NNN Lease in Charlotte MSA
- Low rent to sales ratio: 8%
- 1.25% annual rent increases throughout the lease
- Tenant reports having 20% uptick in company sales during COVID-19 crisis
- Above average sales for Pizza Hut
- Strong growing franchisee: 174+ locations
- Pizza Hut plans to modernize and focus on carry-out and delivery business
- Located on the main retail corridor surrounded by national retailers including: Lowes, Walmart, Wendy's, Zaxby's, Cook Out, Taco Bell, among others
- Company and Unit level financials available upon CA