Pizza Hut
Closed1909 Milton Rd, Charlotte, NC 28215
Property type
Retail
Price
$916,309
Building size
2,500 sf
Rentable area
2,500 SF
Year built
1974
Year renovated
Occupancy
Zoning code
Lot size
0.40 Acres
Sold/status
Sold · Date unknown
Sale price
$916309
CAP
5.50%
Net Operating Income
$50,397
Property description
Franklin Street is please to present this Pizza Hut in Charlotte, North Carolina. The location is located in the central part of the city, just 6 miles from Uptown. The tenant has recently executed a 15-year lease extension showing their strong commitment to the site. Pizza Hut has a long operating history at this location since 1974 and has a planned renovation at the tenant's expense in 2022. The property is surrounded by other daily traffic generators including CVS, Family Dollar, multiple churches and schools. The property operates at a very healthy rent to sales ratio. ADT Pizza 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
- 15-Yr lease Pizza Hut in Charlotte, NC
- Strong Growing Franchisee - 174+ Units and Growing
- Planned Major Remodel in 2022 at Tenant's Expense
- Tenants reports strong sales increase of 20% during COVID-19
- Charlotte is the 3rd Fastest-Growing City in the Country
- 261,755+ Residents within 5 Miles of Property
- Surrounded by Daily Traffic Generators: Devonshire Elementary, Cochrane Academy, CVS, Family Dollar, and Multiple Churches
- Low rent to sales: 8.0%
- Company and Unit level financials available upon CA