Crab Du Jour, Asheville, North Carolina

115 Tunnel Rd no-imageVIEW MAP

Property Information

Price: $2,353,693

Cap Rate: 6.75%
NOI: $158,874
Lease Term: 10 Years
Lease Type: NN
Building Size: Approximately 4,363 Square Feet
Year Built: 1990/2021
Status: Available
Lead Broker Information:

Dylan O’Hara


Property Description

Investment Highlights

  • 10 Year NN Lease with 7.5+ Years Remaining – Stable Cash Flow Asset – Minimal Landlord Responsibilities – Two (5-Year) Options to Renew
  • 2% Rent Increases Annually Throughout the Initial Term and Option Periods, Providing a Strong Hedge Against Inflation
  • Crab Du Jour Currently Operates 85 Locations Across 12 States & Plans to Open an Additional Thirty to Forty Units Each Year Over the Next Three to Four Years – Lease is Guaranteed by a Proven Crab Du Jour Operator
  • Intrinsic Value Asset – Large Format Restaurant at 4,363 Square Feet on a Sizeable 1.29 Acre Parcel Containing 74 Parking Spaces, Providing Crab Du Jour with the Ability to Effectively Handle High Restaurant Volume
  • High Traffic Location – More Than 17,800 Vehicles Per Day on Tunnel Road & Over 78,500 Vehicles Per Day on Interstate-240
  • Densely Populated, Infill Location with Strong Demographics – Over 96,000 People within a 5-Mile Radius of the Property with Average Household Income Exceeding $99,000
  • Strategically Positioned in a Strong Retail Corridor of Asheville, North Carolina – Closely Surrounded by Major National Retailers Including Outback, Buffalo Wild Wings, Burger King, McDonald’s & Taco Bell
  • Situated Next to an Ingles Market Grocery Store That Has Seen More Than 1.17 Million Visits During the Last Calendar Year
  • Less Than 1-Mile from the Asheville Mall, a JCPenney Anchored Shopping Mall That Has Seen Over 4 Million Visits During the Last Calendar Year
  • Located Near the River Hills & Riverbend Marketplace Shopping Centers That Bring Daily-Needs Customers to the Trade Area – More Than 6.69 Million Combined Visits to the Centers Over the Prior Calendar Year
  • Over 13.4 Million Square Feet of Industrial & Office Space and 14.7 Million Square Feet of Restaurant & Retail within a 5-Mile Radius of the Property, Resulting in a High Daytime Population of More Than 7,900 Businesses & 62,500 Employees
  • Approximately 2.2 Miles from the 815 Bed Mission Health Asheville Hospital with Over $5.01 Billion in Total Patient Revenue in 2022 and a Staff of More Than 5,200 Healthcare Professionals
  • Approximately 3.2 Miles from AB Tech Community College That Has Over 6,600 Students Enrolled and More Than 645 Faculty Members & Employees
  • Tremendous Multi-Family Density with Over 10,700 Apartment Units within a 5-Mile Radius of the Property