Wendy's

Richmond, VA

Key Details

Price:$2,742,857
Cap Rate:5.25%
Annual Rent:$144,000
Address:11274 Patterson Avenue, Richmond, Virginia 23238
Property Type:Retail
Lease Type:Triple Net (NNN)

Property Data

Original Lease Term:20 Years
Lease Expiration:20 Years from Close of Escrow
Lease Term Remaining:20 Years
Rental Increases:Lesser of Change in CPI or 1.50% Annually
Lot Size:0.75 Acres
Building Size:2,647 SF
Year Built:2023
NNN Pro is pleased to present the exclusive listing for a Wendy's located at 11274 Patterson Avenue, Richmond, Virginia 23238. The site consists of roughly 2647 rentable square feet of building space on an estimated 0.75-acre parcel of land. This Wendy's is subject to a 20-year Triple Net (NNN) lease, which will commence upon close of escrow. The annual rent will be $144,000 and has scheduled increases of Lesser of Change in CPI or 1.50% Annually.

About the Investment

  • 20-Year Triple Net Lease (NNN) | This investment opportunity features a 20-year triple net (NNN) lease, providing long-term stability and reliable income. With zero landlord responsibilities, the tenant assumes all costs for property taxes, insurance, and maintenance, ensuring a completely passive ownership experience.
  • Strong Franchisee Guarantee | This property is backed by a strong franchisee guarantee from Meritage Hospitality Group, the largest Wendy's franchisee in the world. As an experienced operator with over 388 units, Meritage brings unparalleled stability and proven success in the quick service restaurant industry.
  • Attractive Rental Increases | This property features attractive annual rental increases, with rent escalating by the lesser of 1.50% or the change in CPI each year. Starting at $142,500 in year one, the rent grows to $189,090 by year 20, reflecting a total increase of approximately 32.7% over the lease term. These steady increases provide built-in income growth, enhancing long-term investment returns and offsetting inflationary pressures.
  • Strong Brand Recognition | Wendy's has strong brand recognition as the world’s third-largest hamburger chain, known for its commitment to fresh, never frozen beef and high-quality ingredients. With a distinctive logo, memorable advertising, and a focus on innovation, Wendy's has earned a loyal following. Its consistent delivery of quality and customer satisfaction has made it a standout in the competitive fast-food industry.

Talk to the Pros

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Ryan Sblendorio

rsblendorio@nnnpro.com
License: NY: 10401309105
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Kyle Karsian

kkarsian@nnnpro.com
License: NY: 10401321452
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Andrew Darby

adarby@nnnpro.com
License: NY: 10401380956

Broker of Record

Brian Brockman

Bang Realty, Inc
License: 225245999
This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.