Property Listing No Longer Available for Sale

850 Johnson Ride Road, Elkin, NC

Others for Sale - $1,006,666 - 7,550 Sq. Ft. on 49299.44 acres


Property Info

CIMLS#752016
Location
  850 Johnson Ride Road
  Elkin NC 28621
UpdatedOctober 7th, 2014
TypeOthers
Price$1,006,666
Building7,550 Sq. Ft.
Land49299.44 acres

Property Description

Marcus & Millichap is pleased to present a Rainbow Childcare Center located in Elkin, North Carolina. The tenant will sign a new 10 year corporate guaranteed, absolute-net lease, with two five-year options and 2.5 percent annual rent increases at close of escrow.

Rainbow Childcare Centers are one of the top childcare providers in the country. They have over 100 locations throughout the eastern United States and continue to aggressively expand. They are backed by a large private equity firm that manages over 650 million dollars in assets.

The subject property at 850 Johnson Ridge Road was built in 1995 for Mayberry Learning Center and has been a successful childcare operation since its inception. The current tenant, Rainbow Childcare, took over operations in 2010. They have shown a strong commitment to the location with significant improvements to the building such as new floors, carpeting, painting and a full branding overhaul.

This asset offers a safe investment with a strong return. It is ideal for Investors in a 1031 exchange

or looking for a long-term hold.

Location Description:

Located in Elkin, North Carolina.

Highlights:

>> New 10-Year Absolute-Net Lease - No Landlord Responsibilities

>> Strong Corporate Guarantee - Over 100 Locations

>> 2.5 Percent Annual Increases - Two, Five-Year Options

>> Occupied Since 1995 - Renovated in 2010

>> Below Market Rent - Easy Tenant Replacement

* Email for additional photos


Financials

Sales Info:

>> Cap rate: 7.5%

>> NOI: $75500