Popeye’s | Prime location in fastest growing city in US Myrtle Beach, South Carolina

Property type: Single-Tenant Net Lease

The space

  • Price: $3,782,000
  • Cap Rate: 5.50%
  • Rentable Square Feet: 2,529
  • Annual Rent: $208,000
  • Land Area: 0.91 Acres
  • Year Built: 2024


2123 US-501
Myrtle Beach, South Carolina 29577

Investment Highlights

  • Brand New, 20-Year, NNN Lease | 10 Percent Rent Increases Every Five Years | Property Includes Drive-Thru Lane
  • Prime Location Directly in Front of Walmart Supercenter, The Home Depot and Costco
  • For Three Years in a Row, Myrtle Beach Has Ranked as the Fastest Growing City in the U.S.
  • Myrtle Beach was Recently Ranked as the Best City to Live in SC and as the 18th Best City to Reside in the Entire US
  • Under Construction with Construction to be Completed Approx. Mid-April with Opening Targeted for Mid-May 2024
  • Franchisee Currently Operating Three Popeye’s Locations (This Will Be Their Fourth) With Nine Other Popeye’s and Freddy’s Currently in Development
  • Population Over 95,000 Within a Five-Mile Radius and Over 199,000 Within 10 Miles, Projected to Increase to Over 106,500 Within a Five-Mile Radius and to Over 219,500 Within 10 Miles by 2027
  • Positioned Between Two Major Thoroughfares with Excellent Access and Visibility to More Than 65,000 Vehicles Daily on Highway 501, and More Than 44,000 Vehicles Daily on Highway 17


Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a brand-new Popeye’s located in Myrtle Beach, South Carolina. The property features a brand-new 20-year triple net (NNN) lease with four, five-year tenant renewal options, and 10 percent rent increases every five years in both the base term and option periods. The property is under construction and set to be completed in mid-April with a targeted opening in mid-May 2024. The property includes a drive-thru lane.

Myrtle Beach has been ranked as the fastest-growing city in the US for each of the past three years and was also recently ranked as the best city to live in SC and as the 18th best city to reside in the entire US. Myrtle Beach has a population exceeding 95,000 within a five-mile radius and over 199,000 within 10 miles. Projections indicate an increase to over 106,500 within five miles and over 219,500 within 10 miles by 2027. The average household income within five miles is $72,503.

The franchisee currently operates three Popeye’s locations, with this being their fourth, and has nine other Popeye’s and Freddy’s locations in development. They aim to have six Popeye’s and Freddy’s units open by the end of 2024 and a total of 10 units open by the end of Q1 2025. The lease includes a personal guarantee from four high-net-worth individuals, including former NBA superstar Carlos Boozer.

This prime location is situated directly in front of Walmart Supercenter, The Home Depot, and Costco. Positioned between two major thoroughfares, the property provides excellent access and visibility to over 65,000 vehicles daily on Highway 501 and more than 44,000 vehicles daily on Highway 17. Serving as the gateway to Myrtle Beach, it is a prime outparcel on Highway 501.

Surrounding national retailers include Walmart Supercenter, Costco Wholesale, The Home Depot, Target, Sam’s Club, Lowe’s Home Improvement, Michaels, Total Wine & More, AT&T, Verizon, Rooms To Go, PetSmart, Men’s Wearhouse, HomeGoods, LongHorn Steakhouse, Texas Roadhouse Grill, Red Lobster, Logan’s Roadhouse, Golden Corral, Red Robin, Five Guys, Chipotle, Cracker Barrel and many more.

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