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1501 N Broad St 2,500 SF Retail Building Tazewell, TN 37879 $2,454,545 ($981.82/SF) 5.50% Cap Rate
INVESTMENT HIGHLIGHTS
- Brand New Construction Wendy’s Restaurant with Drive Thru
- Very Strong 84+ Unit Franchisee Guarantee, Formally JAE Restaurant Group
- 45 Minutes - Short Drive From Knoxville, Tennessee
- 20 Year Absolute NNN Lease | 7.5% Rent Increases Every 5 Years
- Hard Corner Signalized Intersection | Traffic Counts Exceeding 20,000 Vehicles Per Day
EXECUTIVE SUMMARY
Marcus & Millichap is pleased to present for sale this Wendy’s Restaurant with drive thru located at 1501 N Broad Street in Tazewell, Tennessee. Tazewell is a town and the County Seat of Claiborne County, located a short 47-minute drive from Knoxville, Tennessee.
This brand new construction Wendy’s is subject to a 20 year absolute NNN Lease with 7.5 percent increases in rent every five years. This Wendy’s property is located a short distance from Walters State Community College with over 5,742 enrolled students and a few minutes from New Tazewell Municipal Airport.
Many apartment complexes surround this property including The Peaks of Tazewell Apartments with two stories and 56 rented apartment units, Cedar Ridge Apartments with 50 rented units. Also in close vicinity to the property are Rockwood Shopping Center, anchored by Fresh & Low Grocery (AWG) affiliate, Rite Aid, Family Dollar, Advance Auto Parts, The U.S. Post Office and many other national and regional retailers.
Also nearby this Wendy’s is Claiborne County Hospital Rehabilitation Center with 100 Beds and The Claiborne Medical Center, which is an 85 Bed full-service hospital.
Wendy’s is an international fast-food restaurant chain founded by Dave Thomas on November 15, 1969, in Columbus, Ohio. As of January 2019, there were a total of over 6,711 locations, including 353 that are company-owned. 6,356 restaurants are franchised and 77 percent of them are located in North America. (In 2016, Wendy’s was the world’s third largest hamburger fast-food chain, following Burger King’s 12,000 plus locations and McDonald’s with 31,000 plus locations.).
This brand new construction Wendy’s is subject to a 20 year absolute NNN Lease with 7.5 percent increases in rent every five years. This Wendy’s property is located a short distance from Walters State Community College with over 5,742 enrolled students and a few minutes from New Tazewell Municipal Airport.
Many apartment complexes surround this property including The Peaks of Tazewell Apartments with two stories and 56 rented apartment units, Cedar Ridge Apartments with 50 rented units. Also in close vicinity to the property are Rockwood Shopping Center, anchored by Fresh & Low Grocery (AWG) affiliate, Rite Aid, Family Dollar, Advance Auto Parts, The U.S. Post Office and many other national and regional retailers.
Also nearby this Wendy’s is Claiborne County Hospital Rehabilitation Center with 100 Beds and The Claiborne Medical Center, which is an 85 Bed full-service hospital.
Wendy’s is an international fast-food restaurant chain founded by Dave Thomas on November 15, 1969, in Columbus, Ohio. As of January 2019, there were a total of over 6,711 locations, including 353 that are company-owned. 6,356 restaurants are franchised and 77 percent of them are located in North America. (In 2016, Wendy’s was the world’s third largest hamburger fast-food chain, following Burger King’s 12,000 plus locations and McDonald’s with 31,000 plus locations.).
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Fast Food
Building Size
2,500 SF
Building Class
B
Year Built
2022
Price
$2,454,545
Price Per SF
$981.82
Cap Rate
5.50%
NOI
$135,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.08
Lot Size
0.75 AC
Zoning
C
Frontage
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 096H-A-019.01 | Improvements Assessment | $196,400 |
| Land Assessment | $165,600 | Total Assessment | $362,000 |
PROPERTY TAXES
Parcel Number
096H-A-019.01
Land Assessment
$165,600
Improvements Assessment
$196,400
Total Assessment
$362,000
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1501 N Broad St
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