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415 Broad St 2,431 SF Retail Building Elizabethton, TN 37643 $2,356,000 ($969.15/SF) 6% Cap Rate
Investment Highlights
- Ranks in the 86th percentile of all Wendy's locations nationwide
- ~15 years remaining lease term through August 2041 with 8% rent increases every 5 years
- Comprehensive renovation completed in 2018 with limited near-term capital requirements
- 25,220 VPD on primary retail corridor near Walmart, Lowe's, and Chick-fil-A
- Absolute NNN lease with no landlord responsibilities, guaranteed by M&J Restaurants, Inc.
- Located near ETSU's 14,000 students and Cherokee National Forest's 2M+ annual visitors
Executive Summary
Broker Of Record
Hutt Cooke
Matthews Real Estate Investment Services, Inc
356505, 263667 (TN)
1600 West End Ave, Ste. 1500 Nashville, TN 37203 (866) 889-0550
Hutt Cooke
Matthews Real Estate Investment Services, Inc
356505, 263667 (TN)
1600 West End Ave, Ste. 1500 Nashville, TN 37203 (866) 889-0550
Property Facts
Sale Type
Investment
Property Type
Retail
Building Size
2,431 SF
Building Class
B
Year Built/Renovated
1991/2018
Price
$2,356,000
Price Per SF
$969.15
Cap Rate
6%
NOI
$141,368
Tenancy
Single
Building Height
1 Story
Building FAR
0.07
Lot Size
0.79 AC
Frontage
125’ on Broad St
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
-
- Accommodation and Food Services
- -
- -
- -
Founded in 1969 by Dave Thomas in Columbus, Ohio, Wendy's began as a single hamburger restaurant and grew into a franchise-based quick-service chain. The company serves a menu centered on square hamburgers made with fresh beef, along with chicken sandwiches, salads, chili, baked potatoes, breakfast items, and the Frosty dessert. Wendy's operates through company-owned and franchised restaurants and uses a system that extends across a broad international footprint. The business remains focused on restaurant operations, menu development, and franchising as part of The Wendy's Company.
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
|
|
Accommodation and Food Services | - | - | - |
Fairly walkable
50/100
Exceptionally drivable
100/100
Somewhat bikeable
30/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 041B-F-012.00 | Improvements Assessment | $135,960 |
| Land Assessment | $144,120 | Total Assessment | $280,080 |
Property Taxes
Parcel Number
041B-F-012.00
Land Assessment
$144,120
Improvements Assessment
$135,960
Total Assessment
$280,080
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