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Wendy's 802 Highway 51 N 2,811 SF Retail Building Covington, TN 38019 $1,869,310 ($665.00/SF) 6% Cap Rate
INVESTMENT HIGHLIGHTS
- Long-Term NNN Lease With CPI-Based Increases
- Growing Covington Market With Major Developments
- Globally Recognized QSR Brand
- Surrounded by National Retail Anchors
- Part of Memphis MSA With Strong Demographics
EXECUTIVE SUMMARY
Marcus & Millichap is pleased to present the opportunity to acquire a freestanding Wendy’s located at 802 US-51 in Covington, Tennessee. The property is subject to a long-term NNN lease with approximately 12 years remaining, featuring CPI-based rent increases every 5 years and four (4) five-year renewal options.
The ±2,811-square-foot building sits on a ±0.57-acre parcel with prime frontage along US-51, Covington’s primary retail corridor. The property benefits from excellent visibility, convenient access, and strong traffic flow. Surrounding national retailers include Walmart Supercenter, Walgreens, Tractor Supply Co., Dollar Tree, Five Below, McDonald’s, and AutoZone, creating a robust retail synergy and consistent customer draw.
Covington is part of the Memphis MSA, one of Tennessee’s fastest-growing metros with a population exceeding 1.3 million. The area is experiencing significant investment, including a $97.7M Charms LLC manufacturing expansion, a $12.4M renovation of Broadmeadow Place Apartments, and infrastructure upgrades such as a $2M sewer extension and the planned Future Interstate 69 corridor. These developments strengthen the local economy, enhance connectivity, and position Covington for long-term growth.
The ±2,811-square-foot building sits on a ±0.57-acre parcel with prime frontage along US-51, Covington’s primary retail corridor. The property benefits from excellent visibility, convenient access, and strong traffic flow. Surrounding national retailers include Walmart Supercenter, Walgreens, Tractor Supply Co., Dollar Tree, Five Below, McDonald’s, and AutoZone, creating a robust retail synergy and consistent customer draw.
Covington is part of the Memphis MSA, one of Tennessee’s fastest-growing metros with a population exceeding 1.3 million. The area is experiencing significant investment, including a $97.7M Charms LLC manufacturing expansion, a $12.4M renovation of Broadmeadow Place Apartments, and infrastructure upgrades such as a $2M sewer extension and the planned Future Interstate 69 corridor. These developments strengthen the local economy, enhance connectivity, and position Covington for long-term growth.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Fast Food
Building Size
2,811 SF
Building Class
C
Year Built/Renovated
1984/2021
Price
$1,869,310
Price Per SF
$665.00
Cap Rate
6%
NOI
$112,159
Tenancy
Single
Building Height
1 Story
Building FAR
0.11
Lot Size
0.57 AC
Opportunity Zone
Yes
Zoning
Commercial - Commercial district zone
Parking
40 Spaces (14.67 Spaces per 1,000 SF Leased)
Frontage
116’ on Us-51 Hwy
AMENITIES
- Pylon Sign
- Signage
- Drive Thru
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 025K-B-008.01 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $199,920 |
PROPERTY TAXES
Parcel Number
025K-B-008.01
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$199,920
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Wendy's | 802 Highway 51 N
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