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Analyze more property details including ownership and financial history. Share advanced property insights with your clients and teams.
30053828
30053829

1651 E Stone Dr, Kingsport, TN 37660

TS
TN TN 370826
Matthews
CS
TN 361676, TX 693140
Matthews
Listed by Matthews
$2,920,000
94 days on market
Updated 71 days ago

Krispy Kreme - Kingsport, TN

Details
Property Type Retail
Sub Type QSR/Fast Food
Square Footage 2,653
Cap Rate 6.23%
NOI $181,890
Occupancy 100%
Tenancy Single
Brand/Tenant Starbucks, Dunkin' (+1)
Lease Type Absolute NNN
Lease Term 20.1
Lease Expiration 09/30/2034
Remaining Term 8.3
Rent Bumps Yes
Lease Options Four, 5-Years
Year Built 2014
Buildings 1
Acreage 0.420
Investment Type Net Lease
Tenant Credit Corporate Guarantee
Lease Commencement 09/09/2014

Prominent East TN Location | 6.23% CAP | Corporate | Abs.NNN

Investment highlights

  • Adjacent to Eastman’s global HQ & Leading U.S. Manufacturing Facility — Eastman Chemical’s +900-acre HQ facility is the region’s leading employer & is one of North America’s largest manufacturing sites.

  • Premier Location & Major Retailers Nearby — located in the heart of Kingsport, TN, this site is surrounded by national retailers such as Five Below, Target, Kroger, Ross Dress for Less, Lowe’s Home Improvement, Home Depot, Chick-fil-A, & many other prominent retailers.

  • Absolute Net (Abs.NNN) Lease Structure — zero landlord responsibilities.

  • Strong Lease Fundamentals — eight (8) years remaining on the initial lease term with twenty (20) years worth of renewal options.

  • Corporate Guarantee — lease is guaranteed by Krispy Kreme Doughnut Corp. (BYSE: DNUT).

  • 10% Rental Increases — buyer will capitalize on increased returns every 5 years during the initial term & in each renewal period.

  • High-Growth Market — Kingsport is part of the larger “Tri-Cities” region of Northeast Tennessee. This area has seen record population growth for the second consecutive year, quadrupling its growth rate prior to 2020.

  • Adjacent to Notable Tennessee High School — located minutes from Dobyns-Bennett High School in Kingsport, the 5th largest high school in TN.

Listing Contacts

TS
TN TN 370826
Matthews
CS
TN 361676, TX 693140
Matthews
Listed by Matthews

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$
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$181,890.00
$15,157.50/mo

Valuation Metrics

0
DSCR
6.23%
Cap Rate
6.23%
ROI

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Additional Information

Name
Hutt Cooke
License
356505, 263667 (TN)
Brokerage
Matthews Real Estate Investment Services, Inc
Brokerage Phone
(866) 889-0550
Title
Broker of Record
Brokerage Address
1600 West End Ave, Ste. 1500 Nashville, TN 37203
Name
Tanner Sanford
License
TN 370826
Brokerage Phone
8654190016
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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