EZPAWN Chattanooga
Retail | 7.26% CAP | 14,416 SqFt
Marketing description
The property consists of a 14,000-square-foot freestanding building situated on approximately 1.02 acres of land. There are over three years remaining on the current lease term, with rental escalations scheduled every five years during the option periods. The lease is structured as an absolute NNN lease with zero landlord responsibilities. The roof was replaced in 2020 and carries a 15-year warranty.
EZPAWN operates the location and is a brand of EZCORP, Inc. (NASDAQ: EZPW), the second-largest pawn shop operator in the United States.
The property offers excellent access and visibility along Rossville Boulevard, which experiences traffic counts exceeding 24,940 vehicles per day. The surrounding area is highly dense, with more than 136,417 residents within a five-mile radius, increasing 40.6% to 196,992 during daytime hours due to the commuting workforce.
With over 27 years of successful operating history at this location, the store has demonstrated long-term stability and continued performance in the market.
Investment highlights
- Lease structure: NNN Lease with over 3+ years remaining | Corporate Guarantee by EZPAWN the second largest pawn shop operator in the U.S
- Lease tenure: With over 27 years of successful operating history at this location, the store has demonstrated long-term stability and continued performance in the market.
- Strong Traffic Exposure – Positioned along Rossville Boulevard with approximately 24,500 vehicles per day, providing excellent visibility and accessibility.
- Minimal Landlord Responsibilities: Tenant is responsible for all real estate taxes, insurance, and common area maintenance. Landlord’s responsibility is roof & HVAC replacement at the end of its useful life. The majority of the roof was fully replaced in 2020 and remains under a 15-year Carlisle Total Roof Warranty.
- Below Replacement Cost: Offered at approximately $59 per square foot, the asset is priced significantly below replacement cost, providing investors with a low basis and an attractive going-in return backed by a National credit tenant.
- Retail Site: Situated on an expansive 44,322 SF lot, the retail site offers ample on-site parking with 60 spaces (4:1,000 SF ratio) and multiple points of ingress and egress, providing excellent accessibility and circulation.
- Strategic Location Near Downtown Chattanooga: Located along U.S. Highway 27 (Rossville Boulevard), the property is approximately 3.6 miles from Downtown Chattanooga. Rossville Boulevard serves as a primary commercial artery connecting downtown Chattanooga to the Georgia state line, carrying significant daily traffic and providing excellent visibility and accessibility for retailers.
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