Listed by Marcus & Millichap - Orange County
$1,995,000
Freestanding Drive-Thru Opportunity
Details
APN 090 02502
Property Type Retail
Sub Type Restaurant, QSR/Fast Food
Square Footage 3,612
Cap Rate 6.85%
NOI $136,643
Occupancy 100%
Tenancy Single
Lease Type Absolute NNN
Lease Term 20
Lease Expiration 11/29/2031
Rent Bumps Yes
Lease Options Four, Five-Year @ CPI (10% Max)
Year Built 1986
Acreage 1.450
Parking Spaces 13.50 per 1,000 sq ft
Investment Type Net Lease
Tenant Credit Corporate Guarantee
Lease Commencement 11/30/2011
Ground Lease No
Located in WEST KNOXVILLE GROWTH CORRIDOR
Marketing description
- Signalized, Hard Corner Location West Knoxville’s Primary Growth Corridor | This Region has Experienced Nearly 20% Growth Since 2010, Nearly Double that of Statewide and National Growth Rates
- Flexible Single-Tenant Configuration with a Large Lot of ±1.45 Acres and Abundant Parking, Offering Maximum Visibility and Access Along Oak Ridge Highway (Highway 62)
- Positioned Amidst Significant Residential and Retail Expansion: Over 2,400 New Residential Units Have Been or are Being Constructed in the West Knoxville Region
Investment highlights
Income Stability with Future Flexibility in a Growing Region
- Corporate Hardee’s Absolute NNN Lease (Zero Landlord Responsibilities) with ±5 Years Remaining, Offering Passive Income Today and Mark-to-Market Upside at Expiration or Through a Negotiated Early Termination
- Oak Ridge Highway (Highway 62) is a Major Arterial Connecting Downtown Knoxville, West Knoxville, and Oak Ridge with Strong Daily Commuter Traffic Patterns
- West/Northwest Knoxville Continues to Capture Outsized Growth, with ±5,600 Housing Units Permitted Countywide from 2015-2024 and Multiple Large Commercial Projects Advancing in Nearby Areas
- Ongoing Highway 62 Enhancements Include Turn Lanes, Sidewalks, Greenways, And Lane Expansion Further Strengthen Accessibility and Long-Term Corridor Appeal
Strong Real Estate Fundamentals
- Superior Visibility with Prominent Pylon Signage, Outdoor Seating, and Dedicated Drive-Thru Configuration Designed for High Volume Quick Service Operations
- Large ±1.45-Acre Parcel Featuring Ample Parking and Multiple Points of Ingress and Egress
- Knoxville Benefits from Stable Job Growth, Low Unemployment, and a Diverse Employment Base Anchored by Education, Healthcare, Manufacturing, and Technology
- Residential and Commercial Development Trends Indicate Continued Westward Expansion, Positioning the Property within a Strengthening Submarket
Broker of Record: Jody Mckibben | Lic #: 307629
Listing Contacts
Listed by Marcus & Millichap - Orange County
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$136,643.00
$11,386.92/mo
Valuation Metrics
0
DSCR
6.85%
Cap Rate
6.85%
ROI
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