Listed by Matthews
$2,719,298
Chipotle | Kingsport, TN
Details
Property Type Retail
Sub Type QSR/Fast Food
Square Footage 2,386
Cap Rate 5.70%
NOI $155,000
Tenancy Single
Brand/Tenant Chipotle
Lease Type NN+
Lease Term 15
Lease Expiration 12/19/2038
Remaining Term 12.5
Rent Bumps Yes
Lease Options Four, 5-Year Options
Class A
Year Built 2023
Acreage 0.850
Investment Type Net Lease
Tenant Credit Corporate Guarantee
Lease Commencement 12/19/2023
Ground Lease No
5.70% Cap | New Construction | 1M SF of Surrounding Retail
Investment highlights
- New Construction — construction was completed in 2023.
- Nearby to Eastman’s Global HQ & Leading U.S. Manufacturing Facility — Eastman Chemical’s +900 acre headquarter facility is the region’s leading employer & is one of North America’s largest manufacturing sites.
- Premier Location & Major Retailers — 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, Chick-Fil-A, & many other national retailers.
- First Store Developed in Market — this is the 1st Chipotle to enter the Kingsport Market & is positioned for success.
- Landlord Friendly Lease — tenant is responsible for taxes, insurance, & common area maintenance (CAM).
- Transferrable Roof Warranty — landlord is responsible for the roof & structure. In 2023, ownership obtained a 20-year transferrable roof warranty to eliminate any potential capital expenditures in the future.
- Long Term Lease — thirteen years (13) remaining in the initial term of the lease.
- Nationally Recognized Tenant & Corporate Guarantee — this lease is guaranteed by Chipotle Mexican Grill, Inc., a nationally recognized & publicly traded (NYSE: CMG) company with 3,800+ locations.
- 10% Rental Increases — buyer will capitalize on increased returns every 5 years during the initial term of the lease & 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 seconds from Dobyns-Bennett High School in Kingsport, the 5th largest high school in Tennessee
Listing Contacts
Listed by Matthews
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$155,000.00
$12,916.67/mo
Valuation Metrics
0
DSCR
5.7%
Cap Rate
5.7%
ROI
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