Listed by SURMOUNT
$2,515,105
Wendy's
Details
Property Type Retail
Sub Type QSR/Fast Food
Square Footage 2,711
Cap Rate 5.50%
NOI $138,331
Tenancy Single
Lease Type NNN
Lease Expiration 05/31/2041
Year Built 1979
Year Renovated 2020
Acreage 0.650
Tenant Credit Franchisee
Lease Commencement 05/06/2021
Ground Lease No
About This Property
Marketing description
Surmount is pleased to present the Offering Memorandum for a Wendy's located at 749 S Highland St, Memphis, TN 38111. The site consists of roughly 2,711 rentable square feet of building space on an estimated 0.65-acre parcel of land. This Wendy's is subject to a 20-year Triple Net (NNN) lease, which commenced 5/6/2021. The current annual rent is $138,331 and has scheduled increases of lesser of change in cpi or 1.25% annually.
Investment highlights
- Long Term Absolute Triple-Net (NNN) Lease | This site is subject to an original twenty year absolute triple net (NNN) lease, with no landlord responsibilities. There are over fifteen years remaining in the base term, with an additional six, five-year option periods.
- Experienced Franchisee | Meritage Hospitality Group is an experienced 388+ unit operator and is one of the largest Wendy's franchisees in the world. Meritage is publicly traded (OTCQX: MHGU).
- Nationally Recognized Brand | Wendy's is the world's third largest hamburger fast food chain. Wendy's is publicly traded (NASDAQ: WEN) with a $1.80 billion market capitalization.
- Strong Demographics | There are over 15,000 individuals within a one mile radius, over 98,000 within a three mile radius, and over 249,000 within a five mile radius of the subject property.
Listing Contacts
Listed by SURMOUNT
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$138,331.00
$11,527.58/mo
Valuation Metrics
0
DSCR
5.5%
Cap Rate
5.5%
ROI
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