Listed by Matthews
$2,356,000
Wendy's - Elizabethton, TN
Details
APN 041B F 01200
Property Type Retail
Sub Type QSR/Fast Food, Restaurant
Square Footage 2,431
Net Rentable (SqFt) 2,431
Cap Rate 6%
NOI $141,368
Occupancy 100%
Tenancy Single
Brand/Tenant Wendy's
Lease Type Absolute NNN
Lease Term 20
Lease Expiration 08/31/2041
Remaining Term 15
Rent Bumps Yes
Lease Options Two (2), 5-year Options
Year Built 1991
Year Renovated 2018
Stories 1
Acreage 0.790
Investment Type Net Lease
Tenant Credit Franchisee, Corporate Guarantee
Lease Commencement 03/10/2004
Ground Lease No
East TN | $2.3M | 6% CAP | 15+ Years | Strong Operational History
Investment highlights
- Top-Performing Wendy's in a Growing East Tennessee Market - the property ranks in the 86th percentile of all Wendy's locations nationwide & benefits from Elizabethton's position within the rapidly growing Tri-Cities region, which experienced 17.4% population growth from 2010 - 2025 & is projected to continue expanding as retirees are drawn to Tennessee's affordability & tax advantages.
- Strong Consumer Base Driven by ETSU & Regional Healthcare Employment - located near East Tennessee State University, home to nearly 14,000+ students, the property benefits from a stable consumer base supported by higher education & healthcare employment, including the nationally recognized Quillen College of Medicine, one of only three medical schools in Tennessee.
- Strategic Location Along a Dominant Retail Corridor - the restaurant is positioned on a primary retail thoroughfare with 25,220 vehicles per day (VPD), providing strong visibility & convenient access while being surrounded by major national & regional retailers including Walmart, Lowe's, Food City, Ingles Markets, & Chick-fil-A.
- Gateway to One of the Southeast's Most Visited Outdoor Recreation Destinations - Elizabethton serves as an entry point to Cherokee National Forest, which attracts more than 2 million visitors annually, & is also near Watauga Lake & the Appalachian Trail, supporting tourism-driven traffic throughout the year.
- Operated by an Experienced Wendy's Franchisee - the property is operated M&J Restaurants, a long-standing Wendy's affiliate with a proven operating history, contributing to the location's strong performance & national ranking within the Wendy's system.
- Recently Renovated Asset with Limited Near-Term Capital Requirements - following a comprehensive renovation completed in 2018, the property features modern restaurant improvements that are expected to minimize near-term capital expenditures for ownership.
- Large Freestanding Restaurant on a 0.79-Acre Parcel - the property consists of a 2,431 SF building situated on approximately 0.79 acres, providing ample site size & parking within a well-established commercial corridor.
- Long-Term Absolute NNN Lease with Contractual Rent Growth - investors benefit from approximately 15 years of remaining lease term through August 2041, guaranteed by M&J Restaurants, Inc., with 8% rental increases every five (5) years & no Landlord responsibilities under the Absolute NNN lease structure.
Listing Contacts
Listed by Matthews
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Loan Amount
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Annual Debt Service
$--
$--
Annual Cash Flow
$141,368.00
$11,780.67/mo
Valuation Metrics
0
DSCR
6%
Cap Rate
6%
ROI
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