Absolute NNN Popeyes | Strong Franchisee | Directly Off Interstate 75

6105 Ringgold Rd, Chattanooga, TN 37412, USA
$2,046,315

Description

Marcus & Millichap is pleased to present for sale this Absolute NNN Popeye’s Louisiana Kitchen Restaurant located at 6105 Ringgold Road, East Ridge, Tennessee. The subject property consists of approximately 2,393 square foot building situated on a .88-acre parcel of land.
Strategically located in the Heart of East Ridge on Ringgold Road, the property benefits from great visibility and traffic counts in excess of nearly 30,000 vehicles per day. The subject property is Ideally positioned directly off the exit of Interstate 75, a heavily traveled highway, serving the greater Chattanooga Metro area, averaging 108,000+ Vehicles per Day.
There are multiple traffic drivers to this Popeyes, including its location less than a mile from the newly built Top Golf and Bass Pro Shop, serving as a straight consumer base from which to draw. Furthermore, the Subject Property is surrounded by a 128-bed hospital facility and an impressive roster of national retailers including, but not limited to, Walmart Supercenter, Chic-fil-A, Walgreens, McDonald’s, as well as many others.
Popeyes originally executed a 20-year lease in 2015 and has a lengthy 13+ years remaining on the base-term. Additionally, the lease calls for three, five-year option periods bringing the potential lease term to 35 years. This Popeyes is positioned in the Chattanooga MSA which benefits from a population greater than 569,000. Furthermore, the subject property benefits from 137,000 full-time residences with a household income exceeding $65,000 annually within a five-mile radius. Popeye’s Louisiana Kitchen, Inc., also known as Popeye’s, is a famous American multinational chain of fried chicken fast food restaurants that was founded in 1972 in New Orleans and is today headquartered in Miami, Florida. As of 2020, Popeye’s had 3,451 restaurants located in 36 states, The District of Columbia, Puerto Rico and 30 countries worldwide. Annual income for Popeye’s Inc. exceeds 268.9 million dollars annually.

  • Absolute NNN Lease | Zero Landlord Responsibility
  • Attractive 10 Percent Rent Increases Every Five Years | Significant Hedge Against Inflation
  • Long-Term Lease with (3) Five-Year Options | Commitment to Site
  • High Visibility and Ease of Access | Directly Off Interstate 75 | 108,000+ VPD
  • National Retailers in the Immediate Area Include Walgreens, Walmart, Top Golf, Bass Pro Shop
  • Minutes from Chattanooga Airport | 550,000+ Annual Visitors
  • Popeyes is Considered an Essential Tenant
  • Tennessee Has No State Income Tax

Property Documents

  • City: Chattanooga
  • State/county: Tennessee
  • Zip/Postal Code: 37412
  • Country: United States

Detail

  • Price: $2,046,315
  • Year Built: 2015

Additional details

  • CAP RATE: 4.75%
  • NOI: $97,200

Features