Absolute NNN Wendy’s | Outparcel to Walmart Supercenter | Knoxville MSA

1071 Cosby Hwy, Newport, TN 37821, USA
$2,747,400

Description

Marcus & Millichap is pleased to present for sale this Absolute NNN Wendy’s located at 1071 Cosby Hwy in Newport, Tennessee. The subject property consists of a Free Standing 2,639 square foot restaurant with a drive-thru window and ample parking on a .97 Acre Parcel of land.
Strategically located at the Corner of a Signalized Intersection, the property benefits from great visibility and daily traffic counts in excess of 20,000 vehicles per day. The property is also located within the Knoxville MSA, which has an estimated population of 852,715 and is home to the flagship campus of the University of Tennessee. This Wendy’s is adjacent to national retailers, such as AT&T and Walmart, and is in the vicinity of Dollar Tree, Papa Johns, Bojangles, and Lowe’s Home Improvement Center.
Wendy’s executed a 20 Year Absolute NNN lease in 2016 and have more than 14 years of term remaining with very rare and attractive 12 percent rent increases every five years including the (2) five-year options periods. This Wendy’s is ideally positioned as a Walmart Supercenter Out Parcel and is only three minutes away from a Lowe’s Home Improvement Center. Completed in 2016, the property underwent a Full Image Activation Remodel contributing to the on-site Strong Annual Sales.
Wendy’s is an international fast food restaurant chain founded by Dave Thomas on November 15, 1969 in Columbus, Ohio. The Wendy’s Company (NASDAQ:WEN) is the world’s third largest quick service hamburger company (following Burger King’s 12,000 locations and McDonald’s with over 31,000 plus locations.). It includes more than 6,500 franchise and Company restaurants in the U.S. and in 29 other countries and U.S. territories worldwide (5,457 restaurants are franchised and 77 percent of them are located in North America). Its annual sales volume is over $2.06+ Billion.

  • Absolute NNN Lease with Zero Landlord Responsibility
  • Very Strong Store Sales – See Agents for Details
  • Rare 12% Increases Every Five Years
  • Located at the Corner of a Signalized Intersection
  • Outparcel to Walmart Supercenter
  • Strong Traffic Counts exceeding 20,000 Vehicles Per Day
  • Full Image Activation Remodel Completed in 2016 | Commitment to Site
  • Experienced Wendy’s Operator
  • Tennessee is a No Income Tax State
  • Wendy’s is considered an Essential Tenant

Property Documents

  • City: Newport
  • State/county: Tennessee
  • Zip/Postal Code: 37821
  • Country: United States

Detail

  • Price: $2,747,400
  • Year Built: 2016

Additional details

  • CAP RATE: 4.25%
  • NOI: $116,765

Features