Wendy’s 20 Year NNN Lease | Recent Store Remodel

7407 Strawberry Plains Pike, Knoxville, TN 37924, USA
$2,333,333

Description

Marcus & Millichap is pleased to present for sale this Wendy’s Restaurant with drive thru located at 7407 Strawberry Plains in Knoxville, Tennessee. Knoxville is a booming city on the Tennessee River in eastern Tennessee. This recently remodeled Wendy’s will be subject to a new 20 Year NNN Lease at Close of Escrow.
Many hotels surround this Wendy’s property including Holiday Inn, Fairfield Inn and Best Western. Only 10 minutes from this property are two brand new home developments including River Meadows by D.R. Horton and The Cottages at Governors lane by Epcon (Sold Out Upscale New Home Development). Pellissippi State Community College is only five minutes from this Wendy’s and has a current student enrollment of over 11,259 students.
Only 20 minutes from this Wendy’s property is Johnson University with a current student enrollment of over 845 students. Many recreational areas such as Zoo Knoxville and Knoxville Botanical Gardens are only 10 minutes from this property. Zoo Knoxville is a 53-acre zoo located near exit 392 ff Interstate 40 with over 800 animals and over 400,000 visitors each year. The Knoxville Botanical Gardens is a beautiful 47-acre gardens visited by thousands each year.
Knoxville is the principal city in The Knoxville Metropolitan Statistical Area with a population of over 869,046. Knoxville is the third largest city in Tennessee after Nashville and Memphis. This Wendy’s property is located in Strawberry Plains, which is an unincorporated and census designated place in the Knoxville Area. The Strawberry Plains Area has seen an increased amount of development since the 1990’s. There are several hotels, restaurants and gas stations near Exit 398 on I-40 at Strawberry Plains Pike. The Tennessee Department of Transportation Administrative Offices are also located in Strawberry Plains.
Wendy’s is an international fast-food restaurant chain founded by Dave Thomas on November 15, 1969 in Columbus, Ohio. As of January 2019, there were a total of 6,828 locations, including 361 that are company  owned. 6,467 restaurants are franchised and 77 percent of them are located in North America. (In 2016, Wendy’s was the world’s third largest hamburger fast-food chain following Burger King’s 12,000 plus locations and McDonald’s 31,000 locations.

  • Wendy’s 20 Year NNN Lease | 7.5% Increases Every 5 Years in Rent
  • Complete Restaurant Remodel in 2020 | Strong Commitment to the Site
  • Located in Knoxville, Tennessee Metropolitan Area with Population exceeding 869,000 People
  • Only 10 Minutes From Zoo Knoxville With over 400,000 Visitors Each Year and Knoxville Botanical Gardens with Thousands of Visitors Each Year
  • Only 5 Minutes From This Wendy’s is Pellissippi State Community College with Over 11,259 Students Enrolled
  • Wendy’s is Considered an Essential Tenant

Property Documents

  • Wendys-Strawberry-Plains-Knoxville-TN-om-ib
  • City: Knoxville
  • State/county: Tennessee
  • Zip/Postal Code: 37924
  • Country: United States

Detail

  • Price: $2,333,333
  • Year Built: 2020

Additional details

  • CAP RATE: 4.50%
  • NOI: $105,000

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