Circle K NNN
For Sale
Contact for pricing
1187 W Main St, Hendersonville, TN 37075
Corporate-backed convenience store occupied under a long-term ground lease with NNN structure.
Property Size5,154 SF
Price / SF$606.33
Days on Market143
Property Features for 1187 W Main St
General Information
Standard status
Active
Size
5,154 SF
Property subtype
Retail
Occupancy
100%
Lease Type
NNN
Building Details
Buildings
1
Tenancy
Single
Listing Agency:
Colliers - Nashville, Tennessee
(615) 850-2764
Listed By:
Jim Morris · License #TN 270138
Source:
Crexi
Added: Apr 10
Changed: Aug 29
Last Checked: Aug 29 at 9:40PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Colliers - Nashville, Tennessee
Investment Insights
Based on property information with market context.
The property is a Circle K convenience store at 1187 W Main St in Hendersonville, Tennessee. The 5,154-square-foot site operates under a NNN ground lease and has a 45-year operating history. Corporate support is provided by Alimentation Couche-Tard, Inc., which carries a BBB+ rating from S&P.
The property is positioned near the intersection of Vietnam Veterans Blvd and Center Point Road, an area identified with more than 80,000 vehicles per day. Hendersonville is part of the Nashville submarket and is described in the source information as having high population growth and upper household income levels.
The property is positioned near the intersection of Vietnam Veterans Blvd and Center Point Road, an area identified with more than 80,000 vehicles per day. Hendersonville is part of the Nashville submarket and is described in the source information as having high population growth and upper household income levels.
Key Highlights
- 5,154‑square‑foot Circle K convenience store
- NNN ground lease structure
- 45‑year operating history
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$126,284
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.04%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,525,680
$2.5M
Cap Rate 7%
$1,804,057
$1.8M
Cap Rate 9%
$1,403,156
$1.4M
Market Conditions
NOI Build-Up for 5,154 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$175.0K $33.96/SF
− Vacancy
−$6.7K −$1.29/SF
EGI
$168.4K $32.67/SF
− OpEx
−$42.1K −$8.17/SF
NOI
$126.3K $24.50/SF
Area
Sumner County, TN
Vacancy
3.80%
Lease Rate
$33.96 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,525,680
Cap Rate 7%
$1,804,057
Cap Rate 9%
$1,403,156
Alternative Uses
Best Use
Specialty Retail
$1.80M
$1.58M – $2.10M
NOI $126,284 @ 7.0% cap · market cap 4.04%
Second Best
Retail
$1.68M
$1.47M – $1.96M
NOI $117,620 @ 7.0% cap · market cap 3.76%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
133
Businesses Nearby
47k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Home Improvements & Furnishings 51%
Shops & Services 41%
Dining 8%
Tractor Supply Co.
Home Improvements & Furnishings
24,129 visits/mo
0.1 miles
Dodge's Southern Style
Shops & Services
11,454 visits/mo
0.2 miles
Circle K
Shops & Services
7,702 visits/mo
0.1 miles
SUBWAY
Dining
3,815 visits/mo
0.1 miles
Demographics for 37075, TN
71,023
Population
29,600
Households
2.4
Avg Household Size
39
Median Age
42%
College-Educated
95%
High-School Grad
59.0 sq mi
ZIP Area
1,204
Density / Sq Mi
$97,597
Median Household Income
$50,323
Median Earnings
$1,552
Median Rent
$403,400
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Corporate-backed convenience store occupied under a long-term ground lease with NNN structure.
Where is this nnn property located?
The property is located at 1187 W Main St Hendersonville, TN.
What is the asking price?
The asking price for this property is $3,125,000.
What are key features of this property?
This property features: 5,154‑square‑foot Circle K convenience store; NNN ground lease structure; 45‑year operating history
