NNN Lease Investment
3201 Peoples St, Johnson City, TN 37604
Long-term NNN lease with structured rental increases in high-traffic area.
Type:Retail
Property size:
3,120 SFPrice / SF:
$853/SF- Added:
- Mar 10, 2026
- Days on Market:
- 64
- Last Refresh:
- Mar 19 at 10:18 pm
Property Features for 3201 Peoples St
General Information
- Standard status
- Active
- Size
- 3,120 SF
- Property subtype
- Retail
Building Details
- Year Built
- 2010
Listing agent Michael Tamir License #10401388321
Listing office Matthews
Listing date Mar 10, 2026
Source Crexi
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 Matthews
HighLights
- Absolute NNN Lease providing passive ownership with 24+ years of remaining term extending through December 31, 2050, ensuring long‑term income stability.
- Structured rental increases of 7.5% every five years throughout the initial term and all four 5‑year renewal options, guaranteeing consistent income growth.
- Attractive in‑place yield at a 5.25% cap rate on $139,750 NOI, with contractual rent escalations driving yield above 7% during the initial term.
- High‑traffic retail corridor location just off I‑26 / U.S. Route 23, benefiting from over 184,000 combined vehicles per day.
- Prime retail location near The Mall at Johnson City, East Tennessee State University, and Johnson City Medical Center, surrounded by strong retail, education, and healthcare drivers.
- Modern construction (2010) with recent renovation (2020), offering modern improvements and limited near‑term capital expenditure requirements.
Overview
This commercial property, originally built in 2010 and renovated in 2020, is secured by an Absolute Triple-Net (NNN) lease, offering passive ownership. The lease extends through December 31, 2050, providing long-term income stability. The base rent increases 7.5% every five years throughout the initial term and across all four 5-year renewal options. The property is offered at a 5.25% cap rate on $139,750 NOI. Contractual rent escalations are expected to drive yield above 7% during the initial term. The property is positioned off I-26 / U.S. Route 23, benefiting from more than 184,000 combined vehicles per day along surrounding roadways. It is located 2 miles from The Mall at Johnson City, 4 miles from East Tennessee State University, and 3.5 miles from Johnson City Medical Center. The surrounding area has strong retail, education, and healthcare drivers. The average household income exceeds $104,801 within a 1-mile radius, supported by steady projected population growth. The property is operated by Tri-Cities Restaurant Group, LLC, an established franchisee with approximately 17 Wendy’s locations, serving as lease guarantor.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Wendy's
Restaurant
Location Insight
- Map
- Local Demand
- City
- Johnson City
- County
- Washington
- State
- Tennessee
- Longitude
- -82.3989689
- Latitude
- 36.3492975
Nearby Similar for Sale
FAQs
What type of property is this?
Drive through restaurant - Long-term NNN lease with structured rental increases in high-traffic area.
Where is this drive through restaurant located?
The property is located at 3201 Peoples St Johnson City, TN.
What is the asking price?
The asking price for this property is $2,661,905.
What are key features of this property?
This property features: Absolute NNN Lease providing passive ownership with 24+ years of remaining term extending through December 31, 2050, ensuring long‑term income stability.; Structured rental increases of 7.5% every five years throughout the initial term and all four 5‑year renewal options, guaranteeing consistent income growth.; Attractive in‑place yield at a 5.25% cap rate on $139,750 NOI, with contractual rent escalations driving yield above 7% during the initial term.
