NNN Lease Investment
For Sale
Contact for pricing
3201 Peoples St, Johnson City, TN 37604
Long-term NNN lease with structured rental increases in high-traffic area.
Property Size3,120 SF
Price / SF$853.17
Days on Market156
Property Features for 3201 Peoples St
General Information
Standard status
Active
Size
3,120 SF
Property subtype
Retail
Zoning
B-4
Building Details
Year Built
2010
Listing Agency:
Matthews
Listed By:
Michael Tamir · License #10401388321
Source:
Crexi
Added: Mar 10
Changed: Aug 8
Last Checked: Aug 3 at 2:01PM
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
Investment Insights
Based on property information with market context.
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.
Key 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.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
707
Businesses Nearby
723k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 33%
Dining 26%
Superstores 19%
Home Improvements & Furnishings 8%
Sam's Club
Superstores
133,967 visits/mo
0.4 miles
Chick-fil-A
Dining
66,738 visits/mo
0.1 miles
Hobby Lobby
Shops & Services
55,283 visits/mo
0.2 miles
Five Below
Shops & Services
48,244 visits/mo
0.5 miles
Best Buy
Electronics
36,754 visits/mo
0.2 miles
Demographics for 37604, TN
37,025
Population
19,334
Households
1.9
Avg Household Size
38
Median Age
39%
College-Educated
89%
High-School Grad
33.0 sq mi
ZIP Area
1,122
Density / Sq Mi
$49,351
Median Household Income
$31,863
Median Earnings
$950
Median Rent
$231,900
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?
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.
