3201 Peoples St Johnson City, TN 37604
Long-term NNN lease with structured rental increases in high-traffic area.
Property size:
3,120 SFLot size:
1.85 AcresProperty Features for 3201 Peoples St
General Information
- Standard status
- Active
- Size
- 3,120 SF
- Lot size
- 1.85 Acres
Building Details
- Year built
- 2010
Source:
Crexi
Listing Agency: Matthews Listing Agent: Michael Tamir
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
Overview
NNN Lease Investment Opportunity
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.
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
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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 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.
