122 Market Exchange Ct Franklin, TN 37067-1707

Property Details for 122 Market Exchange Ct

Year built

2006

Construction

FRAME

Lot size

7.13 lot acres

Property size

57,447 SF

Property type

Individual retail properties

APN

094053 12226

APU

9405312226

Description

This exceptional investment opportunity presents the fee simple interest in a Class A, 57,447 square foot Tesla Dealership & Service Plus located at 122 Market Exchange Ct, Franklin, TN 37067. The property sits on a 7.12-acre lot and benefits from a 10-year NNN lease with Tesla Motors, Inc., commencing July 1, 2022, and expiring June 30, 2032, with two 5-year renewal options. The lease includes significant rent bumps: a 12% increase in July 2027 and 10% increases at the start of each option period. The current NOI is $947,876, with a pro-forma NOI of $1,062,770, resulting in a current cap rate of 5.50% and a pro-forma cap rate of 6.17%. Built in 2005 and extensively renovated in 2022, including a new roof with a 10-year warranty, this single-tenant property boasts 100% occupancy. The property is zoned RC-6, allowing for various uses including commercial, mixed-use, large-scale office or retail buildings, civic buildings, and multifamily developments. The location is highly desirable, situated in a dense retail corridor with strong tenant synergy and affluent demographics (over 101,000 residents within a 5-mile radius, boasting an average household income exceeding $156,000). The property's proximity to Interstate 65 and the Cool Springs Galleria further enhances its appeal. Tesla's significant $4.5 million investment in the location underscores their long-term commitment. This is a rare, infill opportunity in a rapidly growing market.

Location Insight

City

Franklin

County

Williamson

State

Tennessee

Longitude

-86.8064

Latitude

35.9579

CBSA code

34980

CBSA name

NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments