8454 Tn-3 Millington, TN 38053
- Retail properties
- 4,005 SF
- 1.24 lot acres
Current Use by Public Records
- Retail properties
Property Details for 8454 Tn-3
- Year built
- 2000
- Lot size
- 1.24 lot acres
- Property size
- 4,005 SF
- Property type
- Retail properties
- Property subtype
- Auto shops
Description
This exceptional investment opportunity presents a fee-simple ownership of a 4,005 square foot RaceTrac auto shop in Millington, Tennessee. Located on a 1.24-acre lot at a signalized, hard-corner intersection of a primary thoroughfare (US Highway 51), this property boasts excellent visibility and accessibility. The property features 20 parking spaces and benefits from its proximity to major retailers including Walmart, Lowe's, Ross, and numerous restaurants. Built in 2000 and renovated in 2005, the building is currently 100% occupied under a corporate-guaranteed Absolute NNN lease with RaceTrac Petroleum, Inc. The lease commenced April 1, 2016, and expires March 31, 2031, with seven 5-year options to extend. The lease includes 7.5% rental increases every five years, ensuring consistent NOI growth. The current NOI is $167,700, representing a 5.25% cap rate on the asking price of $3,194,000 ($797.50/sq ft). The property is zoned B-2 and offers a significant remaining lease term of approximately 6.4 years, providing a stable and predictable income stream for the investor. This is a truly management-free investment opportunity with zero landlord responsibilities. The property's location within a thriving retail corridor, combined with the strong tenant and lease terms, makes this an attractive investment with significant long-term potential. The 10-mile trade area boasts a population exceeding 129,000, with an average household income of $91,000.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Millington
- County
- Shelby
- State
- Tennessee
- Longitude
- -89.8943
- Latitude
- 35.3569
