2316 3Rd St Chattanooga, TN 37404
- Turn key restaurants
- 1,337 SF
- 0.57 lot acres
Current Use by Public Records
- American Wings / Fast Food Restaurant
Property Details for 2316 3Rd St
- Year built
- 1965
- Lot size
- 0.57 lot acres
- Property size
- 1,337 SF
- Zone code
- C2
- Property type
- Turn key restaurants
- APN
- 146F X 003
- APU
- 146FX003
Description
This exceptional investment opportunity presents a 1,337 square foot quick-service restaurant (QSR) in Chattanooga, Tennessee, currently occupied by American Wings under a brand-new 10-year triple-net (NNN) lease. The property, located at 2316 E 3rd St, sits on a 0.56-acre lot zoned C2, offering potential for future expansion. Built in 1965 and renovated in 2018, the single-story building boasts 100% occupancy and generates a strong net operating income (NOI) of $48,000, resulting in a 7.38% cap rate. The asking price is $650,000, translating to $486.16 per square foot. American Wings, a well-established tenant operating since 2016, benefits from the high daytime population in Chattanooga's medical community. The lease includes a 10% rent increase every five years and two five-year renewal options, ensuring long-term income growth and stability. The property's location within a thriving medical district, near CHI Memorial Hospital and Parkridge Medical Center, provides a consistent customer base. The existing northeast corner of the property offers additional development potential. This sale-leaseback presents a secure, high-yield investment with significant upside potential.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Chattanooga
- County
- Hamilton
- State
- Tennessee
- Longitude
- -85.2658
- Latitude
- 35.0384
- CBSA code
- 16860
- CBSA name
- CHATTANOOGA, TN-GA METROPOLITAN STATISTICAL AREA
