3201 Peoples St Johnson City, TN 37604
- Drive through restaurants
- 3,120 SF
- 1.85 lot acres
Current Use by Public Records
- Wendy's / Hamburger Restaurant / Restaurant
Property Details for 3201 Peoples St
- Year built
- 2001
- Construction
- WOOD
- Lot size
- 1.85 lot acres
- Property size
- 3,120 SF
- Property type
- Drive through restaurants
- APN
- 037F B 01200
- APU
- 037FB01200
Description
This exceptional investment opportunity presents a 3,120 square foot Wendy's restaurant located at 3201 Peoples St, Johnson City, TN 37604. The property boasts a strong 5.00% cap rate and a substantial 26.1 years remaining on a triple-net (NNN) lease, expiring December 30, 2050, with a commencement date of October 31, 2019. The lease includes 7.5% rent bumps every five years, ensuring consistent income growth. Built in 2010 and renovated in 2020, this single-tenant property sits on a 1.85-acre lot and benefits from a prime location within the Johnson City MSA, enjoying high visibility and accessibility due to its proximity to major roadways including Interstate 26/US Route 23 and State of Franklin Road, experiencing combined daily traffic of 184,086 vehicles. The property is also conveniently located near East Tennessee State University (15,250 students) and major retail centers, serving a substantial population of 158,787 residents within a ten-mile radius, with average household incomes exceeding $105,000. The franchisee tenant enjoys a strong track record, and the property's location and lease terms make it an attractive investment with significant long-term potential. The Net Operating Income (NOI) is $130,000, and the asking price is $2,600,000, resulting in a price per square foot of $833.33. Further lease options are available for 4 or 5 year terms. This is a rare opportunity to acquire a well-established, high-performing Wendy's location with a secure, long-term lease.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $2,350,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $2,635,000
- 6.5%
- $2,715,000
- 7%
- $2,660,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $2,320,000
- Geo Method
- $2,635,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $2,270,000
- Retail
- $2,240,000
- Mixed-Use
- $2,705,000
- Hospitality
- $2,810,000
- Educational
- $2,550,000
- Residential Income
- $2,795,000
- Energy
- $2,245,000
- Income-Based Land
- $2,435,000
- Food Service
- $3,060,000
Location Insight
- Map
- Local Demand
- City
- Johnson City
- County
- Washington
- State
- Tennessee
- Longitude
- -82.399
- Latitude
- 36.3493
- CBSA code
- 27740
- CBSA name
- JOHNSON CITY, TN METROPOLITAN STATISTICAL AREA
