224 Dexter L Woods Memorial Blvd Waynesboro, TN 38485

Property Details for 224 Dexter L Woods Memorial Blvd

Year built

2003

Lot size

1.00 lot acres

Property size

1,373 SF

Property type

Drive through restaurants

APN

091077C A 01901

APU

091077CA01901

Description

This exceptional investment opportunity presents a 1,273 square foot Sonic Drive-In restaurant located on a one-acre lot at 224 Dexter L Woods Memorial Blvd, Waynesboro, TN 38485. The property boasts a strong location on a busy thoroughfare (9,980 AADT) with high visibility near US Highway 64, just half a mile from the downtown Court Square. Benefiting from an absolute NNN lease with an established Sonic franchisee, this property offers a remaining lease term of approximately 8.2 years (expiring January 15, 2033), providing long-term income stability. The lease includes percentage rent, resulting in low rent-to-sales ratios. The asking price is $2,024,000, representing a compelling $1,589.95 per square foot and a 6.00% cap rate with a current NOI of $121,428. The property benefits from a personal guaranty from an experienced operator with 32 units. The surrounding area features a strong demographic profile, with average household incomes exceeding $60,000 within a one-mile radius. Proximity to Wayne Medical Center, a 25-bed community hospital, and other national retailers such as McDonald's, Piggly Wiggly, Tractor Supply, and Dollar General, ensures consistent customer traffic. Waynesboro, Tennessee, situated 85 miles from Nashville, offers a unique lifestyle and benefits from a diverse local economy including automotive, textiles, manufacturing, and distilling industries. The absence of state income tax in Tennessee further enhances the investment's attractiveness. This is a rare opportunity to acquire a well-performing, established fast-food property in a growing market.

Location Insight

City

Waynesboro

County

Wayne

State

Tennessee

Longitude

-87.7586

Latitude

35.3243

Property Tax & Assessments