2375 Parr Ave Dyersburg, TN 38024

Property Details for 2375 Parr Ave

Year built

2022

Lot size

0.47 lot acres

Property size

1,119 SF

Property type

Drive through restaurants

APN

023088 01011

APU

2308801011

Description

This exceptional investment opportunity presents a fee-simple, 1,050-square-foot Marco's Pizza building with a drive-thru. Located in Dyersburg, Tennessee, at 2375 Parr Ave, this property is part of the 160,000-square-foot Dyersburg Commons shopping center, anchored by Hobby Lobby, Marshalls, and Ulta. The center boasts 26,800 vehicles per day and attracts 1.4 million visits annually from over 221,000 visitors. The building sits on a 0.21-acre lot and was constructed in 2022. The absolute NNN lease with the franchisee tenant commenced July 1, 2022, and has a remaining term of 7.6 years, expiring June 30, 2032, with two to five-year renewal options. Rent increases are built in, with a 10% bump in year six and 7.5% during option periods. The current annual net operating income (NOI) is $50,000, representing a 5.56% cap rate and a price per square foot of $857.14. The asking price is $900,000 and is suitable for a 1031 exchange. Dyersburg serves as a regional hub for a tri-state area encompassing Tennessee, Arkansas, and Missouri, located 79 miles northeast of Memphis. The tenant, Marco's Pizza, is a top 10 favorite QSR brand and the fastest-growing pizza chain in the United States, boasting over 1,129 stores nationwide. This property offers a compelling combination of a strong tenant, favorable lease terms, and a prime location within a thriving retail center. Detailed financials are available upon request.