For Sale
$3,194,000

8454 Tn-3Millington, TN 38053

Corporate-guaranteed NNN lease, strong returns.

Overview

Added:
Dec 11, 2024
Days on market:
115
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.

Highlights

  • $3,194,000 asking price for a 4,005 SF auto shop in Millington, TN.
  • Absolute NNN lease with a corporate guarantee from RaceTrac Petroleum, Inc.
  • 100% occupancy with 6.4 years remaining on a 15-year lease, plus 7 five-year options.
  • 7.5% rent increases every 5 years throughout the lease term.
  • 5.25% cap rate and $167,700 annual NOI.

Property Details for 8454 Tn-3

Property type
Retail properties, Auto shops
Square Feet
4,005 SF
Year Built/Renovated
2000/2005
Lot Size (sq. ft)
54,014 SF

Location Insight

City
Millington
County
Shelby
State
Tennessee
Latitude
35.3569105
Longitude
-89.8943093
8454 Tn-3, Millington, Tennessee

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
8454 Tn-3
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message