8454 Tn-3Millington, TN 38053

Property Details for 8454 Tn-3

Year built

2000

Lot size

1.24 AC

Property size (Sq ft)

4,005 SF

Property type

Retail properties

Property subtype

Other retail properties

Description

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.

Location Insight

City

Millington

County

Shelby

State

Tennessee

Latitude

35.3569

Longitude

-89.8943

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