900 Sunset DrJohnson City, TN 37604

Property Details for 900 Sunset Dr

Year built

1996

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

2.44 AC

Property size (Sq ft)

8,366 SF

Property type

Retail properties

Property subtype

Grocery and convenience stores

APN

045D A 03100

APU

045DA03100

Description

This exceptional investment opportunity presents a fee-simple ownership of a thriving convenience store and gas station located at 900 Sunset Dr, Johnson City, TN 37604. The property, built in 1996 and renovated in 2021, boasts a substantial 4,348 square feet on a 2.44-acre lot. Currently leased to GPM Investments (dba Roadrunner), a credit-rated tenant with an S&P rating of B+ and NASDAQ symbol ARKO, this property offers an absolute NNN lease with zero landlord responsibilities. The 15-year lease, commencing April 30, 2022, and expiring April 29, 2037, has a remaining term of approximately 12.4 years, providing significant long-term stability. The lease includes four 5-year renewal options and features a 10% rent increase every five years, ensuring consistent NOI growth and inflation protection. The property generates a substantial NOI of $246,149, resulting in a compelling 6.00% cap rate. The asking price is $4,102,000. This is an ideal, management-free investment opportunity in a state with no state income tax. The property's APN is 090045D A 03100. This is a turnkey investment with a strong tenant and a proven track record. The tenant is responsible for all common area maintenance (CAM), taxes, and insurance.

• CAP approach

  CAP return

  Valuation

  6%

  $2,373,171

  6.5%

  $2,190,620

  7%

  $2,034,147

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,735,707

  Geo Method

  $1,735,707

• Alternative Use

  Use

  Valuation

  Residential

  $1,847,870

  Hospitality

  $1,692,638

  Educational

  $1,408,255

  Medical

  $1,456,687

  Retail

  $2,190,620

Location Insight

City

Johnson City

County

Washington

State

Tennessee

Latitude

36.3337

Longitude

-82.3903

CBSA code

27740

CBSA name

JOHNSON CITY, TN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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