3201 Peoples StJohnson City, TN 37604

  • Retail properties
  • 3,120 SF
For Sale
$2,600,000 View listing

Property Details for 3201 Peoples St

Year built
2001
Construction
WOOD
Lot size
1.85 AC
Property size (Sq ft)
3,120 SF
Property type
Retail properties
Property subtype
Drive through restaurants
APN
037F B 01200
APU
037FB01200

Description

This exceptional investment opportunity presents a 3,120 square foot Wendy's restaurant located at 3201 Peoples St, Johnson City, TN 37604. The property boasts a strong 5.00% cap rate and a substantial 26.1 years remaining on a triple-net (NNN) lease, expiring December 30, 2050, with a commencement date of October 31, 2019. The lease includes 7.5% rent bumps every five years, ensuring consistent income growth. Built in 2010 and renovated in 2020, this single-tenant property sits on a 1.85-acre lot and benefits from a prime location within the Johnson City MSA, enjoying high visibility and accessibility due to its proximity to major roadways including Interstate 26/US Route 23 and State of Franklin Road, experiencing combined daily traffic of 184,086 vehicles. The property is also conveniently located near East Tennessee State University (15,250 students) and major retail centers, serving a substantial population of 158,787 residents within a ten-mile radius, with average household incomes exceeding $105,000. The franchisee tenant enjoys a strong track record, and the property's location and lease terms make it an attractive investment with significant long-term potential. The Net Operating Income (NOI) is $130,000, and the asking price is $2,600,000, resulting in a price per square foot of $833.33. Further lease options are available for 4 or 5 year terms. This is a rare opportunity to acquire a well-established, high-performing Wendy's location with a secure, long-term lease.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $885,046
    6.5%
    $816,965
    7%
    $758,611
  • Comparable approach

    Method
    Valuation
    Relative Method
    $647,311
    Geo Method
    $647,311
  • Alternative Use

    Use
    Valuation
    Residential
    $689,141
    Hospitality
    $631,249
    Educational
    $525,192
    Medical
    $543,254
    Retail
    $816,965
3201 Peoples St, Johnson City, Tennessee

Location Insight

City
Johnson City
County
Washington
State
Tennessee
Latitude
36.3493
Longitude
-82.399
CBSA code
27740
CBSA name
JOHNSON CITY, TN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
0
-
$325,120
$203,560
$528,680
-
$812,800
$508,900
$1,321,700

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