3201 Peoples StJohnson City, TN 37604

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

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.

• 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

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

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