Absolute Net Investment in Key Location

Retail-Commercial for Sale
Catylist Listing ID: 30657257
Property Subtypes: Restaurant
Building Size (RSF): 2,000 SF
Gross Land Area: 0.16 Acres
Sale Price: $995,000
Unit Price: $497.50 PSF
Property Use Type: Net Leased Investment (NNN)
Building Name: Firehouse Subs
Sale Terms: Cash to Seller
Cap Rate: 4.86%
Last Updated: 4/2/2021

Overview / Comments

This absolute net offering has no landlord responsibilities and 10 years remaining with increases at 2023 & 2028. It presents an opportunity for an investor to acquire an asset at a prime, Main & Main West Knoxville Location across from West Town Mall. The tenant has been at this location for twelve years and has already exercised three extension options with rent increases. Income is predictable into 2030 and should continue for years beyond that.

The tenant is a successful franchisee, currently operating eight Firehouse Subs restaurants. In addition, personal guaranties are in place.
The building was custom-built to Firehouse Subs’ specifications; its striking appearance and highly-visible pole sign at a high-traffic location at the major retail hub of Kingston Pike and Morrell/Buckingham Road make it a most desirable location.

The 2,000 square foot building makes efficient use of the site which also provides 20 parking spaces for the property. Access is provided by easement from the adjoining Walgreens.
See the OM using the Link or call for an emailed copy.

Attachments & Media

Additional Details

Nearest MSA: Knoxville
County: Knox
Taxing Authority: Knox County
Tax ID/APN: 120FA011
Zoning: C-H-2
Retail Clientele: General, Family, Business, Traveler
Property Located Between: I-40 & Kingston Pike
Property Visibility: Excellent
Largest Nearby Street: Kingston Pike
Traffic/Vehicle Count: 23,320
Highway Access: Kingston Pike
Airports: TYS
Site Description: Located directly next to I-40 & Walgreens
Tenancy: Single Tenant
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 2,000 SF
Property Condition: Excellent
Year Built: 2008
Roof Type: Flat
Construction/Siding: Block
Total Parking Spaces: 11
Parking Type: Surface
Heat Type: Electricity
Heat Source: Central
Air Conditioning: Package Unit
Internet Access: Cable
Zoning Description: Highway Commercial
Water Service: Municipal
Sewer Type: Municipal
Easements Description: 9 parking spaces in recorded agreement on the Walgreens property.
Land Ownership: Fee Simple

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 9,594 69,815 152,808
Median Age: 36.98 36.55 37
Households: 5,125 31,998 65,211


Photograph of Listing Agent

Steve Goldman, CCIM

Goldman Partners Realty, LLC KAAR CIE Member
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