Firehouse Subs

Retail-Commercial for Sale
Sale Pending/Contingent
Catylist Listing ID: 30772093
Property Subtypes: Restaurant, Street Retail
Status: Pending/Contingent
Building Size (RSF): 1,800 SF
Gross Building Area: See Agent
Gross Land Area: 1.64 Acres
Sale Price: $535,000
Unit Price: $297.22 PSF
Property Use Type: Net Leased Investment (NNN)
Sale Terms: Cash to Seller
Cap Rate: 6.88%
Average Occupancy Rate: 100
Last Updated: 1/26/2022

Overview / Comments

Net leased retail condominium located in Central Park Commerce on Oak Ridge Turnpike. The condominium is net leased to B Squared Enterprises, LLC, a Firehouse Subs Franchisee. The lease has an expiration date of October 30, 2027, with two five (5) year renewal options with 5% rent increases for each renewal period. "The Lease is intended to be a triple net lease".

The restaurant has a seating capacity of roughly 65.

The property enjoys excellent visibility from Oak Ridge Turnpike which has an average daily traffic count of approximately 21,853.

B Squared Enterprises, LLC was awarded the Axe Award as the Mid-Atlantic Franchisee of the Year for 2020. B Squared owns and operates a total of 10 Firehouse Subs restaurants located in Knoxville, Oak Ridge, Maryville, Farragut, Pigeon Forge, Lenoir City, Cookeville, Tennessee and Crossville, Tennessee.

Financials

Finance Data Year 2021
Real Estate Taxes - Annual($) $3,814 (Annual)
Net Operating Income $36,840 (Annual)
Actual or Proforma Year Actual

Additional Details

Nearest MSA: Knoxville
County: Anderson
Tax ID/APN: 100H A 005.00 109
Zoning: UB-2
Area Description: The property is located in the heart of the retail district on Oak Ridge Turnpike. Central Park Commerce is located adjacent to Manhattan Place with the anchor tenant being Food City. From Knoxville, north on the Pellissippi Parkway to Oak Ridge, right onto Lafayette, left onto Oak Ridge Turnpike to the first traffic light, left into Manhattan Place and Central Park Commerce. The property is located to the left behind Home Federal Bank.
Tenancy: Single Tenant
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 1,800 SF
Property Condition: Excellent
Year Built: 2006
Roof Type: Flat
Construction/Siding: Stucco
Parking Type: Surface
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Package Unit

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 6,578 24,414 39,767
Median Age: 39.43 42.07 43.42
Households: 3,128 10,771 17,012

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