Denny's

4834 North Broadway Street, Knoxville, TN 37918

$2,208,000

Cap Rate 5.50%

Views: 82 Updated: 12.04.23 Posted: 10.27.23 Status: Inactive

Summary

Price $2,208,000	Built/Renov 1996/2017	Tenant Denny's
Cap Rate 5.50%	Lease Type NN+	Guarantor Franchisee
Size/SF 4,582	Lease Start 05-01-2018	#Units 35
Price/SF $481.89	Expiration 10-30-2038	Tenant Type Casual Dining
NOI $121,423	R. Term 13.11	Ownership Fee Simple
Rent/SF $26.50	Increases 7.0%/5/yrs	Pop 5Mi 147,213
Lot/AC 0.70	Options 4/5yrs/7%	AHHI 5Mi $66,703

Lease Highlights

Denny’s has 15 years remaining on the base term with 4 (5-year) options to extend
The lease features 7% rental increases every 5 years, beginning on 11/1/28
Favorable NN+ lease with landlord responsibilities limited to roof & structure
Lease is backed by RJC, LLC | Experienced 32-unit Denny’s operator
Tennessee has no state income tax

Location Description

The subject property is strategically located, with excellent visibility and access along Broadway/Hwy 71 which sees 80,000+ vehicles passing by daily. It is directly across the street from a Food City, Harbor Freight Tools, and Planet Fitness-anchored shopping center, and just over half a mile from 1-640 (79,000+ VPD). In addition, Denny's is about a mile from Knoxville Central High School...

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Key Features

High traffic 50M+ VPD
Dense retail corridor
Freeway close
Highway location
Dense 100M+ pop 5 mi
Top 100 MSA
Income tax free state
Favorable NN+ lease
Publicly traded company
25+ unit franchisee backed

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Links

Denny's Wikipedia Denny's Wikipedia Knoxville, Tennessee Zip Code 37918 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Denny's
Guarantor:Franchisee
Company:RJC, LLC
# Units:35
Stock: NASDAQ: DENN

About Tenant

Denny's, or Denny's Corp (NASDAQ: DENN), is one of America’s largest full-service restaurant chains based on number of restaurants. Founded by Harold Butler and Richard Jezak, who opened...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	6,868	60,852	150,593
2023 Total Population :	6,794	60,108	148,227
2023 Employed Civilian Pop :	3,524	29,378	69,512
2023 Total Businesses :	479	1,840	5,959
2023 Average Household Income :	$ 68,658	$ 68,932	$ 68,371
2023 Total Consumer Spending :	$ 195 M	$ 1645 M	$ 3789 M
2023 Median Age :	42	40	38
2023 Total Households :	3,243	27,209	63,182
2023 Pop Age 25+: Bachelor's Degree :	1,035	8,706	19,596
2023 Average Home Value :	$ 272,652	$ 276,758	$ 278,442

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
US 441	Harvest Mill Way	2021	34,641	0.07 mi
N Broadway	Woodrow Dr	2005	43,840	0.15 mi
ADAIR DR.-KNOXVILLE	N Broadway	2019	5,486	0.15 mi
Tazewell Pike	McCamey Rd	2005	19,730	0.23 mi
ADAIR DR.	N Broadway	2021	5,451	0.26 mi
Rennoc Rd NE	Tillery Ln NE	2005	1,237	0.27 mi
Highland Dr	N Broadway	2005	3,741	0.27 mi
SR 331	N Broadway St	2021	16,145	0.37 mi
SR 331	Smithwood Rd	2021	15,780	0.39 mi
Knox Rd NE	Maple Dr NE	2005	5,126	0.45 mi

Listing Broker

Aron Cline

Berkeley Capital Advisors

Contact

177 Listings
26894 Views
21 Sold

Calvin Short

Berkeley Capital Advisors

Contact

187 Listings
27870 Views
23 Sold

Aron Cline

Specializing in Single Tenant Net Lease and Shopping Centers, Aron Cline leads Berkeley Capital Advisors’ West Coast Office. Since 2011, Aron has been actively engaged in the commercial real estate space. Over the last decade, he and his team have been regarded as one of the most active brokerage teams in the country - having brokered over 1,300 transactions totaling $3.5 billion. His dedication and success have earned him the trust of some of the country’s top institutions, developers, high ne

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Calvin Short

Calvin Short joined Berkeley Capital Advisors in 2021 and leads the West Coast capital markets group. Since joining Berkeley, Calvin has been a part of closing 1,400 separate transactions with $4 billion in sales volume. Prior to Berkeley, Calvin served as Senior Vice President at Matthews REIS where he was consistently ranked within Matthews’ top five producing agents. In 2012, he graduated from The University of San Diego with a B.A. in Real Estate Finance. Calvin has spent the past 10 years

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