Wendy's

3201 Peoples Street, Johnson City, TN 37604

$2,653,000

Cap Rate 4.90%

Views: 169 DOM: 507 Updated: 11.08.24 Posted: 07.03.23 Status: Active 07.09.24

Summary

Price $2,653,000	Built/Renov 2010/2020	Tenant Wendy's
Cap Rate 4.90%	Lease Type Abs NNN	Guarantor Franchisee
Size/SF 3,120	Lease Start 11-01-2019	#Units 20
Price/SF $850.32	Expiration 12-31-2050	Tenant Type Fast Food/QSR
NOI $130,000	R. Term 26.1	Ownership Fee Simple
Rent/SF $41.67	Increases 7.5%/1/yrs	Pop 5Mi 78,847
Lot/AC 1.85	Options 4/5yrs/7.5%	AHHI 5Mi $76,846

Lease Highlights

Tenant has 26 years remaining on their current lease term with 4 (5-year) options to extend
Lease features 7.5% rental increases every 5 years
Absolute NNN lease | Zero landlord responsibilities
Franchisee guaranteed by Tri-Cities Restaurant Group, LLC
Wendy’s is a publicly traded company (NASDAQ: WEN)

Location Description

Wendy’s is strategically positioned on Peoples Street with a traffic count of 7,605 vehicles passing per day. The subject property is immediately connected to N. State of Franklin Rd and I-26 / U.S. Rte. 23/James H Quillen Pkwy (184,086 VPD). It is located 10 minutes from East Tennessee State University and within close proximity to major retail centers including Johnson City Crossing and The...

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Key Features

Near major nationals
Strategically located
Freeway close
Strong tenant synergy
Highway close
Income tax free state
Long 20+ yr lease
Absolute NNN
Traded and rated company
Personal guarantee

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Links

Wendy's Wikipedia Wendy's Wikipedia Johnson City, Tennessee Zip Code 37604 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Wendy's
Guarantor:Franchisee
Company:Tri-Cities Restaurant Group, LLC
# Units:20
Tenant S&P: B+
Moody’s: B3
Stock: NASDAQ: WEN

About Tenant

Wendy's is an American international fast food restaurant chain founded by Dave Thomas in 1969, in Columbus, OH. The Wendy’s Company, together with its subsidiaries, operates as a...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	4,786	35,299	82,210
2023 Total Population :	4,364	34,471	80,751
2023 Employed Civilian Pop :	2,202	15,904	36,287
2023 Total Businesses :	481	2,142	3,408
2023 Average Household Income :	$ 111,581	$ 97,556	$ 90,677
2023 Total Consumer Spending :	$ 193 M	$ 1307 M	$ 2689 M
2023 Median Age :	50	46	40
2023 Total Households :	2,022	15,468	34,095
2023 Pop Age 25+: Bachelor's Degree :	1,150	6,149	13,241
2023 Average Home Value :	$ 332,817	$ 301,268	$ 289,398

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Peoples Street	Hanover Rd	2022	7,605	0.05 mi
West Oakland Avenue	Denny Mill Rd	2022	2,954	0.32 mi
	N State of Franklin Rd	2022	6,298	0.38 mi
	Foxx St	2022	6,243	0.43 mi
	I- 181	2022	11,172	0.46 mi
	N State of Franklin Rd	2022	11,613	0.50 mi
I- 181	Browns Mill Rd	2003	37,480	0.51 mi
Browns Mill Road	Burkley Ct	2022	2,021	0.61 mi
N State of Franklin Rd	Hwy 381	2003	24,660	0.73 mi
	Browns Mill Rd	2022	17,061	0.75 mi

Listing Broker

Chris Lind

Marcus & Millichap: NLAG

Contact

190 Listings
22839 Views
113 Sold

Mark Ruble

Marcus & Millichap: NLAG

Contact

191 Listings
22940 Views
114 Sold

Chris Lind

Chris Lind specializes in advising the Net Lease Advisory Group’s clients in the acquisition and disposition of net-leased investment properties nationally. Chris is solely committed to single-tenant and multi-tenant net leased assets as well as structuring sale/leasebacks and portfolio sales throughout the United States. Chris has been with Marcus & Millichap since 2007 and his experience includes selling hundreds of properties located throughout the country. Chris prides himself on act

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Mark Ruble

Mark Ruble is the co-founder of the Net Lease Advisory Group and a top producing Agent with Marcus & Millichap. Mark has been with Marcus & Millichap for 19 years (2004) and has received numerous accolades for his superior service and outstanding performance. Mark has successfully closed over 1,840 properties totaling in excess of $5.7 Billion in transaction volume across 46 states. The key to Mark’s success has been his dedication to providing clients with market leading information an

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