Cheddar's (GL)

4204 Roberts Lane, Morristown, TN 37814

$2,636,000

Cap Rate 5.50%

Views: 96 Updated: 08.22.24 Posted: 04.20.24 Status: Inactive 10.02.24

Summary

Price $2,636,000	Built/Renov 2023	Tenant Cheddar's (GL)
Cap Rate 5.50%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 7,895	Lease Start 07-03-2023	#Units 184
Price/SF $333.88	Expiration 07-31-2033	Tenant Type Casual Dining
NOI $145,000	R. Term 8.7	Ownership Ground Lease
Rent/SF $18.37	Increases 10.0%/5/yrs	Pop 5Mi 42,182
Lot/AC 2.22	Options 4/5yrs/10%	AHHI 5Mi $64,898

Patrick Nutt

SRS National Net Lease Group

Contact

Lease Highlights

Brand new 2023 construction
Cheddar’s has 9+ years remaining on the current ground lease term with 4 (5-year) options to extend
The lease features 10% rental escalations throughout the initial term and option periods
Absolute NNN | Zero landlord responsibilities
Corporate guaranteed lease

Location Description

Cheddar's is strategically located at the signalized, hard corner intersection of U.S. Highway 11E/State Highway 34, with access to a combined daily traffic count of 36,300 vehicles. The property is shadow anchored by a Walmart Supercenter and surrounded by well-known national tenants such as Panda Express, Starbucks, Wingstop, Texas Roadhouse, Ingles Market, among others. Additionally, it...

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Key Features

New construction
Dense retail corridor
Near major nationals
Highway location
Top 100 MSA
Income tax free state
Absolute NNN
Traded and rated company
Corporate Guarantee
Credit rated company

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Links

Cheddar's Scratch Kitchen Wikipedia Cheddar's Scratch Kitchen Wikipedia Morristown, Tennessee Zip Code 37814 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Cheddar's
Guarantor:Corp T and Rated
Company:Darden Restaurants, Inc.
# Units:184
Tenant S&P: BBB
Moody’s: Baa2
Stock: NYSE: DRI

About Tenant

Cheddar’s Scratch Kitchen is a homestyle casual dining restaurant offering a variety of homemade meals and generous portions served up in a warm, welcoming atmosphere – all at an unbelievable...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	3,654	14,680	41,321
2023 Total Population :	3,748	14,850	41,408
2023 Employed Civilian Pop :	1,946	6,912	16,654
2023 Total Businesses :	102	638	1,441
2023 Average Household Income :	$ 75,865	$ 79,596	$ 65,116
2023 Total Consumer Spending :	$ 97 M	$ 394 M	$ 920 M
2023 Median Age :	45	44	41
2023 Total Households :	1,465	5,662	16,015
2023 Pop Age 25+: Bachelor's Degree :	480	2,148	3,993
2023 Average Home Value :	$ 244,593	$ 250,079	$ 207,017

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Kidwell Ridge Road	Wynn St	2022	7,108	0.27 mi
Kidwell Ridge Road	Wynn St	2018	7,586	0.29 mi
Apostle Road	Grand Dr	2022	1,385	0.52 mi
W Andrew Johnson Hwy	Sunset Strip	2003	26,250	0.71 mi
West Andrew Johnson Highway	W Andrew Johnson Hwy	2022	25,851	0.75 mi
US 11E	W Andrew Johnson Hwy	2021	35,911	0.75 mi
Cameron Road	Kimberly Dr	2022	2,531	0.91 mi
Merchants Greene Boulevard	W Andrew Johnson Hwy	2022	12,002	0.91 mi
Central Church Road	Holiday Dr	2022	3,337	1.13 mi
W. MORRISTOWN	Bridal Path	2019	1,109	1.17 mi

Listing Broker

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