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Views: 110 DOM: 296 Updated: 08.23.24 Posted: 11.28.23 Status: Active

Summary

Price $2,398,000
Built/Renov 1989/2000
Tenant Roadrunner
Cap Rate 6.00%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 2,213
Lease Start 05-01-2022
#Units 92
Price/SF $1,083.60
Expiration 04-30-2037
Tenant Type Convenience/Gas
NOI $143,902
R. Term 12.7
Ownership Fee Simple
Rent/SF $65.03
Increases 10.0%/4/yrs
Pop 5Mi 77,433
Lot/AC 0.84
Options 0/0yrs
AHHI 5Mi $79,280

Lease Highlights

  • Roadrunner has 13+ years remaining on the current lease term
  • Lease features 10% rental escalations every 5 years
  • Absolute NNN | Zero landlord responsibilities
  • Asset qualifies for bonus depreciation
  • Corporate guaranteed lease

Location Description

Roadrunner is strategically located fronting the hard corner of W. State of Franklin Rd. and Leonard St., averaging 35,100+ vehicles passing by daily. It is ideally located directly across from East Tennessee State University (10,000+ students), providing a healthy and consistent consumer base from which to draw. Surrounding retailers in the trade area include Kroger, Publix, ALDI,...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

About Tenant

Roadrunner Markets is a brand of convenience stores primarily in the Southeast region of the United States. Founded in 1977, its first convenience store opened in Greeneville, TN in 1980....


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 12,008 48,701 78,123
2023 Total Population : 11,926 48,411 77,433
2023 Employed Civilian Pop : 4,792 20,927 34,021
2023 Total Businesses : 347 1,960 3,140
2023 Average Household Income : $ 64,817 $ 72,715 $ 79,280
2023 Total Consumer Spending : $ 207 M $ 1283 M $ 2274 M
2023 Median Age : 24 36 39
2023 Total Households : 3,619 20,138 32,817
2023 Pop Age 25+: Bachelor's Degree : 1,328 6,612 11,810
2023 Average Home Value : $ 210,559 $ 242,057 $ 256,512
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
North State of Franklin Road Memorial 2022 31,894 0.47 mi
US 321;SR 381 Professional PkDr 2021 32,096 0.47 mi
W. WALNUT ST. W Lake St 2021 3,521 0.58 mi
Southwest Avenue University Pl 2022 2,946 0.66 mi
University Parkway Love St 2022 16,060 0.73 mi
Veterans Way W Main St 2022 4,406 0.75 mi
W Market St Orchard Dr 2003 19,590 0.81 mi
W. STATE OF FRANKLIN RD. W Watauga Ave 2021 14,216 0.92 mi
West State of Franklin Road W Watauga Ave 2022 14,870 0.92 mi
West Walnut Street Cherokee St 2022 4,001 0.93 mi

Listing Broker

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