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Knoxville, TN - KFC (Western)
4415 Western Avenue | Knoxville, TN 37921
$697,868
Price5.65%
Cap Rate$39,430
NOI2,661
± SF Offering GLADescription
SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, personal guaranteed, drive-thru equipped, Kentucky Fried Chicken, investment property located in Knoxville, TN. The tenant, East Tennessee Foods, LLC., will execute a brand new 20-year sale leaseback at the close of escrow with 4 (5-year) option periods to extend. The lease will feature 8% rental increases every 5 years throughout the initial term and at the beginning of each option period, growing NOI and hedging against inflation. The lease is franchisee guaranteed for the entire lease term, and is personally guaranteed by the operator for 5 years. The lease is absolute NNN with zero landlord responsibilities.
Location
The subject property is strategically positioned along Western Ave (27,700 VPD) and just off Interstate 640 (81,400 VPD), a loop serving both long distance and freight traffic along I-40 and I-75 north to Kentucky. The building is also equipped with a drive-thru, providing ease and convenience for consumers. Additionally, the asset is in close proximity to national/credit tenants including Kroger, Walmart Neighborhood Market, Walgreens, CVS Pharmacy, Food City, Planet Fitness, Dollar Tree, and more, increasing consumer draw to the trade area and promoting crossover traffic. The 5-mile trade area is supported by a dense population of over 164,900 residents with an average household income of $57,623.
Contact
Patrick Luther, CCIM
Sr Managing Principal & Co-Head of National Net Lease
949.698.1115949.698.1115[email protected]CA #: 01912215