6% Cap Rate C-Store NNN Investment (1 of 2)

Retail-Commercial for Sale
Catylist Listing ID: 30560985
Property Subtypes: Convenience Store, Free-Standing Building, Service Station/Gas Station, Street Retail, Vehicle Related
Building Size (RSF): 2,649 SF
Gross Land Area: 0.92 SF
Sale Price: $1,707,382
Unit Price: $644.54 PSF
Ceiling: 12 ft.
Property Use Type: Net Leased Investment (NNN)
Building Name: Convenience Store
Usable Size (USF): 2,649 SF
Sale Terms: Cash to Seller
Cap Rate: 6.0%
Average Occupancy Rate: 100
Last Updated: 3/16/2020

Overview / Comments

This is a rare opportunity to get an excellent c-store on a major thoroughfare in Chattanooga. The site is at a signalized corner location with 30,000 to 40,000 cars per day. The seller has owned the store about 15-years.

The list price is a 6% cap rate of the current income. (see Lease Abstract). Current annual income is $102,442 and the lease is a NNN Lease. The current 20-year lease term ends on 10/31/2023 and provides for six 5-year option terms. Each extension lease term increases the rental rate by 6.5%. You could not ask for a better guarantor for the lease. The guarantor is Touche Card which is a Canadian company that owns over 10,000 c-stores and is the largest operator in North America of c-stores.

This store previously was a Golden Gallon and Pantry store.

The other c-store listing with this same seller is at 5012 Hixson Pike. Listing number #30560982.

Attachments & Media

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Taxing Authority: Hamilton County
Tax ID/APN: 033129B F 00600
Zoning: C2,COMMERCIAL
Retail Clientele: General, Family, Business, Traveler, Tourist, Recreation, Convention
Property Located Between: Hwy 58 at Oakwood Drive
Property Visibility: Excellent
Largest Nearby Street: Hwy 58
Feet of Frontage: 300
Traffic/Vehicle Count: 41,000
Highway Access: Fronts Hwy 58 just north of where Hwy 58 intersects Hwy 153. Traffic count near 153 is 41,00 vehicles/day and 31,000 vehicles/day north of the site.
Airports: Chattanooga Metropoliatan
Site Description: The site is level and at street grade. Site is at the signalized corner of Hwy 58 and Oakwood Drive.
Area Description: The Highway 58 sub-market is part adjacent to the Enterprise South Industrial Park where the Volkswagen plant is located along with other industrial related industries. There are about 10,000 employees that wok at Enterprise South.
Tenancy: Single Tenant
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 2,649 SF
Property Condition: Good
Year Built: 1978
Parking Type: Structure, Surface
Parking Description: Parking at the store plus at the pumps.
Sprinklers: None
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Engineered System
Interior Description: Typical c-store.
Zoning Description: Commercial, C2
Lot Frontage: 300
Lot Depth: 133
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Owned

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 8,769 29,680 117,026
Median Age: 40.01 40.79 39.96
Households: 3,816 12,924 48,518

Contact

Photograph of Listing Agent

Robert Fisher

KW Commercial Greater Chattanooga REALTORS® Member
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