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Views: 73 DOM: 256 Updated: 03.27.24 Posted: 09.13.23 Status: Active

Summary

Price $1,990,000
Built/Renov 2023
Tenant Freddy's Frozen Custard & Steakburgers (GL)
Cap Rate 5.24%
Lease Type Abs NNN
Guarantor Franchisee
Size/SF 3,240
Lease Start 05-01-2023
#Units 1
Price/SF $614.20
Expiration 04-30-2038
Tenant Type Fast Casual/Rest.
NOI $104,288
R. Term 13.11
Ownership Ground Lease
Rent/SF $32.19
Increases 11.5%/5/yrs
Pop 5Mi 30,918
Lot/AC 1.17
Options 6/5yrs/10.3%
AHHI 5Mi $77,237

Lease Highlights

  • Brand-new construction
  • The tenant, Freddy’s, recently signed a new 15-year lease with 6 (5-year) options to extend
  • The lease features scheduled rental increases during the initial term and at the beginning of each option
  • Absolute NNN ground lease | Zero landlord responsibilities
  • Personal guarantee by the Franchisee

Location Description

Freddy's Frozen Custard & Steakburgers, equipped with a drive-thru lane, is strategically positioned fronting Winfield Dunn Parkway (62,000 VPD), a primary retail thoroughfare serving the city of Sevierville. The property is an outparcel to Smoky Mountain Gateway, a Publix, HomeGoods, and Five Below anchored shopping center. The neighboring property to the North is currently under development...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

About Tenant

Freddy's Frozen Custard & Steakburgers is an award-winning, American fast-casual restaurant chain. Its menu includes steakburgers, Vienna Beef hot dogs, and chicken sandwiches. The chain also...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 2,393 14,600 31,798
2023 Total Population : 2,328 14,185 30,930
2023 Employed Civilian Pop : 1,285 6,605 14,933
2023 Total Businesses : 159 1,013 1,727
2023 Average Household Income : $ 82,607 $ 72,970 $ 77,172
2023 Total Consumer Spending : $ 83 M $ 380 M $ 851 M
2023 Median Age : 41 40 41
2023 Total Households : 1,155 5,939 12,630
2023 Pop Age 25+: Bachelor's Degree : 620 1,817 3,389
2023 Average Home Value : $ 279,062 $ 305,606 $ 317,014
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Winfield Dunn Pkwy Hwy 66 2003 29,400 0.35 mi
Old Douglas Dam Road Old Douglas Dam Rd 2022 1,711 0.37 mi
Winfield Dunn Pkwy Hwy 66 2005 29,560 0.37 mi
OLD KNOXVILLE HWY. Spring St 2021 8,934 0.51 mi
Old Knoxville Highway Spring St 2022 8,225 0.51 mi
Winfield Dunn Parkway Winfield Dunn Pkwy 2022 55,826 0.59 mi
ALLENSVILLE RD. Old Douglas Dam Rd 2021 6,502 0.68 mi
Allensville Road Old Douglas Dam Rd 2022 5,991 0.68 mi
Love Road U St 2022 1,899 0.87 mi
US 411;US 441 Lathem Ln 2021 15,031 0.98 mi

Listing Broker

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