Athens, TN - Ruby Tuesday
$2,083,000
1830 Holiday dr, Athens, TN 37303
6
Cap Rate
125,000
NOI
Details:
Description:
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, corporate guaranteed, Ruby Tuesday investment property located in Athens, TN. The tenant, Ruby Tuesday, Inc., recently signed a brand new 20 year lease with 4 (5-year) options to extend, demonstrating their commitment to the site. As of December 21, 2017, NRD Capital, an Atlanta-based private equity firm, acquired Ruby Tuesday. Collectively, the team at NRD Capital has been involved in 20 brands, including Popeyes, Burger King, Subway, and more. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for an out of state investor.
The Ruby Tuesday is located along State Highway 30 (18,200 VPD) and directly adjacent to Interstate 75 (37,900 VPD) with direct on/off-ramp access. The site is within close proximity to several motels, including Holiday Inn Express, Hampton Inn, Comfort Inn, Homestead Inn, Motel 6, Super 8, and Days Inn. Nearby national/credit tenants include a 24-hour Walmart Supercenter, Wendy’s, Hardee’s, Mobil, Dunkin Donuts, Burger King, and Applebee’s. The 5-mile trade area is supported by a population of nearly 22,000 with an average household income of nearly $51,000.
Location
Gallery
