Newport, TN - Firehouse Subs

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, Firehouse investment property located in Newport, Tennessee. The tenant recently signed a new, 15-year lease with 2 (5-year) options to extend, demonstrating their commitment to the site. The lease features 10% rental increases every 2-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 a passive investor.

The Firehouse is located near the signalized, hard corner intersection of Cosby Hwy and Interstate 40 combining to average 57,200 vehicles passing by daily. Cosby Hwy, is a major retail thoroughfare serving the city of Newport. The Firehouse is located adjacent to a Pizza Hut, KFC, McDonalds, Hardee’s, Taco Bell, Bojangles, Arby’s and other national/credit tenants. The asset is located within 1-mile from a 50,000+ square foot Walmart Supercenter, attached to a Murphy’s Gas and Wendy’s pad. The asset is located less than 1-mile from a Lowe’s Home Improvement. The property is in the center of a primary retail corridor with other nearby national/credit tenants including a Dollar Tree, Domino’s Pizza, GameStop, Bojangles, Krystal, Little Caesars Pizza, Food City, and more, further increasing consumer traffic to the site. The 5-mile trade area is supported by a population of over 20,655 and 9,476 employees with an average household income of $61,087.