Famous Dave’s: 10+ Yr Absolute NNN Lease

5000 Old Hickory Boulevard, Nashville, TN

$2,934,000

Price

7%

Cap Rate

$205,347

NOI

Overview
Cap Rate
7%
NOI
$205,347
Building Size
5,654 sqft
Lot Area
1.46 sqft
Occupancy
100%
Lease Type
Triple Net
Year Built
1998
Price Per Sqft
$518.92
Tenancy
Single
Lease Expire Year
07/2028
Description

Famous Dave’s has over 10 years remaining on an Absolute NNN lease with 7% rental escalations every 5 years with four 5 year renewal options. The tenant, Famous Five Dining, Inc., is an experienced 4 unit operator in TN. This is a seasoned, high volume location on a large 1.46 acre parcel. Famous Dave’s has been successfully open and operating since 1998 with an attractive 6.23% rent-to-sales ratio!

The subject property is located in Hermitage, Tennessee, with high drive-by visibility just off the hard corner. Famous Dave’s is a pad site to a Home Depot Anchored Retail Center and nearby national retailers including Lowe’s, Hobby Lobby, Kroger, Bargain Hunt, Big Lots, Goodwill, Dollar General, O’Reilly Auto Parts, etc. The property is just 8 miles from the Grand Ole Opry, a weekly country-music stage concert, showcasing a mix of famous singers – The Opry is a 4,400-seat theatre with state-of-the-art video, lighting & audio systems. Famous Dave’s is also 1.5 miles from TriStar Summit Medical Center.

*In Association With: Southland Realty Corporation

Highlights
  • 10+ Years Remaining on an Absolute NNN Lease with 7% Rental Escalations every 5 Years
  • Tenant: Famous Five Dining, Inc. is an Experienced 4 Unit Operator in TN
  • Seasoned, High Volume Location Successfully Open & Operating since 1998 with an Attractive 6.23% Rent-to-Sales Ratio!
  • Pad Site to a Home Depot Anchored Retail Center – Nearby Retailers Include Lowe’s Home Improvement, Hobby Lobby, Kroger, Bargain Hunt, Big Lots, Goodwill, Dollar General, O’Reilly Auto Parts, etc.
  • High Drive-by Visibility on the Main North/South Thoroughfare just off the Hard Corner where Traffic Counts Exceed 59,850 CPD!
  • Situated on a Large ±1.46 Acre Parcel
  • Demographics (10-MI): Total Population: 107,784 | Avg HH Income: $75,626 | Population Growth 2010-2017 (1-MI): 11.77%
Documents
Title
OFFERING MEMORANDUM
Location
Gallery