Famous Dave’s

Hermitage, TN

Price $2,934,000
Cap Rate 7.00%
TYPE Single-Tenant
STATUS Available
Tenant Famous Dave's BBQ
LEASE TYPE Absolute NNN
SQUARE FEET 5,654
PRICE/SQ FT $518
YEAR BUILT 1998
LEASE EXP. 2028
LISTING AGENT Justin Zahn
480-214-5088 x102
justin@ciadvisor.com
Terry Lynch, Southland Realty Corporation
Tennessee Local Broker

Property 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

Property Highlights

  • 10+ Years Remaining on an Absolute NNN Lease with 7% Rental Escalations every 5 Years
  • Seasoned, High Volume Location Successfully Open & Operating since 1998 with an Attractive 6.23% Rent-to-Sales Ratio!
  • High Drive-by Visibility on the Main North/South Thoroughfare just off the Hard Corner where Traffic Counts Exceed 63,780 CPD!
  • Demographics (10-MI): Total Population: 107,232 | Avg HH Income: $78,121 | Population Growth 2010-2018 (1-MI): 10.55%
  • Tenant: Famous Five Dining, Inc. is an Experienced 4 Unit Operator in TN
  • 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.
  • Situated on a Large ±1.46 Acre Parcel