Wendy’s

Wise, VA

Price $2,447,000
Cap Rate 5.65%
TYPE Single-Tenant
STATUS Available
Tenant Wendy's
LEASE TYPE Absolute NNN
SQUARE FEET 2,780
PRICE/SQ FT $880
YEAR BUILT 1983 | 2016
LEASE EXP. 12/31/2032
LISTING AGENT Justin Zahn
480-718-5555
justin@ciadvisor.com
Andrew T. Knight, New England Commercial Brokerage, Inc.
Florida Local Broker #BK3287452

Property Description

Wendy’s has 14+ years remaining on a 20 year Absolute NNN lease with 7% rental escalations every 5 years and four five-year renewal options. The tenant, Wendwise Corp. is an experienced three-unit Wendy’s franchisee. The subject location has been successfully open and operating for decades, with a 9.60% rent-to-sales ratio and is fully remodeled showing the tenants commitment to the site!

Wendy’s is located in Wise, Virginia just off Highway 23 in the main retail corridor with excellent drive-by visbility! Nearby retailers to this asset include Peebles, Save-A-Lot & Tractor Supply Co.; nearby retailers include Lowe’s Home Improvement, Walmart Supercenter, Food City, Ollie’s Bargain Outlet, Dollar Tree, Goodwill, Burke’s Outlet, Belk, Maurices, Hibbett Sports, Sally Beauty, AutoZone, Advance Auto Parts, etc. Wendy’s is located just 2 miles from The University of Virginia’s College at Wise (2,021 students).

*In Association with Virginia Local Broker: Andrew T. Knight, New England Commercial Brokerage, Inc. #225214094

Property Highlights

  • 14+ Years Remaining on 20-Year Absolute NNN Lease with 7% Rental Escalations every 5 Years (Next Increase: January 1, 2023)
  • Successfully Open & Operating for Decades with a 9.60% Rent-to-Sales Ratio – Fully Remodeled Showing the Tenant’s Commitment to the Site
  • Demographics: Total Population (5-MI): 15,333 | Average Household Income (1-MI): $72,194
  • Wendwise Corp. is an Experienced Three-Unit Wendy’s Franchisee
  • Just off Hwy 23 in Main Retail Corridor with Great Drive-By Visibility on Norton Rd where Traffic Counts Exceed 36,000 CPD!