Hooters

Tenant

Hooters

Location

Alcoa, TN

Price

$2,640,000

CAP Rate

5.90%

NOI

$165,000

Lease Term

20 Years

Occupancy

100%

Building Size

4,737 SF

Property Type

Single Tenant

Year Built

2001

Lot Size

0.60 Acres

Status

Closed

Property Contacts:

Karly Iacono

Associate Director

201-742-6119 | Email

■ 20 – YEAR ABSOLUTE NNN CORPORATE SALE LEASE BACK

■ 2015 COMPLETE STORE REMODEL

■ AVERAGE HOUSEHOLD INCOME EXCEEDING $61,000 ANNUALLY

■ MINUTES FROM THE UNIVERSITY OF TENNESSEE WITH OVER 22,000 FULL TIME STUDENTS

■ LOCATED JUST OFF INTERSTATE 129 WITH OVER 42,000 VEHICLES PER DAY

■ VERY STRONG STORE SALES WITH A HEALTHY RENT TO SALES RATIO

■ OUT PARCEL TO LOWE’S & WALMART SUPER CENTER ANCHORED COMMUNITY RETAIL CENTER

Marcus & Millichap is pleased to offer for sale this 2015 newly renovated 4,737 square foot freestanding, corporate-backed Hooter’s restaurant. The subject property is situated as a Lowe’s and Walmart outparcel in Alcoa, Tennessee with over 70,000 full time residents and an Average Household income exceeding $61,000 annually. This Hooters is just a short drive from the University of Tennessee, one of the State’s largest universities with over 22,000 full time students. This casual dining restaurant is strategically located just off Interstate 129 with over 42,000 vehicles per day and situated at the entrance to Hunters Crossings a 66,000 square foot community retail center anchored by Lowe’s and a Walmart Supercenter. There are numerous National retailers in the immediate area including: BB&T, Zaxby’s, Pet Smart, Michael’s, Dick’s Sporting Goods, Old Navy, Panera, Cheddar’s, Cracker Barrel, Mattress Direct, Dollar Tree and Chick-fil-A to name a few. Hooter’s corporate will execute a new 20 year, absolute net sale lease back with 8.5 percent increases every five years during the base term of the lease and in the four – five year option periods.