Applebee s, Chattanooga, Tn

Transcription

1 PROPERTY LISTING OVERVIEW Applebee s, Chattanooga, Tn 2342 Shallowford Village Dr., Chattanooga, TN First Commercial Real Estate is pleased to present the freestanding Applebee's located at 2342 Shallowford Village Drive in Chattanooga, TN. COMMERCIAL INDUSTRIAL RESIDENTIAL Keith Widmer First Commercial Real Estate Office Fax

2 Created by Keith Widmer, First Commercial Real Estate January 8, 2009 on KAAR CIE Phone: APPLEBEE'S ABSOLUTE NNN, CHATTANOOGA, TN 2342 Shallowford Village Dr., Chattanooga, TN Listing ID: Property Type: Property Subtype: Sale Price: Unit Price: Sale Terms: Retail-Commercial For Sale Restaurant $2,560,000 $ Per SF Cash to Seller Property Overview First Commercial Real Estate is pleased to present the freestanding Applebee's located at 2342 Shallowford Village Drive in Chattanooga, TN. Situated at the I-75/Shallowford Rd. Interchange with a daily traffic count of 76,500 (I-75),Applebee's is in the booming Hamilton Place Mall (1M+ square foot mall)area, the largest shopping destination in the Southeast Tennessee/Northern Georgia Market. The property is within walking distance of ten hotel properties and has pefect visibility from I-75. Built in 1990, Applebee's occupies a 4316 square foot building on 1.10 acres and operates under a 10 year, absolute NNN lease with no landlord responsibilities. The ten year term began January 1, There are two 5-year options to renew with a rental increase of 19% in the first option and 11% in the second. The lease also has an overage rent component of 6% against a natural breakpoint. The tenant, Quality Restaurant Concepts, LLC is a very strong, multi-unit operator that owns and operates 53 other Applebee's and 4 Up the Creek Restaurants with total revenues in excess of $150M. Applebee's has performed exceptionally well at this location with annual sales last year in excess of $2.1M. This equates to $493.93/ Square Foot in sales and a very healthy rent to sales ratio of 9.00%.This property is being sold along with Applebee's Property in Knoxville, TN (Listing ID # ) operated by same owner. Property Details General Information Listing Name: Retail-Commercial Type: Property Use Type: Building Size (RSF): Total Land Size: APPLEBEE'S ABSOLUTE NNN, CHATTANOOGA, TN Restaurant Net Leased Investment (NNN) 4,316 SF 1.1 Acres Sale Price: Sale Terms: Cap Rate: Zoning: Tax ID Number/APN: $2,560,000 Cash to Seller 7.5% C-3 149AA Large Business, Convention, Family, General, Recreation, Tourist, Traveler Highway Interchange Property Visibility: Street Name: Feet of Frontage: Vehicle Count: Excellent Shallowford Village Drive , ,316 Good Year Built: Construction/Siding: Parking Type: 1990 Brick Surface Area & Location Market Type: Retail Clientele: Road Type: Building Related Total Number of Buildings: Number of Stories: Typical SF / Floor: Property Condition: Page 1 The information presented herein is provided as is, without warranty of any kind. Neither Knoxville Area Association of REALTORSÂ nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.

3 Created by Keith Widmer, First Commercial Real Estate January 8, 2009 on KAAR CIE Phone: Financial Real Estate Taxes Annual($): $18, Location Address: 2342 Shallowford Village Dr. Chattanooga, TN County: MSA: Hamilton Chattanooga Demographic Statistics (2000 Census) Proximity: Total Population: Median Age: Households: Avg. Income: 1 mile 4, ,274 $57,178 3 miles 32, ,918 $55,985 5 miles 81, ,983 $56,357 Market Statistics For Locations: Retail-Commercial Listings: Avg. Asking: Avg. Actual: $92.32 PSF $71.73 PSF Chattanooga 50 $55.81 PSF $51.98 PSF Hamilton 61 $62.66 PSF $42.51 PSF Page 2 The information presented herein is provided as is, without warranty of any kind. Neither Knoxville Area Association of REALTORSÂ nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.

4 Created by Keith Widmer, First Commercial Real Estate January 8, 2009 on KAAR CIE Phone: Property Images I-75/Shallowford Rd _DSCN1862 Hamilton Place Mall Area _DSCN _DSCN _DSCN1864 Page 3 The information presented herein is provided as is, without warranty of any kind. Neither Knoxville Area Association of REALTORSÂ nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.

5 Created by Keith Widmer, First Commercial Real Estate January 8, 2009 on KAAR CIE _DSCN1865 Phone: _DSCN1870 Property Contacts Keith Widmer First Commercial Real Estate P.O. Box Knoxville, TN Page 4 The information presented herein is provided as is, without warranty of any kind. Neither Knoxville Area Association of REALTORSÂ nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.

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