Address: 111 Broadway , Nashville, Tennessee, United States 37201
Cap Rate: 3.43%
Lease Type: NNN
Annual Rent: $1,272,038
Net Operating Income: $1,272,038
Lease Term Remaining: Various
Rental Increases: Various
Rentable Sq/Ft: 50,303 SF
Rent Sq/Ft: $25.29
Price Sq/Ft: $736
Lot Size: .37
The subject property is a trophy asset located at 111 Broadway in Nashville, TN. This iconic property is a 4-tenant building totaling 50,303 rentable square feet on 0.37 acres of land. The tenants include Rock Bottom Brewery on the first floor and rooftop, Wyndham –Margaritaville Vacation Club and Glen Campbell Museum on the 2nd, with Platinum Companies occupying the 3rd.
The leases have varied terms remaining; both Wyndham Margaritaville and Glen Campbell Museum with 9 years of term, Rock Bottom Restaurant and Brewery has 2 years 7 months remaining, and Platinum Companies has 5 years remaining.
The subject investment property is strategically located on the main strip in the heart of Nashville, Tennessee, which was ranked as the strongest Metropolitan area economy in the United States. It has been stated by the U.S. Census bureau that Nashville “adds an average of 100 people a day to its net population increase.” Currently, there are 200 development projects in Nashville and 30 cranes in the skyline.
Points of Interest
The subject property greatly benefits from its close proximity to sport arenas, retail shops, restaurants, tourist destinations, office buildings and highly dense neighborhoods. The subject property is located on Broadway, which home to over 32 bars, restaurants, arenas, and other popular attractions. The property is located less than one half mile from Bridgestone Arena, which is home to the NHL’s Nashville Predators, this airy arena hosts varied sports events, shows & concerts. Additionally, the subject property is located less than one mile from Nissan Stadium, which is home to the Tennessee Titans and also host other events including the Country Music Awards, which brings hundreds of thousands of visitors to the city each year.
Demographics and Pedestrian Traffic
The subject investment property benefits from its robust demographics. More than 110,000 individuals reside within a three-mile radius and more than 235,000 in a five-mile radius. The average income within a five-mile radius is approximately $74,000. Additionally, tourism in Nashville has been continuously growing over the past several years. In 2018, over 15 million people visited the city.