Address: 1833 Gunbarrel Rd, Chattanooga, Tennessee, United States 37421
Cap Rate: 5.50%
Lease Type: Triple-Net (NNN)
Annual Rent: $50,000
Net Operating Income: $50,000
Options: Four, Five-Year Options
Rentable Sq/Ft: 3,800 SF
Rent Sq/Ft: $13.16
Price Sq/Ft: $239
Lot Size: +/- 1.00 Acres
Marcus & Millichap is pleased to present the exclusive listing for 1833 Gunbarrel Road, Chattanooga, TN. The tenant will enter into a brand new, 20-year triple-net (NNN) lease upon close of escrow with absolutely no landlord responsibilities. The base annual rent will be $50,000 and will be subject to 1.50% annual rental escalations throughout the base term as well as the four, five-year tenant renewal option periods. The lease will have a corporate guarantee. International Car Wash Group operates more than 900 locations throughout the United States and Internationally. The property is 3,800 rentable square feet and is situated on 1.00 acres.
The subject Car Wash benefits from being well-positioned in a highly dense retail corridor consisting of national and local tenants, shopping centers, hospitality accommodations, and academic institutions. Major national tenants in the area include Walmart, Best Buy, Target, Kohls, JC Penney, Dillard’s, The Home Depot, Lowes, Ross Dress for Less, Barnes & Noble, Dick’s Sporting Goods, Pet Smart, Home Goods, Old Navy, Walgreens, Chick-fil-A, Panera Bread, Smoothie King, as well as many more. The subject Car Wash is located less than one-mile from Erlanger East Hospital. Erlanger East Hospital is a 780-bed non-profit academic teaching center affiliated with the University of Tennessee’s College of Medicine.
The site is situated on Gunbarrel Road, which has an average daily traffic count of 23,394 vehicles. There are approximately 106,669 individuals residing within a five-mile radius of the subject property and 324,916 individuals within a ten-mile radius. This International Car Wash Property benefits from being located in an affluent suburban community. The average household income exceeds $74,000 within a five-mile radius.
Chattanooga is a city in and the county seat of Hamilton County, Tennessee, along the Tennessee River bordering Georgia. With an estimated population of 182,799 in 2019, it is the fourth-largest city in Tennessee and one of the two principal cities of East Tennessee, along with Knoxville. Served by multiple railroads and Interstate highways, Chattanooga is a transit hub. Chattanooga lies 118 miles (190 km) northwest of Atlanta, Georgia, 112 miles (180 km) southwest of Knoxville, Tennessee, 134 miles (216 km) southeast of Nashville, Tennessee, 102 miles (164 km) east-northeast of Huntsville, Alabama, and 147 miles (237 km) northeast of Birmingham, Alabama. The Chattanooga metropolitan area is the fourth largest in Tennessee. The city anchors a three-state area that includes Southeast Tennessee, Northwest Georgia, and Northeast Alabama. Chattanooga touts many attractions, including the Tennessee Aquarium, caverns, and new waterfront attractions along and across the Tennessee River. In the downtown area is the Chattanooga Choo Choo Hotel, housed in the renovated Terminal Station. Also downtown are the Creative Discovery Museum, a hands-on children’s museum dedicated to science, art, and music; an IMAX 3D Theatre, and the newly expanded Hunter Museum of American Art. The Tennessee Riverwalk, an approximately 13-mile-long (21 km) trail running alongside the river, is another attraction for both tourists and residents alike.
B.O.R Jody McKibben License: 307629