Address: 3736 Riverdale Rd, Memphis, Tennessee, United States 38115
Type: Net Leased Car Wash
Cap Rate: 6.00%
Lease Type: Triple-Net (NNN)
Annual Rent: $195,641
Net Operating Income: $195,641
Lease Term Remaining: 20 Years
Rental Increases: 1.50% Annually
Options: Four, Five -Year Tenant Renewal Options
Year Built: 2009
Rentable Sq/Ft: 4,712 SF
Rent Sq/Ft: $41.52
Price Sq/Ft: $692
Lot Size: +/- 0.93
Marcus & Millichap is pleased to present the exclusive listing for 3736 Riverdale Rd Memphis, TN 38115 . 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 $195,641 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 4,712 rentable square feet and is situated on 0.93 acres.
The subject investment property is situated on Riverdale Road, which boasts average daily traffic counts exceeding 35,520 vehicles respectively. Riverdale Road intersects with Bill Morris Parkway and Winchester Road, which brings an additional 111,670 and 34,900 vehicles into the immediate area on average daily. There are more than 100,810 individuals residing within a three-mile radius of the property and more than 540,050 individuals within a ten-mile radius.
The subject property benefits from being well-positioned in a dense retail corridor consisting of national and local tenants, shopping centers and academic institutions. Major national tenants include: Walmart, Sam’s Club, Lowe’s, The Home Depot, Costco Wholesale, Walgreens, Aldi, McDonald’s, Burger King, as well as several others. Accommodations in the immediate area include: Hampton Inn and Homewood Suites by Hilton. This ICWG Car Wash also benefits from being situated within a nine-mile radius of several academic institutions. The most notable is the University of Memphis, which has a total enrollment exceeding 21,500 students. Baptist Memorial Hospital Memphis, a 550+ bed, general medical and surgical facility is located within eight miles of the subject property. Memphis International Airport (MEM), a Delta hub, serving nearly 5,000,000 passengers annually and processing over 4.2 billion pounds of cargo, is located less than ten miles from the subject property. The FedEx Express World Headquarters are located less than three miles from this ICWG Car Wash.
Memphis is a city in the southwestern corner of the U.S. state of Tennessee, and the county seat of Shelby County. It is the seat of Shelby County and the major commercial and industrial center of western Tennessee. Memphis is one of the principal wholesale and retail cities in the South, and its economic influence extends into neighboring states. A revered musical past and present. Greater Memphis is the 42nd largest metropolitan area in the United States, with a population of 1,348,260 in 2017. This makes Memphis the second largest metropolitan area in Tennessee, surpassed only by metropolitan Nashville, which has overtaken Memphis in recent years. Memphis is the home of three Fortune 500 companies: FedEx, AutoZone, and International Paper. Additionally, Memphis is an urban playground of music, history and world-class attractions. Its home to a wealth of talented musicians and singers across all genres. .“ Elvis Presley, whose popularity made rock and roll a national phenomenon in the 1950s, began his recording career in Memphis at Sun Records, otherwise known as the “Birthplace of Rock and Roll.”
Broker of Record: Jody McKibben License #307629