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SERVICE STREET AUTO REPAIR, Knoxville, TN

SERVICE STREET AUTO REPAIR

Knoxville, TN

Price $1,943,000
Cap Rate 5.25%
NOI $102,000
Lease Term 20 Years
Lease Type Absolute NNN Lease, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Including Roof, Structure, And Parking Lot
Rental Increases 10% Rental Increases Every Five (5) Years
Year Built 2022 Remodel
Building Size 6,100 SF
Lot Size 0.70 Acres (30,424.96 SF)
Status Available
Lead Broker Information Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Vincent Aicale
Executive Managing Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Executive Managing Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

NEW 20-YEAR ABSOLUTE NNN LEASE WITH SCHEDULED RENTAL INCREASES
» New 20-year absolute NNN lease with no landlord responsibilities
» 10% rental increases every five years, providing a hedge against inflation
» Absolute NNN lease provides an ideal passive investment for an out-of-area investor
» Service Street is a full-service automotive repair center with A.S.E. certified technicians
» The shop is highly equipped with five (5) bays and easy accessibility
» New 2022 remodel, limiting near-term deferred maintenance or capital costs
» First Location in Tennessee as part of Service Street’s expansion with a goal of 15 stores in Tennessee in the future

HIGH-VISIBILITY LOCATION WITH ACCESS TO DOWNTOWN KNOXVILLE
» Located along U.S. Route 441/ Maynardville Pike (38,878 AADT), a well-trafficked north-south thoroughfare connecting the site to Downtown Knoxville (12 miles away), the city’s central business district (population 190,740)
» Beneficial proximity to highly trafficked Tennessee thoroughfares, including East Emory Road/ State Route 131, Interstate 640, and Interstate 75 (164,971 combined AADT)
» 20 minutes from the University of Tennessee (10,000+ students, $1.52 billion annual economic impact)

PROMINENT LOCATION ALONG MAJOR COMMUTER CORRIDOR IN GROWING NORTH TENNESSEE MARKET
» Prominent location in a major commuter corridor, with proximity to several high-density single and multi-family developments including Sunnybrook Apartments (152 units), providing a consistent customer base for the site
» Situated near large schools including Halls High School (1,264 students), Knoxville Central High School (1,219 students), and Halls Middle School (1,069 students)
» Near several shopping malls and centers and surrounded by national tenants such as Walmart Supercenter, ALDI, CVS Pharmacy, Walgreens, Tractor Supply Company, KFC, Pizza Hut, and many more
» Minutes from North Knoxville Medical Center (116 beds) and Clayton Homes (major area employer with 4,262 employees)
» Supported by a large customer base, with 68,236 residents living within a five-mile radius of the property
» Average annual household income of $83,085 within one mile and projected to increase 13% by 2026, poising Service Street Auto Repair and Knoxville for significant concurrent growth



Property Description

Service Street Auto Repair has a high-visibility location along U.S. Route 441/ Maynardville Pike (38,878 AADT), a well-trafficked north-south thoroughfare connecting the site to Downtown Knoxville, which is 12 miles from the site and is the city’s central business district (population 190,740). It is conveniently located 20 minutes from the University of Tennessee (10,000+ students, $1.52 billion annual economic impact) and maintains beneficial proximity to Tennessee thoroughfares, including East Emory Road/ State Route 131, Interstate 640, and Interstate 75 (164,971 combined AADT). The site also serves as the first location in Tennessee as part of Service Street Auto Repair’s expansion.

The property is in a prominent location within a major commuter corridor, with proximity to several high-density single and multi-family developments including Sunnybrook Apartments (152 units). The site is situated near many large schools including Halls High School (1,264 students), Knoxville Central High School (1,219 students), and Halls Middle School (1,069 students). The property is also close to several shopping malls and centers and is surrounded by national tenants such as Walmart Supercenter, ALDI, CVS Pharmacy, Walgreens, Tractor Supply Company, KFC, Pizza Hut, and many others. The site is minutes from North Knoxville Medical Center (116 beds) and Clayton Homes (a major area employer with 4,262 employees). The location is supported by a large customer base, with 68,236 residents living within a five-mile radius of the property. The area is growing, with an average annual household income of $78,443 within one mile and projected to increase 13% by 2026, poising Service Street Auto Repair and Knoxville for significant concurrent growth.

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