LEASED Brazilian Restaurant FOR SALE

Retail-Commercial for Sale
Catylist Listing ID: 30724148
Property Subtypes: Restaurant
Building Size (RSF): 3,696 SF
Gross Land Area: 21,344 SF
Sale Price: $800,000
Unit Price: $216.45 PSF
Ceiling: 9 ft.
In Opportunity Zone? Yes
Property Use Type: Net Leased Investment (NNN), Investment
Building Name: Rio De Brazil Steakhouse
Usable Size (USF): 3,696 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 100
Last Updated: 4/16/2021

Overview / Comments

Looking for a lower price point for an investment opportunity? THIS IS IT!!
Fantastic A-grade location with strong tenant appeal or redevelopment potential.
This NNN leased restaurant property is 200 feet east of one of the region's top 3 busiest intersections, West Market Street at State of Franklin Road. The building is good quality masonry construction and was completely renovated in 2018. Offered at a 7.5% cap rate.

Property being sold subject-to the existing lease. PLEASE DO NOT DISTURB OR DISRUPT THE TENANT OR BUSINESS OPERATIONS.

Additional Details

Nearest MSA: Johnson City
County: Washington
Taxing Authority: Washington County
Tax ID/APN: 090054A B 01001
Retail Clientele: General
Property Visibility: Excellent
Largest Nearby Street: State of Franklin Road
Feet of Frontage: 113
Traffic/Vehicle Count: 35,000
Highway Access: West Market Street is 5-lanes
Site Description: Level and paved site has parking for 40 cars.
Area Description: This is Johnson City's most vibrant submarket and is home to the area's largest employers including the VA Hospital, ETSU, the Johnson City Medical Center, and other retail destinations including numerous grocery stores, restaurants, motels, and other employers.
Tenancy: Single Tenant
Total Number of Buildings: 1
Number of Stories: 1
Property Condition: Good
Year Built: 1979
Year Renovated: 2018
Roof Type: Flat
Construction/Siding: Block
Exterior Description: Painted Simulated Stucco
Total Parking Spaces: 40
Parking Ratio: 101 (per 1000 SF)
Parking Type: Surface
Sprinklers: None
Heat Type: Electricity
Heat Source: Heat Pump
Air Conditioning: Package Unit
Interior Description: Excellent kitchen area/dining area ratio with seating for 110 patrons.
Lot Frontage: 113
Lot Depth: 203
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 7,369 45,787 78,360
Median Age: 33.29 38.1 39.06
Households: 2,399 19,689 33,683

Contact

Photograph of Listing Agent

Michael E. Green, CCIM MAI SIOR

Century 21 Legacy
NETAR CMLS Member
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