10,290 SF RESTAURANT BUILDING

Retail-Commercial for Sale
Catylist Listing ID: 30334646
Property Subtypes: Free-Standing Building, Restaurant
Building Size (RSF): 10,175 SF
Gross Building Area: 10,290 SF
Gross Land Area: 1.88 Acres
Sale Price: $599,000
Unit Price: $58.87 PSF
Property Use Type: Investment, Business
Building Name: RYAN'S FAMLY STEAKHOUSE - UNION CITY TENN
Usable Size (USF): 10,175 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 1/5/2019

Overview / Comments

PRIME 10,290 SF* RETAIL RESTAURANT FACILITY ON 1.88 ACRES* and equipment. > Total Tax Appraisal $1,418,400, (Tax Appraised Land $338,400, Tax Appraised Improvements $1,080,000) compared to asking price of $599,000.
• Purchase includes 1.88 acres, 10,290 sf structure, restaurant equipment, dining tables and chairs, storage, refrigerators / freezers, cooking equipment. • Full air conditioning package is available on this 20+ year-old structure.
Exterior: Parking space on busy hwy near downtown Union City, Tennessee. • This building may be converted to other retail uses including, but not limited to, home furnishing, appliance, restaurant, retail variety store, or assembly hall. ###
(*Source: Survey documents available)

Financials

Finance Data Year 2018
Real Estate Taxes - Annual($) $21,612 (Annual)
Tax Value Land $338,400
Tax Value Improvements $1,080,000
Assessed Value - Total($) $1,418,400 (Annual)
Potential Rental Income $60,000 (Annual)
Actual or Proforma Year Actual

Additional Details

Nearest MSA: Union City
County: Obion
Taxing Authority: Obion County, Tennessee
Tax ID/APN: 066059 01000
Zoning: B-2
Retail Clientele: General, Family, Business, Traveler, Tourist, Recreation, Other
Property Located Between: W REELFOOT LAKE AVENUE
Property Visibility: Good
Largest Nearby Street: W REELFOOT AVENUE / OLD TROY RD
Feet of Frontage: 350
Highway Access: STATE HWY 51, W REELFOOT LAKE AVENUE, OLD TROY RD, JERE B FORD MEMORIAL BLVD,
Airports: Everett-Stewart Regional Airport, 1489 Airport Circle Rd, Union City, TN 38261
Site Description: 1.88 ACRES of land on the west side of Union City, near several restaurant, Lowe's hardware store,
Area Description: UNION CITY is a city located in Obion County, Tennessee, United States. The 2010 census reported the population of the town as 10,895. Union City is the principal city of the surrounding metropolitan area, which includes Obion County and Fulton County, Kentucky. • The Discovery Park of America serves as a major attraction in the state of Tennessee and is located within city limits. It was founded by Robert Kirkland and opened its doors in 2013. Union City is approximately 30–45 minutes from Reelfoot Lake. This well-known lake was formed from the 1811–12 New Madrid earthquakes and is a popular recreational boating and fishing location in the state. Union City is also approximately 15–20 minutes from the University of Tennessee at Martin, according to Wikipedia. • https://en.wikipedia.org/wiki/Union_City,_Tennessee
Tenancy: Single Tenant
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 10,175 SF
Property Condition: Good
Year Built: 1999
Roof Type: Gable
Construction/Siding: Brick
Exterior Description: BRICK & STUCCO
Total Parking Spaces: 155
Parking Ratio: 15.7 (per 1000 SF)
Parking Type: Surface
Parking Description: OPEN PARKING WITHIN SHORT WALKING DISTANCE TO THE FRONT DOOR six handicap accessible parking spaces near the front door and 155 regular parking spaces to the south, east and north of the building.
Sprinklers: Wet, Dry
Heat Source: Central
Air Conditioning: Package Unit
Internet Access: Other
Interior Description: RESTAURANT WITH FULL KITCHEN, PANTRY, WASHING AREA, STORAGE, MANAGERS OFFICE, CUSTOMER WAITING AREA, SEATING AREA AND MEETING AREAS, M/F RESTROOMS
Zoning Description: B-2 RETAIL
Lot Frontage: 226
Lot Depth: 358
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: SELLER OWNS THE LAND
Legal Description: LAND CONTAINING 82,072 sq.ft and 1.88 acres 13th civil District of Obion County, Tennessee

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 1,478 8,849 16,067
Median Age: 38.13 39.97 40.33
Households: 615 3,694 6,648

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