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Pizza Hut Net Lease Investment | 6.6% Cap Rate

802 Cosby Highway
Newport, TN 37821
PRICE : $799,000
CAP RATE: 6.6%
PROPERTY TYPE: Retail
SITE SIZE: 0.66 Acres
BUILDING SIZE: 2,040 SF
YEAR BUILT: 1974

Highlights

  • Established Pizza Hut with outstanding operator, priced less than $1M
  • Absolute NNN lease with 8% rent bumps every 5 years
  • Lease has over 8 ½ years remaining on the 15 year term with two 5 year renewal options
  • Upcoming 8% rent bump in 2021
  • Guaranteed by NPC International, Inc., the 7th largest Pizza Hut franchisee with over 1100 locations in 27 states
  • Outstanding location in a dense retail trade area just off I-40 between Knoxville and Asheville, due west of the Great Smoky Mountains
  • Traffic counts over 23,160 vehicles per day
  • Offered for sale at $799,000 or a 6.6% cap rate

Description

Bull Realty is pleased to offer this absolute single tenant NNN leased Pizza Hut located in Newport, TN. This is a rare opportunity to purchase a proven NNN property at a price point less than $1M! Newport is located just off Interstate 40 between Knoxville and Asheville. The 2,040 SF building is located on busy Cosby Hwy with over 23K vehicles per day. The NNN lease runs through January 2026 with an upcoming 8% rent increase in February 2021. There are two 5 year options, each with 8% rent bumps. The lease is guaranteed by NPC International, Inc., one of the largest Pizza Hut franchisees currently operating more than 1,144 Pizza Huts in 27 states (and 386 Wendy's in 8 states).

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