802 Cosby Highway, Newport, TN

Retail for Sale ‐ $799,000 ‐ 2,040 Sq. Ft. on 0.66 acres

Bull Realty, Inc.

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Agent Info

NameMichael Bull, CCIM
CompanyBull Realty, Inc.

Property Info

CIMLS #964323
Location802 Cosby Highway
Newport TN 37821
Last UpdatedSeptember 15th, 2017
TypeRetail
Price$799,000
Building Size2,040 Sq. Ft.
Lot Size0.66 acres

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Property 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).

Location Description:

The town of Newport is situated along the Pigeon River in an area where the Foothills of the Great Smoky Mountains descend into the French Broad and Nolichucky drainage basins. The Great Smoky Mountains National Park boundary passes some 10 miles (16 km) to the south. Newport, due to its proximity to the Smokys, is a tourist destination in all seasons.

Newport, the county seat of Cocke County in Eastern Tennessee, was founded in 1903, in great part due to the logging industry. The main section of town, centered around the courthouse, is situated along the south bank of the Pigeon among a series of relatively low but steep cliffs. A more modern section of town has developed along US-321 between the courthouse area and I-40.

Some of the major employers in Cocke County include the Cocke County Schools, ConaAgra Foods, Walmart, Newport Medical Center, Cock County Government, Food City, Sonoco Products, American Appliance Produces, Lowes, and the Commercial Furniture Group. It is part of the Knoxville MSA.

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

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