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Shopping Strip

Taco Bell & Jimmy's Market

206 Wears Valley Rd, Pigeon Forge, TN 37863

Listing Price: $3,100,000

Cap Rate
5.03%
Gross SF
5,800
Rentable SF
5,800
Price/Gross SF
$534.48
Lot Size
0.85 acres
Year Built
1996

Investment Overview

THE OFFERING This offering consists of a highly successful Taco Bell restaurant and an adjacent/attached convenience store. At closing, the Taco Bell tenant (in occupancy for 10 years) will execute a new 12-year NNN lease for its space. The convenience store operator, who has been in occupancy for the past five years, recently signed a new five-year lease for its space. The convenience store tenant sells gasoline and petroleum products on the site. The gasoline is supplied to the convenience store by a major regional oil company (Calloway Oil Company) that owns all the gasoline pumps, equipment, and storage tanks on the site. Calloway is fully responsible for the repair, maintenance, and integrity of all the gasoline pumping equipment and storage tanks. TENANT PROFILE TACO BELL The Taco Bell tenant has been a successful franchisee of Taco Bell corporate for over 30 years. Currently, the tenant operates nine Taco Bell stores – one of which is the Pigeon Forge store and the other eight are in South Carolina. The lease will be guaranteed by the tenant’s principal operating company which runs seven of the nine stores. The Pigeon Forge store has a high volume of sales with increasing sales every year between 2017 and 2021. The annual rent of $108,000 is quite low and is a mere seven percent of annual sales. THE CONVENIENCE STORE: Jimmy’s Market Jimmy’s Market is a local chain of convenience stores and currently operates 13 such stores in the area. THE LOCATION The success and high sales volumes at this Taco Bell and convenience store are attributable to the prominent location of the property in a major and popular tourist town. Pigeon Forge is located approximately 35 miles southeast of Knoxville, Tennessee, and is a gateway to the Great Smokey Mountains National Park. It is a tourist mecca with 10 million visitors each year to its many local attractions. Pigeon Forge, a mountain town in eastern Tennessee, is the home of Dollywood, country singer Dolly Parton’s Appalachian-themed Park consisting of rides, an adjoining water park and a museum of her costumes and memorabilia. The city’s other attractions include country music revues like the Smoky Mountain Opry, dinner theaters such as Dolly Parton's Dixie Stampede and outlet malls. The Taco Bell is adjacent to a Kroger Supermarket, across the street from a Publix anchored shopping center, and a short distance from major tourist attractions and hotels. For a detailed description of the many attractions of the community, see the website at https://www.mypigeonforge.com

Investment Highlights

  • High Volume Taco Bell
  • A Favorable Rent-to-Sales Ratio of Seven Percent
  • Seasoned Franchisee with Nine Taco Bell Locations
  • 12 Year NNN Lease
  • Located in a Major Tourist Area
  • Pigeon Forge has 10 Million Visitors Each Year
  • Seasoned Convenience Store Operator With 13 Locations

Exclusively Listed By

Broker of Record

  • Jody McKibben

    First Vice President/Regional Manager

    (615) 997-2800

    License(s) TN: 307629

    Tennessee

Shopping Strip

Taco Bell & Jimmy's Market

Listing Price: $3,100,000

Cap Rate
5.03%
Gross SF
5,800
Rentable SF
5,800
Price/Gross SF
$534.48
Lot Size
0.85 acres
Year Built
1996

Investment Highlights

  • High Volume Taco Bell
  • A Favorable Rent-to-Sales Ratio of Seven Percent
  • Seasoned Franchisee with Nine Taco Bell Locations
  • 12 Year NNN Lease
  • Located in a Major Tourist Area
  • Pigeon Forge has 10 Million Visitors Each Year
  • Seasoned Convenience Store Operator With 13 Locations

Investment Overview

THE OFFERING This offering consists of a highly successful Taco Bell restaurant and an adjacent/attached convenience store. At closing, the Taco Bell tenant (in occupancy for 10 years) will execute a new 12-year NNN lease for its space. The convenience store operator, who has been in occupancy for the past five years, recently signed a new five-year lease for its space. The convenience store tenant sells gasoline and petroleum products on the site. The gasoline is supplied to the convenience store by a major regional oil company (Calloway Oil Company) that owns all the gasoline pumps, equipment, and storage tanks on the site. Calloway is fully responsible for the repair, maintenance, and integrity of all the gasoline pumping equipment and storage tanks. TENANT PROFILE TACO BELL The Taco Bell tenant has been a successful franchisee of Taco Bell corporate for over 30 years. Currently, the tenant operates nine Taco Bell stores – one of which is the Pigeon Forge store and the other eight are in South Carolina. The lease will be guaranteed by the tenant’s principal operating company which runs seven of the nine stores. The Pigeon Forge store has a high volume of sales with increasing sales every year between 2017 and 2021. The annual rent of $108,000 is quite low and is a mere seven percent of annual sales. THE CONVENIENCE STORE: Jimmy’s Market Jimmy’s Market is a local chain of convenience stores and currently operates 13 such stores in the area. THE LOCATION The success and high sales volumes at this Taco Bell and convenience store are attributable to the prominent location of the property in a major and popular tourist town. Pigeon Forge is located approximately 35 miles southeast of Knoxville, Tennessee, and is a gateway to the Great Smokey Mountains National Park. It is a tourist mecca with 10 million visitors each year to its many local attractions. Pigeon Forge, a mountain town in eastern Tennessee, is the home of Dollywood, country singer Dolly Parton’s Appalachian-themed Park consisting of rides, an adjoining water park and a museum of her costumes and memorabilia. The city’s other attractions include country music revues like the Smoky Mountain Opry, dinner theaters such as Dolly Parton's Dixie Stampede and outlet malls. The Taco Bell is adjacent to a Kroger Supermarket, across the street from a Publix anchored shopping center, and a short distance from major tourist attractions and hotels. For a detailed description of the many attractions of the community, see the website at https://www.mypigeonforge.com

Exclusively Listed By

Broker of Record

  • Jody McKibben

    First Vice President/Regional Manager

    (615) 997-2800

    License(s): TN: 307629

    Tennessee

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