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Bojangles 3551 Austin Peay Hwy 2,366 SF Retail Building Memphis, TN 38128 $2,927,339 CAD ($1,237.25 CAD/SF) 5.15% Cap Rate
Investment Highlights
- Corporate NNN ground lease with zero landlord maintenance or expense responsibilities, providing a fully passive income stream from rent commencement
- Structured 10% rental increases at each five-year interval, escalating from $98,204 annually in Years 1–5 to $130,709 annually in Years 16–20
- Situated on Austin Peay Highway with access to I-40, I-385, US-51, and US-64/70, positioning the site within a well-connected retail corridor
- 20-year initial term with two successive 5-year renewal options, offering a maximum contractual term of 30 years
- 0.93-acre outparcel within the Marketplace at Raleigh, a 8.44-acre multi-tenant QSR and coffee development completed between 2020 and 2023
Executive Summary
This NNN QSR outparcel is situated within the Marketplace at Raleigh development on Austin Peay Highway, a high-frequency corridor anchored by a nearby Walmart Supercenter and Kroger and flanked by co-tenants including Chick-fil-A and Starbucks. The lease structure features a 20-year initial term, zero landlord maintenance or expense responsibilities, and 10% rental increases at each five-year interval.
The surrounding trade area benefits from substantial employment infrastructure, including the Amazon fulfillment center in Frayser, Nike’s Northridge distribution campus employing 1,850 workers, Memphis International Airport serving as North America’s busiest cargo hub, and the 246-bed Methodist North Hospital. Civic reinvestment along the corridor is anchored by the $45 million Raleigh Springs Civic Center, with 20 acres of its site designated by the City of Memphis for commercial development projected to generate $91 million in new investment.
The surrounding trade area benefits from substantial employment infrastructure, including the Amazon fulfillment center in Frayser, Nike’s Northridge distribution campus employing 1,850 workers, Memphis International Airport serving as North America’s busiest cargo hub, and the 246-bed Methodist North Hospital. Civic reinvestment along the corridor is anchored by the $45 million Raleigh Springs Civic Center, with 20 acres of its site designated by the City of Memphis for commercial development projected to generate $91 million in new investment.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Fast Food
Building Size
2,366 SF
Building Class
B
Year Built
2022
Price
$2,927,339 CAD
Price Per SF
$1,237.25 CAD
Cap Rate
5.15%
NOI
$150,726 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.06
Lot Size
0.93 AC
Zoning
CMU-2
Parking
29 Spaces (12.26 Spaces per 1,000 SF Leased)
Fairly walkable
40/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
40/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 08-6023-0-0024 | Improvements Assessment | $680,829 CAD |
| Land Assessment | $97,990 CAD | Total Assessment | $778,819 CAD |
Property Taxes
Parcel Number
08-6023-0-0024
Land Assessment
$97,990 CAD
Improvements Assessment
$680,829 CAD
Total Assessment
$778,819 CAD
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Bojangles | 3551 Austin Peay Hwy
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