Income Producing Parking Lot

Business Opportunity for Sale
Catylist Listing ID: 30858433
Property Subtypes: Auto Related, Business Services
Building Size (RSF): See Agent
Sale Price: $350,000
Name of Establishment: Cracker Barrel Parking Lot
Year Business Established: 1999
Gross Revenue: $0 (Annual)
Cash Flow: $0 (Annual)
Sale Terms: Cash Business Loan
Last Updated: 11/15/2023

Overview / Comments

This income producing property is a parking lot and provides the majority of the parking for a nationally recognized and highly popular Cracker Barrel restaurant located in Harriman TN. The 25 year old restaurant is located right off I-40, serves home style cooking and has little competition in Roane County.
The 1.2 acre parking lot consists of .73 acres of parking and .47 acres slope easements for proper drainage and has existed since the restaurant opening. It has recently negotiated a 10 year guaranteed lease agreement with four - 5 year extension options. The new 10 year lease began September 1 2023 and returns $2425/mo the first 5 years and $2728/mo the next 5. The four 5 year lease extension options will return the following monthly rent payments : 1st: $3069. 2nd: $3453 3rd: $3884 4th: $4370. A 25ft non-exclusive easement is on one end of the parking lot and leads to another property adjacent to it.
Property Taxes, parking lot maintenance, insurance and liability are the responsibility of Cracker Barrel.

Additional Details

Nearest MSA: Knoxville
County: Roane
Industry Segment: Parking
Value of Inventory Included ($): $0
Value of Furniture, Fixtures, and Equipment ($): $0
Value of Real Estate Included ($): $0

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Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 6,834 17,980
Median Age: 43.49 44.21
Households: 2,950 7,487


Photograph of Listing Agent

Ginger Burnstine

Mountains to Lakes
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