Description

3551 Austin Peay Hwy is a Bojangles retail property for sale at 3551 Austin Peay Highway in Memphis, TN. The 2,366 SF building is fully occupied, placing the lease and its income profile at the center of this Raleigh Springs investment opportunity.

Built in 2022, the property sits on 0.93 acres with 29 parking spaces. Its Absolute Net ground lease with Bojangles OPCO, LLC places property taxes, insurance, utilities, repairs and maintenance with the tenant. The lease has a 20-year initial term, two successive 5-year renewal options and 10% rent increases at five-year intervals. For a buyer focused on the ownership workload as well as the rent, those responsibilities are a defining feature of the transaction.

Within the Marketplace at Raleigh development, the property shares its immediate retail setting with Chick-fil-A and Starbucks. Austin Peay Highway carries 30,034 AADT, giving the restaurant exposure to passing traffic. Walmart Supercenter and Kroger are within one mile along the corridor, while Raleigh Springs Civic Center is less than 0.1 miles north. Access to I-40, I-385, US-51 and US-64/70 connects this Raleigh Springs site to the broader Memphis market.

The asking price is $1,965,000, or $830.52 PSF, with a 5.50% in-place cap rate and $108,024 in-place NOI. That pricing pairs an occupied restaurant property with a defined lease structure and scheduled rent increases, rather than a vacant retail repositioning. Buyers seeking a ground-lease investment can focus their review on the tenant obligation, remaining lease term and income schedule. Continue to the Offering Materials for the transaction documents.