BURGER KING A CORPORATE NET LEASED INVESTMENT Chattanooga, Tennessee Offering Memorandum
BURGER KING
A CORPORATE NET LEASED INVESTMENT
Chattanooga, Tennessee
Offering Memorandum
NON-ENDORSEMENT & DISCLAIMER NOTICEMarcus & Millichap hereby advises all prospective purchasers of Single Tenant Net Leased property as follows:
The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Marcus &
Millichap has not and will not verify any of this information, nor has Marcus & Millichap conducted any investigation regarding these
matters. Marcus & Millichap makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any
information provided.
As the Buyer of a single tenant property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of
all material information before completing any purchase. This Marketing Brochure is not a substitute for your thorough due diligence
investigation of this investment opportunity. Marcus & Millichap expressly denies any obligation to conduct a due diligence examina-
tion of this Property for Buyer.
Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the
current or future performance of this property. The value of a single tenant property to you depends on factors that should be evalu-
ated by you and your tax, financial and legal advisors.
Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any single
tenant property to determine to your satisfaction with the suitability of the property for your needs.
Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request
and carefully review all legal and financial documents related to the property and tenant. While the tenant’s past performance at this
or other locations is an important consideration, it is not a guarantee of future success. Similarly, the lease rate for some properties,
including newly-constructed facilities or newly-acquired locations, may be set based on a tenant’s projected sales with little or no
record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenant and any guarantors may fail
to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in
part or in whole due to market, economic, environmental or other conditions. Regardless of tenant history and lease guarantees,
Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value of the property and the value
of any long-term lease, including the likelihood of locating a replacement tenant if the current tenant should default or abandon the
property, and the lease terms that Buyer may be able to negotiate with a potential replacement tenant considering the location of the
property, and Buyer’s legal ability to make alternate use of the property.
By accepting this Marketing Brochure you agree to release Marcus & Millichap Real Estate Investment Services and hold it harmless
from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this single tenant property.
EXCLUSIVELY LISTED BY
O F F I C E S N A T I O N W I D E A N D T H R O U G H O U T C A N A D A
WWW.MARCUSMILLICHAP.COM
BURGER KINGChattanooga, Tennessee
PAUL BITONTIFIRST VICE PRESIDENT INVESTMENT
Office: (949) 419 - 3246Cell: (714) 267 - 8582
Email: [email protected]: CA 01325076
01 21
07 31
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EXECUTIVE SUMMARYSECTION 1 Investment Overview • Investment Highlights
COMPETITIVE COMPARABLESSECTION 4 Sales Comparables • Rent Comparables
PROPERTY DESCRIPTIONSECTION 2 Property Details • Regional Map • Property Photos
MARKET OVERVIEWSECTION 5 Location Overview • Location Highlights Market Aerial • Demographics
FINANCIAL ANALYSISSECTION 3 Pricing Details • Operating Data • Rent Roll
TABLE OF CONTENTS
EXCLUSIVELY LISTED BY:
BURGER KINGChattanooga, Tennessee
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus
& Millichap ACT ID Z0100214
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EXECUTIVESUMMARY
BURGER KINGChattanooga, Tennessee
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OFFERING SUMMARY
Marcus & Millichap is pleased to present a 2,273+\- square foot freestanding Burger King restaurant in Chattanooga (Hamilton County), TN. The property is well positioned on busy Lee Highway right off of SR153 which serves as a bypass around downtown Chattanooga and less than a mile from I-75. Lee Highway experiences average daily traffic counts of over 28,000 vehicles daily, providing the subject property with a steady flow of consumers. Addi-tionally, the population within a five mile radius of the property is roughly 130,695 people, providing ample customers for this Burger King.
The tenant (Hometown Folks LLC) currently has 10 years left on an Absolute NNN Lease with 10% rent increases every five years, during the intial lease term and each of the four five-year option periods. The tenant is 100 percent responsible for all maintenance of the premises as well as taxes, insurance, and CAM expenses. This is a highly profitable location that does twice the national average in sale. The property was recently constructed in 2007 and is in excellent condition.
Hometown Folks LLC was established in 2003 in Chattanooga, TN. The company operates 18 Burger King Franchisees located in Chattanooga, TN and the surrounding area and has sales of over $25.7 million. The franchise owners come from a rich restaurant background that started such concepts as Krystal and Central Park. Their vast experience and history has created their long term, high operational standards and refined systems. Today their Burger King Franchise sales are the highest average unit volume in the history of the brand in the Chattanooga, TN DMA. Hometown Folks LLC were awarded the Brand Leadership Award from Burger King Corporation.
Founded in 1954, BURGER KING® is the second largest fast food hamburger chain in the world. The BURGER KING® System operates more than 12,300 locations serving over 11 million guests daily in 76 countries and territories worldwide. Approximately 90 percent of BURGER KING® restaurants are owned and operated by independent franchisees. In 2009, BKC was recognized by Interbrand on its top 100 "Best Global Brands" list and Ad Week has named it one of the top three industry-changing advertisers within the last three decades. In October 2010, Burger King Corp. was purchased by 3G Capital, a multi-billion dollar, global investment firm focused on long-term value creation, with a particular emphasis on maximiz-ing the potential of brands and businesses.
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Absolute Net Lease, No Landlord
Responsibility.10 Years left on
Lease
10% Rent Increases every 5 Years During
Primary & Option Terms
"The Gig City" U.S. News Ranked
Smartest City in The World
134,000 Population in 5-Mile
Radius
INVESTMENT HIGHLIGHTS
► Absolute Net Lease Investment, No Landlord Responsibility
► 10% Increases every 5 Years During Primary & Option Terms
► Proven & Profitable Location - Strong Store Sales
► 18 Unit Franchisee Operator
► No State Income Tax in Tennessee
► Strong Demographics: Near Major Chattanooga Employers
(Volkswagen Factory, Amazon Center)
► Chattanooga ranked Smartest City in the World by U.S.
News with ultra-highspeed internet, establising itself as a
center for innovation, attracting international businesses.
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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus
& Millichap ACT ID Z0100214
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PROPERTY DESCRIPTION
BURGER KINGChattanooga, Tennessee
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Address6236 Lee Highway
Chattanooga, TN 37421
APN 148O C 004.08
Price $3,000,000
Buildings 1
GLA 2,273 SF
CAP Rate 5.60%
Year Built 2007
Lot Size 0.53 Acre
Number of Parking 21 Spaces
Parking Ratio 9.23 : 1
ZoningC-2 : Convenience Commercial
Zone
Net Operating Income $168,022.00
PROPERTY DETAILS
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AERIAL VIEW NORTH
McDonald's
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AERIAL VIEW SOUTH
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PROPERTY SITE PLAN
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ADJACENT PROPERTIES
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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus
& Millichap ACT ID Z0100214
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FINANCIAL ANALYSIS
BURGER KINGChattanooga, Tennessee
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THE OFFERING RENT SCHEDULEProperty Burger King YEAR ANNUAL RENT MONTLY RENT ANNUAL RENT / SF
Property Address 6236 Lee HighwayChattanooga, TN 37421
Prim
ary
Term
1/1/2018 - 12/31/2018 $168,022.00 $14,001.83 $73.92
1/1/2019 - 12/31/2019 $168,022.00 $14,001.83 $73.92
Price $3,000,000 1/1/2020 - 12/31/2020 $168,022.00 $14,001.83 $73.92
Capitalization Rate 5.60% 1/1/2021 - 12/31/2021 $168,022.00 $14,001.83 $73.92
1/1/2022 - 12/31/2022 $168,022.00 $14,001.83 $73.92
1/1/2023 - 12/31/2023 $184,824.00 $15,402.00 $81.31
PROPERTY DESCRIPTION 1/1/2024 - 12/31/2024 $184,824.00 $15,402.00 $81.31
Year Built 2007 1/1/2025 - 12/31/2025 $184,824.00 $15,402.00 $81.31
Gross Leasable Area 2,273 SF 1/1/2026 - 12/31/2026 $184,824.00 $15,402.00 $81.31
Zoning C-2 : Convenience Commercial 1/1/2027 - 6/25/2027 $184,824.00 $15,402.00 $81.31
Type of Ownership Fee Simple
Op
tion
1
6/26/2027 - 6/30/2028 $203,306.00 $16,942.17 $89.44
7/1/2028 - 6/30/2029 $203,306.00 $16,942.17 $89.44
LEASE SUMMARY 7/1/2029 - 6/30/2030 $203,306.00 $16,942.17 $89.44
Property Subtype Net Lease Fast Food 7/1/2030 - 6/30/2031 $203,306.00 $16,942.17 $89.44
Tenant Hometown Folks, LLC 7/1/2031 - 6/30/2032 $203,306.00 $16,942.17 $89.44
Rent Increases Base Term and Option Terms
Op
tion
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7/1/2032 - 6/30/2033 $223,637.00 $18,636.42 $98.39
Guarantor Franchisee Guarantee 7/1/2033 - 6/30/2034 $223,637.00 $18,636.42 $98.39
Lease Type NNN 7/1/2034 - 6/30/2035 $223,637.00 $18,636.42 $98.39
Lease Commencement 1/1/2013 7/1/2035 - 6/30/2036 $223,637.00 $18,636.42 $98.39
Rent Commencement 1/1/2013 7/1/2036 - 6/30/2037 $223,637.00 $18,636.42 $98.39
Lease Expiration 6/25/2027
Op
tion
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7/1/2037 - 6/30/2038 $246,001.00 $20,500.08 $108.23
Lease Term 14.5 Years 7/1/2038 - 6/30/2039 $246,001.00 $20,500.08 $108.23
Terms Remaining on Lease 10 Years 7/1/2039 - 6/30/2040 $246,001.00 $20,500.08 $108.23
Renewal Options Four (5-year) Options 7/1/2040 - 6/30/2041 $246,001.00 $20,500.08 $108.23
Landlord Responsibility None 7/1/2041 - 6/30/2042 $246,001.00 $20,500.08 $108.23
Tenant Responsibility Taxes, Maintenance, Insurance
Op
tion
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7/1/2042 - 6/30/2043 $270,601.00 $22,550.08 $119.05
Right of First Refusal/Offer None 7/1/2043 - 6/30/2044 $270,601.00 $22,550.08 $119.05
7/1/2044 - 6/30/2045 $270,601.00 $22,550.08 $119.05
7/1/2045 - 6/30/2046 $270,601.00 $22,550.08 $119.05
7/1/2046 - 6/30/2047 $270,601.00 $22,550.08 $119.0516
ANNUAL RENT INCREASE
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Tenant Name Hometown Folks ,LLC
Lease Commencement 1/1/2013
Lease Expiration 06/25/2027
Gross Leasable Area 2,273 SF
Option Term Four (5-year)
Pro Rata Share of Project 100%
Headquartered Chattanooga, TN
No. of Locations 18
TENANT SUMMARY
Hometown Folks LLC was established in 2003 in Chattanooga, TN. The company operates 18 Burger King Franchisees located in Chattanooga, TN and the surrounding area valued at $25.7 million. The franchise owners come from a rich restaurant back-ground that started such concepts as Krystal and Central Park. Their vast experience and history has created their long term, high operational standards and refined systems. Today their Burger King Franchise sales are the highest average unit volume in the history of the brand in the Chattanooga, TN DMA. Home-town Folks LLC were awarded the Brand Leadership Award from Burger King Corporation.Founded in 1954, BURGER KING® is the second largest fast food hamburger chain in the world. The BURGER KING® System oper-ates more than 12,300 locations serving over 11 million guests daily in 76 countries and territories worldwide.
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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus
& Millichap ACT ID Z0100214
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COMPARABLE PROPERTIES
BURGER KINGChattanooga, Tennessee
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PROPERTY NAME SALE DATE PRICE CAP RATE
Burger King - Chattanooga Just Listed $3,200,000 5.60%
Hardee's - Charleston On Market $3,000,000 3.90%
Wendy's - North Augusta 12/14/2017 $3,300,000 5.15%
Burger King - Smyrna 03/08/2018 $2,451,000 5.51%
Burger King - Watsonville 04/16/2018 $3,750,000 4.65%
Burger King - Concord 12/04/2017 $2,340,000 5.43%
Burger King - Burleson 11/01/2017 $1,650,000 5.29%
Burger King - Sanford 04/05/2017 $1,800,000 4.86%
Burger King - Stillwater 02/03/2017 $1,700,000 4.90%
SALES COMPARABLES
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BURGER KING - CHATTANOOGA6236 Lee Highway, Chattanooga, TN 37421
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SALES COMPARABLES
SALES PRICE $3,200,000
Sale Date Just Listed
Year Built 2007
Cap Rate 5.60%
SALES PRICE $3,000,000
Sale Date On Market
Year Built 2017
Cap Rate 3.90%
ADDITIONAL INFO
Gross Leasable Area 2,173 SF
Lot Size 23,086 SF
HARDEE'S - CHARLESTON2490 Clements Ferry Rd, Charleston, SC 29492
ADDITIONAL INFO
Gross Leasable Area 2,960SF
Lot Size 27,433 SF
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SALES PRICE $3,300,000
Sale Date 12/14/2017
Year Built 2017
Cap Rate 5.15%
SALES PRICE $2,451,000
Sale Date 03/08/2018
Year Built 2015
Cap Rate 5.51%
WENDY'S - NORTH AUGUSTA1061 Edgefield Rd, North Augusta, SC 29860
BURGER KING - SMYRNA1763 Lee Victory Parkway, Smyrna, TN 37167
ADDITIONAL INFO
Gross Leasable Area 2,950 SF
Lot Size 59,825 SF
ADDITIONAL INFO
Gross Leasable Area 3,308 SF
Lot Size 54,450 SF
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SALES COMPARABLES
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SALES PRICE $2,340,000
Sale Date 12/04/2017
Year Built 2008
Cap Rate 5.43%
BURGER KING - CONCORD8581 Concord Mills Blvd, Concord, NC 28027
ADDITIONAL INFO
Gross Leasable Area 2,631 SF
Lot Size 35,284 SF
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SALES PRICE $3,750,000
Sale Date 04/16/2018
Year Built 1982
Cap Rate 4.65%
BURGER KING - WATSONVILLE1403 Freedom Blvd, Watsonville, CA 95076
ADDITIONAL INFO
Gross Leasable Area 2,929 SF
Lot Size 23,958 SF
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SALES PRICE $1,800,000
Sale Date 01/05/2017
Year Built 2000
Cap Rate 4.86%
BURGER KING - SANFORD3788 S. Orlando Dr., Sanford, FL 32773
ADDITIONAL INFO
Gross Leasable Area 3,861 SF
Lot Size 65775 SF
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SALES PRICE $1,650,000
Sale Date 11/01/2017
Year Built 1992
Cap Rate 5.29%
BURGER KING - BURLESON977 N Burleson Blvd, Burleson, TX 76028
ADDITIONAL INFO
Gross Leasable Area 3,888 SF
Lot Size 43,124 SF
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SALES PRICE $1,700,000
Sale Date 02/03/2017
Year Built 1996
Cap Rate 4.90%
BURGER KING - STILLWATER107 N Perkins Road, Stillwater, OK 74075
ADDITIONAL INFO
Gross Leasable Area 3,100 SF
Lot Size 35,284 SF
SALES COMPARABLES
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Average 4.96%
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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus
& Millichap ACT ID Z0100214
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MARKET OVERVIEW
BURGER KINGChattanooga, Tennessee
Chattanooga City
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CITY OVERVIEWWith a metropolitan population of 492,000, Chattanooga blends "Big City" ame-nities with "Small Town" ease of living. Area residents enjoy the friendly atmo-sphere, moderate housing costs, and easy commuting typically associated with smaller communities, but Chattanooga's cultural and recreational opportunities rival those in much larger metropolitan areas. Add to these assets a downtown recently rejuvenated by a $120 million waterfront transformation and the area’s breathtaking natural beauty and you have one of the nation’s most livable cities with much to offer.
Dubbed the Can-Do Community, Chattanooga has benefited from a remarkable sense of community spirit and a process of public-private partnerships that have transformed the city into a gracious place to live, a regional tourism center and a leader in community redevelopment that has brought Chattanooga recognition in scores of national publications. Indeed, its achievements over the past two decades earned Chattanooga a Parade Magazine cover story and inclusion in an Utne Reader report on the "Ten Most Enlightened Towns in America" -- not to mention U.S. News and World Report's designation as one of the smartest cities in the world. The New York Times named it one of "45 places to go in 2012." U.S News & World Report named it one of six cities worldwide that "work at creating great urban experiences."
When international site selection consultants, the Wadley-Donovan Group, com-pleted a recent locational audit of Chattanooga, they identified a number of key strategic reasons for locating businesses in the region. The Wadley-Dono-van Group highlighted Chattanooga's location, infrastructure, workforce, insti-tutions of higher learning, water supply, and quality of life. They concluded that Chattanooga is an excellent location for a wide range of businesses including mobile entrepreneurs, distribution and transportation companies, high-end of-fice operations, food processing, and manufacturing.
In May 2011,Volkswagen Group of America inaugurated its Chattanooga As-sembly Plant. The $1 billion plant serves as the group's North American manu-facturing headquarters and the sole Volkswagen factory in the US.
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View from the Tennessee River
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AIRPORTS
Chattanooga Metropolitan Airport
LA/ Ontario International Airport
RAILROAD LINES
Tennessee Valley Railroad Museum
Chattooga and Chickamauga Railway
MAJOR ROADWAYS
Interstate 24, 59, 75
State Route 27, 58, 153, 317, 11, 64, 41, 72, 27
MAJOR EMPLOYERS
Erlanger Health System
Hamilton County Department of Education
BlueCross BlueShield of TN
Tennessee Valley Authority
Memorial Health Care System
McKee Foods Corporation
Unum
City of Chattanooga
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DEMOGRAPHICS HIGHLIGHTS
130,695
$58,698
55,645
5-MILE POPULATION
AVERAGE HOUSEHOLD INCOME
NUMBER OF HOUSEHOLDS
Hunter Museum of American Art, Chattanooga
Walnut Street Bridge, Chattanooga
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POPULATION 1-MILE 3-MILES 5-MILES2000 Population 5,419 34,900 112,323
2010 Population 5,010 39,337 121,322
2015 Population 5,183 41,711 126,573
2020 Population 5,527 43,624 130,695
INCOME 1-MILE 3-MILES 5-MILES
Average $46,726 $59,004 $58,698
Median $36,148 $41,051 $40,631
Per Capita $21,067 $27,332 $24,965
HOUSEHOLDS 1-MILE 3-MILES 5-MILES2000 Households 7,195 15,398 46,577
2010 Households 2,246 18,110 50,903
2015 Households 2,334 19,286 53,382
2020 Households 2,486 20,365 55,645
Hunter Museum of American Art, Chattanooga
Walnut Street Bridge, Chattanooga
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E X C L U S I V E LY L I S T E D B Y
BURGER KINGChattanooga, Tennessee
PAUL BITONTIFirst Vice President Investments
Office: (949) 419 - 3246Cell: (714) 267 - 8582
Email: [email protected]: CA 01325076