FOR SALE: 6,500 SF BLDG 0.72 ACRES FORMER GERST HAUS RESTAURANT 301 Woodland Street, Nashville, TN
EXECUTIVE SUMMARY The subject property for sale is the former Gerst Haus restaurant which was built in 2000 and operated continuously until Spring 2018. The property may be purchased for continued use as a restaurant, or may be redeveloped for a variety of uses which capitalize on the property s excellent interstate visibility and access. ZONING OVERVIEW The subject property has a base zoning of Mixed-Use Intensive and is located within multiple zoning overlays, all of which permit a broad range of uses. Base Zoning: Mixed-Use Intensive Urban Zoning Overlay East Bank Redevelopment Zoning Overlay. Per this zoning overlay, the permitted principal uses are: Stadium (or associated ancillary uses) Residential Commercial/Retail Convention Center Hotel Parking Public Use -street, pedestrian ways and greenways Or services designed to promote or be compatible with arts, culture, sports, or convention facilities. INVESTMENT SUMMARY Address 301 Woodland Street, Nashville, TN 37213 Submarket East Nashville Site Size ± 0.718 AC ± 31,277 SF Building Size ± 6,587 SF Year Built 2000 Parking The property has 35 surface stalls Two points of ingress/egress, on Interstate Blvd (a 3-lane one-way) and Woodland St (a 5-lane road divided by a concrete median). Interstate Blvd allows for left-in and leftout access while Woodland St allows for right-in and right- Ingress / Egress out access. Both the corners of Main St/Interstate Blvd and Woodland St/Interstate Blvd are fully-signalized Leasehold Encumbrances Billboard Easement None. The seller is the former owner/operator of the Gerst Haus. No lease encumbrances exist Segmenting the property is an overhead billboard with an easement (running with the land), expiring Dec. 31, 2025. Upon expiration, the billboard must be removed by it s owner (different than owner of 301 Woodland). Until then, no new structure may be so high as it would obstruct the billboard s visibility from I-/I-. The lowest point of the billboard is 50 above grade; therefore, subject to confirmation by appropriate officials, a new structure may constructed up to 50 in height above grade. After Dec. 31, 2025, the property (and height of any structure) is unrestricted except by code Main St (28,363ADT) Interstate Blvd Woodland St (13,823 ADT) 2
PROPERTY HIGHLIGHTS SUPERIOR VISIBILITY: The property is highly visible from both the northbound and southbound lanes of I-/I- which is adjacent to the property. Additionally, the property is sandwiched between Woodland Street and Main Street, with traffic signals at each corner. GATEWAY LOCATION: The subject property is located at the first intersection drivers approach after exiting I-/I- southbound (exit #48), and the first property when drivers exit I-/I- northbound (also exit #48). In both instances, drivers arrive at the signalized corner of Main St/Interstate Blvd and are a captive audience to this site. SUPERIOR ACCESS: With the site s proximity to Downtown Nashville and East Nashville, and multiple options to both exit from and enter I-/ I-, the property benefits from excellent access. BOOMING MARKET: According to the U.S. Census Bureau, Nashville added over 36,000 people in 2017, which averages out to be +100 people per day. Additionally, Forbes Magazine declared Nashville the #3 Best Big Cities for Jobs in 2017, the #4 Lowest State Tax Burden in 2016, and the #1 City for White Collar Job Growth in 2016, with 47.2% growth since 2010. KEY METRICS LAND SIZE ± 0.72 ACRES TRAFFIC COUNT 28,363 ADT MAIN STREET TRAFFIC COUNT 139,532 ADT I-/I- 3
SITE PLAN & ACCESS 431 6 31 MAIN ST (28,363 ADT) 301 Woodland Street WOODLAND ST (13,823 ADT) DRIVE 4
PROPERTY DESCRIPTION The subject property consists of one (1) parcel, totaling ± 0.718 Acres or ± 31,277 square feet at the following address: 301 Woodland Street, Nashville, TN 37213. The tax parcel number for the subject property is: 082-15-0-053.00. The property contains a ± 6,587 SF restaurant buildnig and 35 surface parking stalls. Rectangular in shape, the property is bordered to the east by I-/I-, bordered to the north by Main Street/Gallatin Ave, bordered to the west by Interstate Boulevard, and bordered to the south by Woodland Street. Access into and out of the property is available via one curb cut on Interstate Boulevard and one curb cut on Woodland Street. Interstate Boulevard is a 3-lane one-way (south) which allows for left-in and left-out access. Woodland Street is a 5-lane road divided by a concrete median. Woodland Street s 3 westbound lanes allow right-in ingress to the subject property with right-out egress from the subject property. Both the corners of Main Street/Interstate Boulevard and Woodland Street/Interstate Boulevard are fully-signalized. I-/I- Exit-Ramp Southbound Main St (28,363 ADT) Interstate Blvd Woodland St (13,823 ADT) I-/I- On-Ramp Southbound 5
ACCESS TO & FROM I-/I- Spring Street Elmington Pkwy Main St (28,363 ADT) Woodland St (13,823 ADT) Shelby Ave 6
PROPERTY PHOTOS & VIEWS VIEW TO THE WEST :: CBD VIEW TO THE EAST :: EAST NASHVILLE Main St (28,363 ADT) Interstate Blvd Woodland St (13,823 ADT) Main St (28,363 ADT) Interstate Blvd Woodland St (13,823 ADT) EXISTING BUILDING VIEW TO THE SOUTH :: EAST BANK Woodland St (13,823 ADT) Interstate Blvd Interstate Blvd Main St (28,363 ADT) 7
EXTERIOR & INTERIOR BUILDING PHOTOS 8
LOCATION OVERVIEW METRO CENTER INGLEWOOD CLEVELAND PARK EAST NASHVILLE GERMANTOWN TENNESSEE STATE UNIVERSITY FISK UNIVERSITY LP FIELD SHELBY HILLS THE NATIONS CENTENNIAL MIDTOWN MEDICAL CENTER DOWNTOWN GULCH SOBRO SYLVAN PARK SYLVAN HEIGHTS CENTENNIAL PARK WEST END VANDERBILT UNIVERSITY EDGEHILL BELMONT UNIVERSITY HILLSBORO VILLAGE 12TH SOUTH WEDGEWOOD HOUSTON TREVECCA NAZARENE UNIVERSITY NASHVILLE INT. AIRPORT MELROSE WOODBINE BERRY HILL 9
DOWNTOWN NASHVILLE STATISTICS,000 OFFICE WORKERS IN DOWNTOWN NASHVILLE 27 TOWER CRANES IN NASHVILLE S URBAN CORE OVER 1,000 DOWNTOWN EVENTS PER MONTH 13,000 DOWNTOWN RESIDENTS BY 2019 1.97 M SF OFFICE SPACE UNDER CONSTRUCTION $3.5B IN BUILDING PERMITS APPROVED BY METRO NASHVILLE IN 2017 16 HOTELS ARE SCHEDULED TO OPEN IN 2018 DOWNTOWN NASHVILLE ADDING HOTEL ROOMS IN ALL PHASES OF DEVELOPMENT IN NASHVILLE MSA 2,639 ROOMS 14,390 ROOMS 10
RECENT RECOGNITION NASHVILLE RANKED TOP 10 BEST BUY CITIES: WHERE TO INVEST IN HOUSING IN 2017 Forbes.com January 2017 NASHVILLE RANKED #3 TOP TEN CITIES FOR JOB SEEKERS IN 2017 Nerdwallet.com December 2016 NASHVILLE RANKED #7 2016 BEST PERFORMING CITIES The Milken Institute December 2016 NASHVILLE RANKED #6 NATION S TOP CITIES FOR REAL ESTATE INVESTING IN 2017 PricewaterhouseCoopers October 2016 NASHVILLE ON TOP MARKETS FOR ADVANCED MANUFACTURING The Boyd Company October 2016 NASHVILLE RANKED #3 BEST REAL-ESTATE MARKETS Wallethub.com August 2016 NASHVILLE LEADS TOP MARKETS FOR ADVANCED MANUFACTURING Brookings Instituion August 2016 NASHVILLE ON #1 THE BEST AND MOST IMPROVED HOUSING MARKETS IN AMERICA Livability.com July 2016 NASHVILLE RANKED #2 MARKET FOR GROWTH OF HIGHLY SKILLED TECH WORKERS CBRE s Tech Talent Report July 2016 11
RESIDENTIAL MARKET PEER CITY COMPARISON DOWNTOWN RESIDENTS (YEAR-END PROJECTIONS) CITY 2016 2017 2018 Nashville 9,064 11,035 13,0 09 Austin 14,0 01 15,000 15,390 Charlotte 14,798 15,875 18,360 Indianapolis 8,334 9,131 10,962 DOWNTOWN HOUSING UNITS (YEAR-END PROJECTIONS) CITY 2016 2017 2018 Nashville 5,6 7,313 8,252 Austin 8,987 9,030 10,1 Charlotte 6,814 7,450 8,914 Indianapolis 5,071 5,556 6,670 LAND AREA COMPARISONS CITY SQUARE ACRES DENSITY PER ACRE Nashville 1.8 1,180 8.7 Austin 1 640 21.8 Charlotte 2 1,30 0 10.8 Indianapolis 1 640 13.5 NASHVILLE RENTAL MARKET & POPULATION GROWTH POPULATION GROWTH COMPARISONS (2010-2016) AREA 2010 2016 % GROWTH Downtown 5,155 9,619 86.5% Nashville 626,681 684,410 9.2% Nashville MSA 1,670,890 1,8,298 11.6% Rest of Tennessee 4,675,215 4,785,896 2.3% DOWNTOWN RENTAL OCCUPANCY COMPARISON YEAR DOWNTOWN GREATER NASHVILLE 2010 95% 92.54% 2011 98% 95.41% 2012 98% 95.41% 2013 98% 95.16% 2014 98% 95.93% 2015 97% 95.33% 2016 97% 95.32% 2017 95% 92.69% RENTAL OCCUPANCY RATE CITY 2017 Nashville 95.0% Austin 87.8% Charlotte 96.0% Indianapolis 95.0% Source: Nashville Downtown Partnership s Residential Report July 2017 Downtown Nashville 12
FOR SALE: 6,500 SF BLDG ON 0.72 ACRES NASHVILLE, TENNESSEE 37213 Former Gerst Haus Restaurant CONTACT US: :: AUSTIN BENEDICT +1 615 493 9221 austin.benedict@cbre.com :: JOHN MAXWELL +1 615 493 9230 john.maxwell@cbre.com