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Verizon Wireless 149 Fitness Way 4,500 SF Retail Building Johnson City, TN 37604 $3,555,750 ($790.17/SF) 6% Cap Rate
Investment Highlights
- CORPORATE VERIZON LEASE
- PRIME SITE IN FRONT OF LOWE'S AND KOHL'S
- VERIZON JUST EXTENDED THE LEASE AGAIN
Executive Summary
A high-visibility, single-tenant retail asset leased to Cellco Partnership d/b/a Verizon under a corporate NN lease. Positioned just south of I-26 in one of Johnson City’s strongest retail corridors, the property sits directly in front of Lowe’s and Kohl’s, with Johnson City Crossing and Home Depot directly across the street.
This 4,500 SF freestanding building was constructed in 2006 and benefits from Verizon’s recent lease extension, with the current term running from August 1, 2026 through July 31, 2031. The lease features no remaining options, creating a defined income stream at $213,345 annually. Offered at $3,555,750, the asset represents a 6.00% cap rate. Surrounded by major retailers, regional banks, medical centers, and hospitals, the site enjoys excellent traffic, strong consumer draw, and convenient access to the broader Tri-Cities region. Johnson City is a growing economic hub in Northeast Tennessee, supported by healthcare, education, manufacturing, and a population base that continues to expand—making this an attractive, investment-grade net lease opportunity in a proven retail location.
This 4,500 SF freestanding building was constructed in 2006 and benefits from Verizon’s recent lease extension, with the current term running from August 1, 2026 through July 31, 2031. The lease features no remaining options, creating a defined income stream at $213,345 annually. Offered at $3,555,750, the asset represents a 6.00% cap rate. Surrounded by major retailers, regional banks, medical centers, and hospitals, the site enjoys excellent traffic, strong consumer draw, and convenient access to the broader Tri-Cities region. Johnson City is a growing economic hub in Northeast Tennessee, supported by healthcare, education, manufacturing, and a population base that continues to expand—making this an attractive, investment-grade net lease opportunity in a proven retail location.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Freestanding
Building Size
4,500 SF
Building Class
B
Year Built
2006
Price
$3,555,750
Price Per SF
$790.17
Cap Rate
6%
NOI
$213,345
Tenancy
Single
Building Height
1 Story
Building FAR
0.13
Lot Size
0.81 AC
Zoning
commercial
Parking
20 Spaces (4.44 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Pylon Sign
- Signage
Major Tenants Click Here to Access
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
-
- Information
-
99,999 SF
- -
-
Jan 0000
Verizon Communications was formed through the merger of Bell Atlantic and GTE and began operating as a combined company in 2000. Verizon operates as a communications technology company with consumer and business groups, alongside public sector and network-focused offerings. The company provides wireless service, broadband connectivity, fiber-based services, and solutions for enterprise and government customers. The company maintains ongoing investment in network expansion and product development across mobility, broadband, and business services.
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
|
|
Information | 99,999 SF | - | Jan 0000 |
Fairly walkable
40/100
Exceptionally drivable
100/100
Somewhat bikeable
30/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 037N-A-004.00 | Improvements Assessment | $192,040 |
| Land Assessment | $235,640 | Total Assessment | $427,680 |
Property Taxes
Parcel Number
037N-A-004.00
Land Assessment
$235,640
Improvements Assessment
$192,040
Total Assessment
$427,680
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