2060 Fort Henry Dr 1.89 Acres of Commercial Land Offered at $3,450,000 in Kingsport, TN 37664

The property spans 1.89 acres and is zoned GC - Commercial, offering versatility for potential investors. Strategic Location and Accessibility - The property's location on a corner lot with significant frontage on Fort Henry Dr. is a key advantage. Research indicates that Fort Henry Dr. sees over 20,000 vehicles per day (VPD), ensuring high traffic exposure. The presence of a prominent pylon sign further enhances visibility, making the property stand out in the bustling commercial landscape. Accessibility is enhanced by the property's proximity to major retailers and businesses, including Truist, First Horizon Bank, Starbucks, Food City Pharmacy, and 7 Brew Coffee. This clustering suggests a commercial hub suitable for banking services, with existing customer traffic that could benefit a new bank. Demographic and Economic Context - Kingsport, TN, has a population of approximately 55,442 as of the 2020 census, with projections indicating a 2.9% increase from 2023 to 2028. The median age is 42.8 years, and the median household income is around $50,436, with an average household income of $79,333. These demographics suggest a stable and growing population with financial needs, such as mortgages, savings accounts, and investment services, that a bank can serve. Consumer spending is projected to exceed $1.1 billion in 2028, indicating significant economic potential. The poverty rate is 20.78%, higher than the national average of 12.4%, which may suggest a need for banking services that cater to lower-income households, such as affordable loans and financial education. Recent Developments and Growth Trends - Kingsport is experiencing a wave of construction and development, which further supports its suitability for a bank. In 2022, the city issued 314 permits for new residential developments, a 131% increase over pre-pandemic averages, and this trend continued into 2023, with over 220 building permits for single-family homes valued at $72 million. Commercial construction, particularly in retail and restaurants, added nearly $9.7 million in new development, indicating a vibrant local economy. The housing boom is expected to bring over 1,000 new students to the school system and generate about $375 million in new home sales, stimulating the economy and increasing demand for banking services. Strategic planning initiatives, such as hiring a development coordinator and streamlining approval processes, have made Kingsport an attractive place for developers and builders, fostering a pro-business environment. The corner lot location further enhances accessibility, making it easy for customers to enter and exit, especially during peak banking hours. Competitive and Market Analysis - The presence of nearby banks like Truist and First Horizon Bank indicates that the area is already recognized as suitable for financial institutions. This competition suggests a viable market, with potential for a new bank to capture market share by offering competitive services or targeting underserved segments, such as lower-income households or small businesses. The commercial zone's versatility, combined with the property's strategic location, positions it well to serve both individual customers and businesses. The projected consumer spending of over $1.1 billion in 2028 highlights the economic potential, making it attractive for long-term investment in banking services.