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Sevierville Medical Office 675 Middle Creek Rd 14,135 SF 100% Leased Office Building Sevierville, TN 37862 $3,375,000 ($238.77/SF) 7.25% Cap Rate
INVESTMENT HIGHLIGHTS
- NATIONAL & REGIONAL TENANTS - Summit Medical Group (regional medical tenant) and English Mountain Recovery/Summit BHC (national medical tenant)
- NNN LEASES WITH 3% ANNUAL RENT INCREASES - both tenants are reponsible for CAM, Tax, and Insurance with annual 3% rental increases
- MAJOR TOURIST DESTINATION - close proximity to the Great Smokey Mountains
- LONG TERM LEASES - 11 year W.A.L.T
- LOCATED IN MEDICAL CORRIDOR - Located across the street from LeConte Medical Center (recognized as a Top 100 Community Hospital)
- CAPITAL IMPROVEMENTS - Summit Medical Group’s space underwent a $600K and English Mountain Recovery is undergoing an est. $100K renovation
EXECUTIVE SUMMARY
MIDDLE CREEK MEDICAL ARTS BUILDING is a 14,135 SF multi-tenant medical office building located in Sevierville, TN.
There are two medical tenants that occupy 100% of the building. Summit Medical Group, a regional medical tenant
and English Mountain Recovery (Summit BHC), a national medical tenant.
Summit Medical Group, which occupies 57% of the Property, recently completed a $600K renovation to their space and simultaneously signed a 15-year NNN lease with 3.0% annual rent increases.
English Mountain Recovery (Summit BHC), which occupies the remainder of the Property, is also undergoing a $100K renovation to their space and simultaneously signed a 7-year NNN lease with 3.0% annual rent increases.
The Property sits across from LeConte Medical Center.
There are two medical tenants that occupy 100% of the building. Summit Medical Group, a regional medical tenant
and English Mountain Recovery (Summit BHC), a national medical tenant.
Summit Medical Group, which occupies 57% of the Property, recently completed a $600K renovation to their space and simultaneously signed a 15-year NNN lease with 3.0% annual rent increases.
English Mountain Recovery (Summit BHC), which occupies the remainder of the Property, is also undergoing a $100K renovation to their space and simultaneously signed a 7-year NNN lease with 3.0% annual rent increases.
The Property sits across from LeConte Medical Center.
PROPERTY FACTS
Sale Type
Investment NNN
Sale Condition
1031 Exchange
Property Type
Office
Property Subtype
Building Size
14,135 SF
Building Class
C
Year Built
1985
Price
$3,375,000
Price Per SF
$238.77
Cap Rate
7.25%
NOI
$244,688
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
7,068 SF
Building FAR
0.31
Lot Size
1.04 AC
Zoning
C4 - Regional commercial center located outside of the central business districts
Parking
61 Spaces (4.32 Spaces per 1,000 SF Leased)
AMENITIES
- Natural Light
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PROPERTY TAXES
| Parcel Number | 062-014.01 | Improvements Assessment | $14,480 |
| Land Assessment | $5,520 | Total Assessment | $20,000 |
PROPERTY TAXES
Parcel Number
062-014.01
Land Assessment
$5,520
Improvements Assessment
$14,480
Total Assessment
$20,000
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Sevierville Medical Office | 675 Middle Creek Rd
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