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804 Hwy 321 N 7,058 SF 100% Leased Retail Building Lenoir City, TN 37771 $1,850,000 ($262.11/SF) 8.27% Cap Rate
Investment Highlights
- Parallel to US-321 seeing nearly 30,000 VPD and with ease of access to I-75.
- Parking lot was just repaved and restriped. Roof renovations in May of 2020.
- Surrounded by nationally recognized tenants with multiple points of entry.
- Vacancy in the area remains around 3%.
Executive Summary
PREMIER LOCATION – Surrounded by nationally recognized tenants with multiple points of entry.
PASSIVE INCOME – All tenants are NNN Leases.
HIGH TRAFFIC COUNTS – Parallel to US-321 seeing nearly 30,000 VPD and with ease of access to I-75 which sees nearly 50,000 VPD.
HIGH GROWTH AREA – Large scale multi-family development in the area. Heavy demand from national retailers.
SMALL UNIT SIZES – A high number of potential tenants to choose from in the future.
PROXIMITY TO KNOXVILLE, TN – One of the largest cities in TN, largest mall and University of Tennessee.
UNIQUE OPPORTUNITY – Limited retail inventory available in the area.
RECENTLY RENOVATED – Parking lot was just repaved and restriped. Roof renovations in May of 2020.
LOW VACANCY RATE – Vacancy in the area remains around 3%.
AFFLUENT AREA – Avg. Household income is $94,215 in a 5-mile radius.
PASSIVE INCOME – All tenants are NNN Leases.
HIGH TRAFFIC COUNTS – Parallel to US-321 seeing nearly 30,000 VPD and with ease of access to I-75 which sees nearly 50,000 VPD.
HIGH GROWTH AREA – Large scale multi-family development in the area. Heavy demand from national retailers.
SMALL UNIT SIZES – A high number of potential tenants to choose from in the future.
PROXIMITY TO KNOXVILLE, TN – One of the largest cities in TN, largest mall and University of Tennessee.
UNIQUE OPPORTUNITY – Limited retail inventory available in the area.
RECENTLY RENOVATED – Parking lot was just repaved and restriped. Roof renovations in May of 2020.
LOW VACANCY RATE – Vacancy in the area remains around 3%.
AFFLUENT AREA – Avg. Household income is $94,215 in a 5-mile radius.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Freestanding
Building Size
7,058 SF
Building Class
B
Year Built
1983
Price
$1,850,000
Price Per SF
$262.11
Cap Rate
8.27%
NOI
$152,946
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.22
Lot Size
0.75 AC
Opportunity Zone
Yes
Zoning
C-3 - Highway Commercial District
Parking
27 Spaces (3.83 Spaces per 1,000 SF Leased)
Frontage
141’ on Highway 321 N
Amenities
- Signage
- Wheelchair Accessible
- Air Conditioning
- Smoke Detector
Nearby Major Retailers
Property Taxes
| Parcel Number | 015-174.01 | Improvements Assessment | $160,280 |
| Land Assessment | $156,800 | Total Assessment | $317,080 |
Property Taxes
Parcel Number
015-174.01
Land Assessment
$156,800
Improvements Assessment
$160,280
Total Assessment
$317,080
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804 Hwy 321 N
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