Prime Shopping Center for Sale on The Parkway, Sevierville

Shopping Center for Sale
Catylist Listing ID: 30495521
Property Subtypes: Mixed Use, Strip Center
Building Size (RSF): 18,000 SF
Gross Building Area: See Agent
Gross Land Area: 1.98 Acres
Sale Price: $7,300,000
Unit Price: $405.56 PSF
Property Use Type: Net Leased Investment (NNN), Investment, Business
Building Name: 1811 Parkway - Retail Plaza
Usable Size (USF): 18,000 SF
Sale Terms: Cash to Seller
Cap Rate: 4.88%
Average Occupancy Rate: 92
Last Updated: 10/9/2019

Overview / Comments

1811 Parkway is an ideally located Class A six tenancy retail condo with five existing long term tenants enabling a current GOI of over $406,000 per annum. Allowing at least another $40,000 per year with the vacant tenancy being occupied, the simplest option for an investor upon procuring this property is to maintain the current tenants and take over the property management of the building. With only about $55,000 in expenses (inclusive of city/county taxes) per year this guarantees a very healthy income stream with little or nothing needing to be done to the building in the manner of maintenance for several years to come.

The property also offers opportunity for future development with the growth of Sevierville, Pigeon Forge and the whole of Sevier County far outstripping growth projections of most other areas in the southeastern states.

The traffic count along The Parkway, right in front of this property, averages from 48-60,000 vehicles per day with this building servicing not only the locals but over 11 million tourists each year who visit, stay, shop and play right here along the Parkway, the main thoroughfare through to the Great Smoky Mountains.

Attachments & Media

Current Tenants

Tenant Business Name Cici's Pizza
Industry Type Accommodation and Food Services
Is Renting? Yes
Tenant Business Name H & R Block
Industry Type Finance and Insurance
Is Renting? Yes
Tenant Business Name Knoxville Vapor
Industry Type Retail Trade
Is Renting? Yes
Tenant Business Name Cool Nails
Industry Type Other Services
Is Renting? Yes
Tenant Business Name Thai Palace
Industry Type Accommodation and Food Services
Is Renting? Yes

Additional Details

Nearest MSA: Sevierville
County: Sevier
Taxing Authority: Sevierville City / Sevier County
Tax ID/APN: 078072J A 00100
Zoning: C-4
Retail Clientele: General, Family, Traveler, Tourist
Property Located Between: Tanger Mall and McDonalds on the East side of The Parkway
Property Visibility: Excellent
Largest Nearby Street: Canton Rd / The Parkway
Feet of Frontage: 252
Traffic/Vehicle Count: 60,000
Highway Access: Shopping center is on US-441 (The Parkway) at the very south end of Sevierville just before Pigeon Forge. Interstate 40 is directly north 12.6 miles. Gatlinburg and US-441/US-321 is 10.8 miles due south.
Airports: Gatlinburg Pigeon Forge Airport is 5 miles away. McGhee Tyson Knoxville is 33.6 miles west
Site Description: Flat level block on main thorough fair of The Parkway at the south end of Sevierville just before Pigeon Forge. Corner of Canton Rd. Large flat open parking lot at front of building with 2 ingress/egresses. Landscaped lawn between parking lot and The Parkway. Building has 6 retail premises with Cici's pizza being the primary tenant. Shadow anchor is Tanger Mall.
Area Description: Located on The Parkway on the south edge of Sevierville just before entering Pigeon Forge. The Parkway is known as 'the gateway corridor to the Great Smoky Mountains' as over 11 million tourists per year travel down the road through Sevierville, into Pigeon Forge, Gatlinburg and the Smoky Mountain National Park. (Sevierville regional development has it estimated between 48-60,000 vehicles per day). Immediately anchoring the property to the north is the Tanger Outlet Mall, one of the premier shopping destinations in all of Eastern Tennessee and to the south is all of the amazing attractions, amusements and restaurants of Pigeon Forge... and just to the east is the hugely popular Dollywood and Dollywood Splash Country amusement parks. Surrounding the whole of the area are thousands and thousands of hotel rooms, overnight rental cabins and accommodations with Sevierville, Pigeon Forge and Gatlinburg being one of the most heavily touristed areas in all of the United States. With people coming from all over to visit, hike, stay, play, shop and spend their money Sevier county is one of the best investment regions in the south eastern united states and 1811 Parkway is right in the heart of it all.
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 18,000 SF
Property Condition: Excellent
Year Built: 2009
Roof Type: Flat
Construction/Siding: Steel Frame
Exterior Description: Front facing is glazed shopfronts with undercover walkway. Sides and rear are flat smooth flat vertical panels. Nicely landscaped, asphalt parking front and back. Very clean building.
Parking Type: Surface
Parking Description: Flat level surface. Ingress off The Parkway and from Canton Rd. Majority of parking in front with overflow and employee parking at rear.
Total Parking Spaces: 98
Heat Type: Electricity
Heat Source: Central
Air Conditioning: Engineered System
Interior Description: Each tenant has individual fit-out.
Zoning Description: C-4.
Lot Frontage: 252'
Lot Depth: 294'
Water Service: Municipal
Sewer Type: Municipal
Legal Description: Plat Book/Page: 38/154 Lot 1-R District/Ward: 05 PB-2 Pg-93 Crick Retail Shops

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 3,809 13,696 26,309
Median Age: 33.8 38.71 39.48
Households: 1,384 5,430 10,472
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