Income-Producing Property - Leasehold Interest

Retail-Commercial for Sale
Catylist Listing ID: 30416981
Property Subtypes: Free-Standing Building, Mixed Use, Retail-Pad
Building Size (RSF): 5,584 SF
Gross Land Area: 0.71 Acres
Sale Price: $350,000
Unit Price: $62.68 PSF
Property Use Type: Investment
Building Name: N/A
Usable Size (USF): 5,584 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 6/25/2019

Overview / Comments

This property offers an outstanding opportunity for commercial property investors and users. Offered for sale is the bank-owned long-term ground leasehold interest in this multi-tenant retail/office property, a commercially-zoned lot improved with a 5,584 square foot retail/office building. The front unit consists of about 1,966 square feet with additional shared tenant use of about 450 square feet of bathroom space, which is subleased for use as a Baskin Robbins Ice Cream Store. The back unit consists of about 3,168 square feet with shared tenant use of the additional bathroom space. It is currently vacant and offers potential additional rental income. It is attractive office space that was previously occupied as a real estate brokerage office. Possible uses include retail, restaurant, and general or professional office. Contact listing broker for additional terms and financial details regarding the "Prime" ground lease and the sublease.

Income-Producing Property - sale of the long-term leasehold interest
Excellent sublease for Baskin Robbins Ice Cream Store
Highly visible and accessible property on the Parkway (US 441)
Heavy average daily traffic count

Attachments & Media

Additional Details

Nearest MSA: Sevierville
County: Sevier
Tax ID/APN: 094C D 026.00
Zoning: C-2 COMMERCIAL TOURIST DISTRICT
Retail Clientele: General, Family, Business, Traveler, Tourist, Recreation, Convention
Property Located Between: Parkway and Estate Street
Largest Nearby Street: Parkway (US 441)
Feet of Frontage: 80
Traffic/Vehicle Count: 49,840
Highway Access: Parkway (US 441)
Site Description: Narrow rectangular-shaped lot, level with highway. Limited parking in front and large parking area in rear.
Area Description: Located in the tourist destination city of Pigeon Forge, TN with numerous restaurants, retail shops, family-oriented attractions, and close to the Great Smoky Mountain National Park.
Tenancy: Multiple Tenants
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 5,584 SF
Property Condition: Good
Year Built: 1993
Parking Type: Surface
Parking Description: Onsite, paved with limited parking in front and large parking area in rear.
Zoning Description: C-2 Commercial Tourist District
Lot Frontage: 80
Lot Depth: 387.22
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Long-term Leasehold Interest
Legal Description: 094C D 026.00

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 1,616 8,136 26,206
Median Age: 45.8 40.36 40.6
Households: 642 3,184 10,409

Contact

Photograph of Listing Agent

David L. Gothard

NAI Koella | RM Moore KAAR CIE Member
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