Western Avenue Trade Center for Sale

Retail-Commercial for Sale
Also listed as Shopping Center
Catylist Listing ID: 30655865
Property Subtypes: Street Retail
Building Size (RSF): 10,810 SF
Gross Building Area: 11,029 SF
Gross Land Area: 0.83 Acres
Sale Price: $1,700,000
Unit Price: $157.26 PSF
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: 8.3%
Average Occupancy Rate: 100
Last Updated: 12/2/2020

Overview / Comments

Excellent performing retail center on Western Avenue very close to I-640. This center has a history of a high occupancy rate. Easy to manage and relatively low maintenance. The center is home to 13 successful tenants, some of whom have been there for many years. Price is based on an 8.3% capitalization rate.

All of the Tenants have been paying their rent on time even during this COVID-19 pandemic.

Financials

Finance Data Year 2019
Real Estate Taxes - Annual($) $13,390 (Annual)
Potential Rental Income $182,700 (Annual)
Gross Operating Income $182,700 (Annual)
Net Operating Income $141,042 (Annual)

Additional Details

Nearest MSA: Knoxville
County: Knox
Tax ID/APN: 093DH042
Zoning: C-G-1
Property Visibility: Excellent
Feet of Frontage: 337
Site Description: Level
Area Description: Dense retail area surrounded by a dense population. From I-640, go east onto Western Ave to the retail center on the left just past Sanderson Rd and next to Bojanglesā€™.
Tenancy: Multiple Tenants
Total Number of Buildings: 3
Number of Stories: 1
Property Condition: Good
Year Built: 1969
Year Renovated: 2008
Roof Type: Arched
Construction/Siding: Block, Brick
Total Parking Spaces: 50
Parking Ratio: 4.6 (per 1000 SF)
Parking Type: Surface
Heat Type: Electricity
Heat Source: Central, Wall Units
Air Conditioning: Other
Lot Frontage: 337
Lot Depth: 116

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 7,250 84,419 185,793
Median Age: 29.27 31.76 34.72
Households: 3,052 34,745 79,945

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