1909 Ailor Avenue

Office for Sale
Catylist Listing ID: 30795984
Property Subtypes: Net Leased, Office Building
Building Size (RSF): 15,487 SF
Gross Building Area: See Agent
Gross Land Area: 1.27 Acres
Sale Price: $1
Unit Price: $0 PSF
Property Use Type: Net Leased Investment (NNN), Investment
Building Name: New Net Lease Investment Opportunity
Class of Space: Class A
Sale Terms: Cash to Seller, Sale/Leaseback
Average Occupancy Rate: 100
Last Updated: 5/26/2022

Overview / Comments

Lease Terms
Tenent: Johnson Mirmiran & Thompson, Inc
Rent: $14.00 PSF ($216,818.00 in year 1); 2% annual escalations
Lease Term: 120 months

Renewal Options:
- Two five-year options by providing nine months written notice
- First year rent for each renewal term based on the lesser of continuation of the 2% escalated or 95% of the fair market value for new office space current in the market, including improvement allowances, concessions, and free rent
- Rent escalated by 2% annually during the renewal terms

Mid-term Refurbishment Allowance: Paint and recarpet allowance of $50,000 in year six or rent credit if unused

Landlord Maintenance and Repair:
- Landlord shall be responsible for capital repairs for the property: roof, floors, structure, and building systems
- As long as Tenant carries a repair, maintenance, and service contract on the HVAC units, the Landlord will be responsible for major repairs and replacements.

Right of First Refusal: After this initial sale, in the event the Landlord elects to sell the property during the Tenant's occupancy, the Tenant shall have a ROFR on any sale of the property

Commencement Date: Upon settlement on the sale of the property to the Landlord

Additional Details

Nearest MSA: Knoxville
County: Knox
Tax ID/APN: 094KU005
Zoning: C-G-1
Property Located Between: Ailor Avenue & 17th Street
Property Visibility: Excellent
Highway Access: Located just off I-40/75 in one of the growing corridors of Knoxville (1 minute)
Airports: McGhee Tyson Airport (19 minutes)
Site Description: Avison Young Knoxville, together with Cushman & Wakefield, are proud to present 1909 Ailor Avenue as a prime investment property just outside of downtown Knoxville, Tennessee. Currently owned by Vaughn & Melton, a JMT company, Vaughn & Melton is listing the property and will sign a ten-year lease (NNN) upon purchase of the property.
Area Description: Located just off I-40/75 in one of the growing corridors of Knoxville: - Downtown Knoxville (4 minutes) - I-40/75 (1 minute) - University of Tennessee (5 minutes) - Bearden (9 minutes) - McGhee Tyson Airport (19 minutes)
Total Number of Buildings: 1
Number of Stories: 2
Year Built: 1999
Year Renovated: 2019
Construction/Siding: Brick
Exterior Description: This 15,487 SF building was designed and constructed for Vaughn & Melton Engineering. The property includes two floors as well as a garage area and secure outside parking.
Parking Ratio: 4.7 (per 1000 SF)
Parking Type: Surface
Heat Source: Central
Interior Description: Top floor: Approximately 10,007 SF 16 private offices 8 work stations 8 restrooms 2 conference rooms 1 large training room Lower Level: Approximately 5,480 SF 4 private offices Server room Roll-up garage door access Ample storage Secure parking for 20+ vehicles

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 17,926 87,178 167,715
Median Age: 24.17 31.3 35.06
Households: 5,271 35,660 71,816

Contact

Photograph of Listing Agent

Justin Cazana

Avison Young KAAR CIE Member
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