Merchant Village Shopping Center

Shopping Center for Sale
Catylist Listing ID: 30768520
Property Subtypes: Strip Center
Building Size (RSF): 97,000 SF
Gross Land Area: 10.33 Acres
Sale Price: $8,000,000
Unit Price: $82.47 PSF
Property Use Type: Investment
Building Name: Merchant Village Shopping Center
Sale Terms: Cash to Seller
Cap Rate: 6.9%
Last Updated: 1/11/2022

Overview / Comments

Merchant Village Shopping Center is comprised of 314 Merchant Drive and 5210 Schubert Drive with a total of 97,000 SF in this retail strip center. Excellent location at intersection of I-75 and Merchant Drive. Signalized access and excellent pylon signage give tenants good opportunity to grow their business. An outparcel can easily be created at the entrance to the center. Long and short term leases. Cap rate on center is 6.9% without leasing a vacant 14,600 SF. Tenant mix includes Outback Restaurant, Fox Furniture, Subway, Tennova, KARM, Barry's Jewelry, Accu-Tax, Embroidery to Go, Peyton's Place (restaurant, sports bar and billiards), Bradley Insurance and WaveMax (laundry). Good opportunity to grow rents.

Additional Details

Nearest MSA: Knoxville
County: Knox
Taxing Authority: City of Knoxville
Tax ID/APN: 068LB014, 068LA005, 068LA022
Zoning: C-H-2
Retail Clientele: General, Family, Business
Largest Nearby Street: Merchant Drive
Highway Access: Signalized access in front of 314 Merchant Drive and at the intersection of Schubert Drive and Merchant Drive.
Total Number of Buildings: 2
Property Condition: Average
Roof Type: Flat
Construction/Siding: Block
Parking Type: Surface
Parking Description: Surface parking. 322 spaces around main center and 96 spaces around the annex.
Total Parking Spaces: 418
Sprinklers: Wet
Heat Type: Natural Gas
Heat Source: Central
Zoning Description: Highway Commercial. Along edge of property between America's Best Value Motel and the center, is some floodway.
Lot Frontage: 200'

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 7,332 72,412 183,287
Median Age: 35.64 35.56 34.82
Households: 3,514 31,639 76,858

Contact

Photograph of Listing Agent

G. Sam Tate, Jr., CCIM

NAI Koella | RM Moore KAAR CIE Member
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