Investor/Occupier Maryville Office with Hwy 321 Frontage

Office for Sale
Catylist Listing ID: 30812646
Property Subtypes: Business Park, Medical, Mixed Use, Office Building
Building Size (RSF): 10,000 SF
Gross Building Area: See Agent
Gross Land Area: 25,700 SF
Sale Price: $2,200,000
Unit Price: $220 PSF
Property Use Type: Vacant/Owner-User
Class of Space: Class B
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 11/28/2022

Overview / Comments

Exceptional opportunity to own a 50% occupied office building with owner financing. First floor, at 5,000 SF, with W Lamar Alexander/Hwy 321 frontage, is leased to a medical office at $9,500/MO NNN (incurs 60% of property tax). Lease expires 08/31/2026 with a five-year renewal option.

Second floor, with ground-level access from the back of the building is vacant and ready for tenant/owner and buildout. Currently has 8 offices, large conference room, two bathrooms and a kitchen. May be possible to split the second floor into two units, with addition of bathroom on west side. Vacant second floor is listed at $7,000/MO NNN (40% property tax).

5% down and 5% owner financing for 15 to 20 years.

Financials

Finance Data Year 2021
Real Estate Taxes - Annual($) $20,427 (Annual)
Tax Value Land $200,600
Tax Value Improvements $876,800
Assessed Value - Total($) $430,960 (Annual)
Potential Rental Income $198,000 (Annual)
Net Operating Income $114,000 (Annual)

Additional Details

Nearest MSA: Knoxville
County: Blount
Tax ID/APN: 005057EA01402
Zoning: BT
Site Description: Frontage building of office park.
Area Description: High-growth area in Knoxville MSA. Westbound W Lamar Alexander Pkwy/Hwy 321, turn right onto Morganton Square Dr and left into parking lot. Eastbound W Lamar Alexander Pkwy/Hwy 321, turn left at N Houston, left onto Morganton Square Dr and right into parking lot.
Total Number of Buildings: 1
Year Built: 1998
Roof Type: Other
Construction/Siding: Brick
Exterior Description: Brick
Parking Type: Surface
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Other
Internet Access: Cable
Interior Description: 1st Fl built out as medical office (occupied). 2nd Fl open offices ready for reconfiguration or cosmetic updates.
Lot Frontage: 155
Lot Depth: 168

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 4,951 42,225 70,009
Median Age: 39.2 39.05 40.4
Households: 2,290 16,989 27,928

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