Commercial Building partially leased

Retail-Commercial for Sale
Catylist Listing ID: 30836174
Property Subtypes: Day Care Facility, Free-Standing Building, Mixed Use, Restaurant
Building Size (RSF): 4,160 SF
Gross Building Area: See Agent
Sale Price: $495,000
Unit Price: $118.99 PSF
Has Drive-Thru? Yes
Property Use Type: Net Leased Investment (NNN), Vacant/Owner-User, Business
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 3/20/2023

Overview / Comments

Retail building partially leased. Former bank property. Seller has updated property and renovated from original condition. Attorney, coffee shop and financial advisor currently on lease. Seller to provide all leasing documents. No sign on the property as requested by coffee shop owners. Advanced showing notice to enter upstairs offices.
General: Building now has two separate high speed wifi internet connections (one upstairs and one down). All HVAC units have been repaired and are working reliably, plumbing under upstairs bathrooms was completely redone at a cost of $8,000 (pipes were perished).
Outside: Complete removal of steel posts, concrete dividers from drivethru and filled in with concrete to create open drivethru/covered parking area, parking lot was resurfaced and striped,? roof was repaired to prevent major leaks but some spots still need attention, complete replacement of sewer line from the building to city sewer connection under the street/sidewalk, exterior staircase area was sandblasted and repainted.
Upstairs: Mix of polished concrete floors and new carpet, replace all lighting with LED even dispersion lights with dimmers, replaced drop ceiling tiles, fresh paint throughout.
Downstairs: Polished concrete floors, bathroom was added (there wasn't one when I purchased it), broken glass window replaced, ceiling painted, back flow prevention installed ($2,750), new paint on all concrete surfaces.

Current Tenants

Tenant Business Name Gather Coffee
Is Renting? Yes
Current Rent $1,500 PSF (Annual)
Lease Expiration 9/2025
Escalations sept 2024 rents to 1,750 monthly sept 2025 rents to 2,000 monthly

Additional Details

Nearest MSA: Knoxville
County: Roane
Taxing Authority: Roane County
Tax ID/APN: 073026F G 02300
Retail Clientele: General, Family, Business, Tourist
Property Visibility: Excellent
Tenancy: Multiple Tenants
Total Number of Buildings: 1
Number of Stories: 2
Property Condition: Good
Year Renovated: 2022
Parking Type: Surface
Sprinklers: Wet
Heat Type: Electricity
Heat Source: Central
Air Conditioning: Package Unit
Water Service: Municipal
Sewer Type: Municipal
Easements: Utilities

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 2,146 9,003 17,607
Median Age: 43.46 43.25 42.99
Households: 972 3,753 7,282

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