NNN Food City Ground Lease + 172 Acres

Vacant Land for Sale
Catylist Listing ID: 30704983
Property Subtypes: Industrial, Multi-Family, Office, Residential (Single Family), Retail, Self Storage
Gross Land Area: 172 Acres
Sale Price: $3,900,000
Unit Price: $22,674 Per Acre
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 6/1/2021

Overview / Comments

This property features a Food City 30-year triple net ground lease producing an NOI of $60,000 a year with scheduled rent increases and lease extensions of up to 20 years. This offering also consists of approximately 172 acres of ready-to-develop commercial and residential land in Grainger County, just past the Knox County line. Three acres sit directly off of Rutledge Pike adjacent to the newly constructed Food City and new Dollar General, thus benefiting from high visibility and a continuous traffic flow throughout the day. The bulk of the acreage is located behind the Food City and would be well suited for office, multi-family, self-storage, or residential subdivision development. The property features 32 slab-on-grade, platted, single family detached lots with access to municipal utilities, including sewer. Please note the owner is open to re-subdividing the parcel to allow for smaller lots, approximately 51' x 110' in size (or smaller depending on the product), which would increase the total number of lots to 70. The current lots are 75' x 110', on average. The property is located next to new developments such as Dollar General, O'Reilly's Auto Parts, New South Credit Union and more. The property is an approximately 20-minute drive from downtown Knoxville.

-Utilities Onsite
-Flexible Zoning
-High Visibility
-Helpful Local Planning Commission
-Multiple Points of Ingress and Egress
-Great Starter Home Development Site
-Several New National Retailers Nearby

Attachments & Media

Additional Details

Nearest MSA: Morristown
County: Grainger
Tax ID/APN: 029098 10700
Property Visibility: Excellent
Topography: Gently Sloping

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 2,022 7,146 16,967
Median Age: 40.1 42.31 40.48
Households: 794 2,832 6,587

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