Prime Retail with Stable 5-Tenant Mix
Retail-Commercial
for Sale
Sale Pending/Contingent
Also listed as Office
| Catylist Listing ID: |
30712145 |
| Property Subtypes: |
Street Retail
|
| Status: |
Pending/Contingent |
| Building Size (RSF): |
8,208 SF
|
| Gross Building Area: |
See Agent |
| Gross Land Area: |
37,526 SF
|
| Sale Price: |
$850,000 |
| Unit Price: |
$103.56 PSF |
| Ceiling: |
10 ft. |
| Property Use Type: |
Vacant/Owner-User |
| Sale Terms: |
Cash to Seller |
| Cap Rate: |
7.1% |
| Average Occupancy Rate: |
100 |
| Last Updated: |
9/7/2021 |
Overview / Comments
Back on the market-buyer's financing fell through. Exceptionally maintained, fully occupied, 5-tenant neighborhood shopping center ready for new owner. Directly across the street from the new Walmart Neighborhood Market and adjacent to newly available 1.9 acre lot (Catalyst listing #30741923). Long-term occupants have benefited from generous landlord terms and annual lease renewals. Current occupants: a plumbing company, a beauty shop, a tattoo parlor, a pet groomer, and a small church. Independent HVAC units in each suite. Four electric panels (two suites share one). Five ADA-compliant bathrooms. Three suites face Western Ave: Suite 101 (1,400 SF); Suite 102 (1,400 SF); Suite 103 (1,364 SF). Two suites have side entry: Suite 104 (1,501 SF); Suite 105 (2,191 SF). Seller will pay to buyer at closing a cash concession to make up for below-market rents AND a prospective buyer under contract can negotiate contingent lease agreements with current tenants to take effect upon lease renewals (4 @ March 1, 2022, 1 @ November 1, 2021).
No sign on property. Call Listing Agent for showings. Do not disturb tenants.
|
Financials
| Finance Data Year |
2019 |
| Real Estate Taxes - Annual($) |
$7,589 (Annual) |
| Tax Value Land |
$150,200 |
| Tax Value Improvements |
$263,700 |
| Assessed Value - Total($) |
$413,900 (Annual) |
| Net Operating Income |
$53,220 (Annual) |
| Actual or Proforma Year |
Actual |
Additional Details
| Nearest MSA: |
Knoxville |
| County: |
Knox |
| Tax ID/APN: |
093AB04502 |
| Zoning: |
C-H-2 |
| Feet of Frontage: |
146 |
| Site Description: |
Level |
| Area Description: |
Take I-75/I-640 to Western Ave west to property on the left - 5403 Western Ave. Across the street from Neighborhood Walmart Market. |
| Tenancy: |
Multiple Tenants |
| Total Number of Buildings: |
1 |
| Number of Stories: |
1 |
| Property Condition: |
Excellent |
| Year Built: |
1987 |
| Roof Type: |
Other |
| Construction/Siding: |
Block |
| Exterior Description: |
Block with metal roof on majority and asphalt shingles on addition. Ample windows on storefronts. |
| Total Parking Spaces: |
35 |
| Parking Ratio: |
5.1 (per 1000 SF) |
| Parking Type: |
Surface |
| Heat Type: |
Natural Gas |
| Heat Source: |
Central |
| Air Conditioning: |
Other |
| Internet Access: |
Cable |
| Interior Description: |
Mixed use interiors, per tenant build-out. |
| Lot Frontage: |
146 |
| Lot Depth: |
258 |
| Easements Description: |
None |
Demographic Statistics
| Proximity: |
1 mile |
3 miles |
5 miles |
| Total Population: |
8,802 |
71,646 |
176,349 |
| Median Age: |
35.56 |
34.68 |
34.76 |
| Households: |
3,699 |
31,551 |
74,538 |
|
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The information presented herein is provided as is, without warranty of any kind.
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