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

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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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