Catylist ID:
#30631862
Fee Simple Land with 232K Net Income
Retail-Commercial
for Sale
| Catylist Listing ID: | 30631862 |
| Building Size (RSF): | 18,706 SF |
| Gross Building Area: | See Agent |
| Gross Land Area: | 1.93 Acres |
| Sale Price: | $4,658,500 |
| Unit Price: | $249.04 PSF |
| Property Use Type: | Investment |
| Building Name: | Fountain City Shops |
| Sale Terms: | Cash to Seller |
| Cap Rate: | 5.0% |
| Last Updated: | 10/3/2020 |
Overview / Comments
|
Own a piece of real estate in one of Knoxville's most sought after markets. Income producing fee simple land for sale. This listing is for the land only. Not the shops. The shops are on a ground lease which provides the fee simple landowner with $232,925 annually with increases every five years. The ground lease is an absolute net lease - no landlord responsibilities. At the end of the ground lease, the shops revert to landowner. This is a great investment opportunity!! Retail center is 100% leased with more than 2x coverage on the ground rent. Ground lessee's current term expires 12/31/24 with options to extend through 12/31/54. Current Term Annual Rent: $232,925.00 Option Terms Annual Rent January 1, 2025 – December 31, 2029 $256,217.00 January 1, 2030 – December 31, 2034 $281,839.00 January 1, 2035 – December 31, 2039 $310,023.00 January 1, 2040 – December 31, 2044 $341,025.00 January 1, 2045 – December 31, 2049 $375,128.00 January 1, 2050 – December 31, 2054 $412,640.00 _______________________________________________________________ Fountain City is one of the most sought after markets in Knoxville with 48,000 vpd traffic counts on Broadway. |
Additional Details
| Nearest MSA: | Knoxville |
| County: | Knox |
| Tax ID/APN: | 058ND036 |
| Property Visibility: | Excellent |
Demographic Statistics
| Proximity: | 1 mile | 3 miles | 5 miles |
|---|---|---|---|
| Total Population: | 6,861 | 69,615 | 151,121 |
| Median Age: | 38.56 | 37.91 | 36.55 |
| Households: | 3,201 | 30,665 | 64,464 |
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