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
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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

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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

Contact

Photograph of Listing Agent

Mark Shipe

Holrob KAAR CIE Member
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