Catylist ID:
#30656415
Multi Tenant, Value Add, Oak Ridge Office Investment
Office
for Sale
| Catylist Listing ID: | 30656415 |
| Property Subtypes: | Office Building |
| Building Size (RSF): | 60,000 SF |
| Sale Price: | $2,990,000 |
| Unit Price: | $49.83 PSF |
| Property Use Type: | Investment |
| Building Name: | Pine Ridge Office Park |
| Sale Terms: | Cash to Seller |
| Cap Rate: | Undisclosed |
| Average Occupancy Rate: | 80 |
| Last Updated: | 4/28/2021 |
Overview / Comments
|
Pine Ridge Office complex is currently being offered for sale by Avison Young Knoxville. This multi-tenant professionally maintained property is 80% occupied, features 6 individual buildings, with front door parking, easy access and close proximity to Y-12 National Security Complex (The largest Employer in the Knox MSA). The historical income and expense statements show consistent and durable income overall several years and plenty of upside. The property is located on the south side of S. Illinois Avenue with traffic counts exceeding 29,000 vehicles per day. To view full OM, visit http://properties.ayknoxville.com/pine-ridge • 60,000 Rentable SF • Return Based on In-place income at 75% occupied and historical expenses • Easy Access to Oak Ridge and Knoxville • Consistent Income with long standing tenants • Upside Potential/Value Add Investment • Drive up to door locations • Flexible Floor Plans and lease terms • Major Tenants include: - Process Engineering (https://processengr.com/) - CTI & Associates, Inc. - East Tennessee Oral & Maxillofacial - Strategic Resource Alliance - Oxygen & Sleep Associates, Inc. |
Additional Details
| Nearest MSA: | Knoxville |
| County: | Anderson |
| Taxing Authority: | Oak Ridge |
| Tax ID/APN: | 001106G A 00100 |
| Property Located Between: | Lafayette Drive and Summit Place |
| Property Visibility: | Good |
| Highway Access: | Excellent Frontage and Access to Illinois Avenue |
| Site Description: | 7.66 Acres with plenty of parking, wooded setting and easy access to Illinois Avenue. |
| Total Number of Buildings: | 6 |
| Year Built: | 1985 |
| Roof Type: | Flat |
| Construction/Siding: | Brick/Aluminum Siding |
| Parking Type: | Surface |
| Parking Description: | 4 Spaces for every 1000 SF |
| Heat Source: | Central |
| Water Service: | Municipal |
| Sewer Type: | Municipal |
Demographic Statistics
| Proximity: | 1 mile | 3 miles | 5 miles |
|---|---|---|---|
| Total Population: | 3,214 | 22,496 | 34,212 |
| Median Age: | 38.42 | 41.81 | 42.47 |
| Households: | 1,612 | 9,945 | 14,673 |
Contact
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