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

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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

Photograph of Listing Agent

John M Adams III, CCIM SIOR

Avison Young KAAR CIE Member
Photograph of Listing Agent

David Stanley

Avison Young KAAR CIE Member
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