Oak Ridge, TN Office/Flex Investment

Office for Sale
Catylist Listing ID: 30820191
Property Subtypes: High-Tech, Flex Space, Net Leased, Office Building, Research & Development
Building Size (RSF): 42,303 SF
Gross Building Area: See Agent
Gross Land Area: 3.90 Acres
Sale Price: $6,300,000
Unit Price: $148.93 PSF
Property Use Type: Net Leased Investment (NNN), Investment
Class of Space: Class B
Sale Terms: Cash to Seller
Cap Rate: 8.06%
Last Updated: 11/29/2022

Overview / Comments

SVN | Wood Properties is pleased to present the exclusive listing for this true triple-net, zero landlord expense, property located at 601 Oak Ridge Turnpike in Oak Ridge, Tennessee. It is conveniently located directly off the Oak Ridge Turnpike (30,000+ cars per day) at a signalized corner and sits approximately 2.5-miles north of Highway 62, which leads to I-40. The site consists of approximately 42,303 rentable square feet of building space on a 3.90-acre level parcel of land. The two-story building includes state-of-the-art laboratory equipment along with multiple private offices, conference rooms, kitchens, restrooms, and warehouse space, and also benefits from ample parking.

The tenant, Nucsafe, was originally subject to a 7-year true triple-net (NNN) lease with zero landlord expenses, which expires on June 30, 2027, but has been leasing the property for over 15 years. The annual rent is $507,636 and is scheduled to increase by two and a half percent (2.5%) every year throughout the base term and two and a half percent (2.5%) during the one (1), two (2)-year renewal option. The lease is fully guaranteed by OSI Systems, Inc. (OSIS), Nucsafe's parent company, which is a global company that develops and markets security and inspection systems such as airport security X-ray machines and metal detectors, medical monitoring and anesthesia systems, and optoelectronic devices.

Additional Details

Nearest MSA: Knoxville
County: Anderson
Tax ID/APN: 001100BB00100
Zoning: UB-2
Property Visibility: Excellent
Total Number of Buildings: 1
Number of Stories: 2
Year Built: 1983
Year Renovated: 2013
Parking Type: Surface

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 7,138 21,729 49,187
Median Age: 46.03 42.99 42.49
Households: 3,266 9,627 20,630

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