1051-1055 Waterman Private Rd - Storefront FOR SALE


Kingsport, TN 37660
$1,164,240 USD
423-430-9271
1051-1055 Waterman Private Rd, Kingsport, TN for Sale
$1,164,240 USD
Storefront - FOR SALE
1/12
null | 7% Cap Rate

1051-1055 Waterman Private Rd
Kingsport, TN 37660


HIGHLIGHTS

  • New renovations include new carpet, water fill station, HVAC system, and updated electronic secuirty system.
  • Bulletproof windows and steel door access in rear entry.
  • Easy access to Lee Hwy with opportunity to lease out a 1,080 SF portion of the property to a second tenant.
  • Current base rent with 5-year extension increased to $6,791.40.
  • Minutes from Interstate 26 and a short distance of only 14 miles to the Tri-Cities Airport (TRI).

OVERVIEW

Investment opportunity for a NNN-leased Armed Forces Recruiting Center building in Kingsport, TN. The tenant has made countless upgrades to this building to meet the ever-changing guidelines of the government for recruiting centers such as electronic entry on all the exterior doors, all windows have power blinds, and high security back entry door. Other updates include new carpet, paint, and water refill station. All upgrades and updates were paid for by the tenant through supplement agreements. This tenant is well established and has been at this location since September of 2008. This is a 5,000 SF building with the Armed Forces Recruiting Center leasing 3,920 SF and the right side of the building has 1,080 SF available for lease. The tenant just executed a 5-year extension that began 2/01/2024 with a 10% base rent increase. Current base rent is $6,174/month and on 2/01/24, the 5-year extension increases to $6,791.40. Additional rent pro-rated monthly is $4,063.73 - CAM, insurance, property taxes, janitorial etc. End of year account reconciliation determines if the tenant is owed a credit or debit. Total base rent for 2023 = $74,088 and 2024 = $81,496.80.

FOR SALE DETAILS

PRICE

$1,164,240 USD

PRICE/SF

$233 USD /SF

CAP RATE

7%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront

ADD'L SUBTYPES

Freestanding, Storefront Retail/Office

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1999

SPRINKLERS

-

PARKING SPACES

30

LAND DETAILS

LAND ACRES

0.72 AC

LAND SF

31,363 SF

ZONING

B3

APN/PARCEL ID

046E-A-006.15

ASK ABOUT THIS PROPERTY

Russell TaylorTri Elite HoldingsMore Info
423-430-9271

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Russell TaylorTri Elite HoldingsMore Info
423-430-9271

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.