UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
Square Footage 22,900 sqft
Price per Sqft $33
Subdivision Not In Subdivision
MLS Listing ID 9994142
HOA Y/N No
Total Fin. Sqft 22900
Year Built 1947
Lot Size 1.380 Acres
Acres 1.38
Lot Dimensions 179 x 202
Source Tennessee/Virginia Regional MLS
Property Description
The property currently generates approximately $9,400 per month ($112,800 annually) in contractual third-party rent from a stable, diversified tenant base. Following the sale, the current owner intends to lease back approximately 4,000 SF occupied by GVM Childcare & Preschool at a proposed rental rate of $2,000 per month, with lease terms to be negotiated. The leaseback is expected to include scheduled rental increases, creating an additional opportunity for income growth.
The favorable operating structure helps support the investment: many tenant-specific expenses--including electricity, trash service, and grounds maintenance--are paid directly by tenants. Recent capital improvements include replacement of multiple HVAC/heat-pump units, along with significant roof and plumbing repairs.
Also included is adjacent parcel 100L H 021.00, comprising approximately 0.55 acre with frontage on S. Rogers Street. This additional parcel provides potential for expanded parking, storage, or future development, subject to applicable zoning and approvals.
Investment Highlights
Current contractual rent: approximately $112,800 annually
Current estimated NOI: approximately $85,651 annually
Estimated cap rate at $774,900: 11.1%
Projected NOI with seller leaseback: approximately $109,651 annually
Estimated projected cap rate at $774,900: 14.2%
Approximately 6,000 SF available for additional lease-up
With immediate cash flow, a planned seller leaseback, available lease-up space, recent capital improvements, and an included adjacent parcel, this property presents a compelling investment with both current income and future value-add potential. Current financials and rent roll are available to qualified buyers upon request.
Location
State TN
County Hawkins
Community Not In Subdivision
Area 1.38
Zoning HB-3
Direction From Highway 11W turn onto N Hasson St., go 0.4 miles and turn left on W Main St.. Go 350 ft. to building
Interior
Heating Central, Heat Pump
Cooling Central Air, Heat Pump
Equipment Garage Bay(s)
Heat Source Central, Heat Pump
Exterior
Utilities Available Electricity Connected, Sewer Connected, Water Connected
Roof Type Rubber
Road Frontage City Street
Building
Sewer Public Sewer
Water Public
Structure Type Block
New Construction No
Others
Senior Community No
Tax ID 100l H 018.00
Acceptable Financing Conventional
Listing Terms Conventional
Nearby Locations
GET MORE INFORMATION
Kornerstone Properties
Company Owner License ID: 265226
Company Owner License ID: 265226