2060 Fort Henry Dr, Kingsport, TN 37664

Strategic Location and Accessibility - The property's location is the equivalent of a corner lot with access from both Fort Henry Drive & Sherwood Road. This location has a high traffic count of over 20K vehicles per day (VPD) that pass by on Fort Henry Drive. Directly across the street is the Fort Henry Mall which is currently building an IMAX theater.

In addition to the newly added IMAX Theater, the mall also has the following anchor tenants, Belk, Rural King and Dunham's Sports. Within less than half a mile are multiple existing established retailers which have been in business for decades such as McDonalds, KFC and Long John Silvers.

Demographic and Economic Context - Kingsport, TN, has a population of approximately 55,442 as of the 2020 census, with projections indicating a 2.9% increase from 2023 to 2028. The median age is 42.8 years, and the median household income is around $50,436, with an average household income of $79,333. These demographics suggest a stable and growing population with financial needs, such as mortgages, savings accounts, and investment services, that a bank can serve.

Consumer spending is projected to exceed $1.1 billion in 2028, indicating significant economic potential. The poverty rate is 20.78%, higher than the national average of 12.4%, which may suggest a need for banking services that cater to lower-income households, such as affordable loans and financial education.

Recent Developments and Growth Trends - Kingsport is experiencing a wave of construction and development, which further supports its suitability for a bank. In 2022, the city issued 314 permits for new residential developments, a 131% increase over pre-pandemic averages, and this trend continued into 2023, with over 220 building permits for single-family homes valued at $72 million. Commercial construction, particularly in retail and restaurants, added nearly $9.7 million in new development, indicating a vibrant local economy.

The housing boom is expected to bring over 1,000 new students to the school system and generate about $375 million in new home sales, stimulating the economy and increasing demand for banking services. Strategic planning initiatives, such as hiring a development coordinator and streamlining approval processes, have made Kingsport an attractive place for developers and builders, fostering a pro-business environment.

The corner lot location further enhances accessibility, making it easy for customers to enter and exit, especially during peak hours.

The commercial zone's versatility, combined with the property's strategic location, positions it well to serve both individual customers and businesses. The projected consumer spending of over $1.1 billion in 2028 highlights the economic potential, making it attractive for long-term investment in banking services.