Listed by Marcus & Millichap - Washington, D.C., Marcus & Millichap - Charlotte Uptown
$2,401,052
IGA Center
Details
APN 076J A 00700
Property Type Retail, Industrial
Sub Type Shopping Center
Square Footage 33,800
Units 14
Cap Rate 8.00%
NOI $192,084
Occupancy 100%
Tenancy Multi
Brand/Tenant Dollar General
Rent Bumps Yes
Lease Options Vary
Price per SqFt $71
Class B
Year Built 1993
Stories 1
Acreage 3.240
Investment Type Stabilized
Lease Commencement 02/27/1993
Ground Lease No
Grocery Anchored | Tennessee Tri-Cities
Investment highlights
- Opportunity to acquire a fully stabilized 33,800 square-foot Grocery-Anchored center
- Anchored by Price-Less Foods with a 33+ year Operating History
- Lack of Grocery Competition in the submarket
- Price Less ranks # 1 statewide among IGA stores with 374.9 thousand annual customer visits
- Healthy weighted average lease term (WALT) of 4.5 years
- Positioned along Route 93 (24,651 VPD) one-half mile from its interchange with I-26 (44,881 VPD)
- 5 minutes from Eastman Chemical Company Headquarters with revenue over $9.2B and 6,800 employees
- Growing population of 62,280 residents within 5-miles, complimented by new residential and re-development projects
- New Marriott Hotel developed directly behind the store, and positioned adjacent to Meadow View golf resort and convention center hotel
- Proximate to Holston Valley medical Center, a 250-bed level 1 trauma center with over 2,500 employees
- Co-anchored by neighboring Dollar General and Wesco Electrical Supply Store with a Burger King outparcel.
Listing Contacts
Listed by Marcus & Millichap - Washington, D.C., Marcus & Millichap - Charlotte Uptown
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$192,084.00
$16,007.00/mo
Valuation Metrics
0
DSCR
8%
Cap Rate
8%
ROI
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