Listed by Marcus & Millichap - Washington, D.C., Marcus & Millichap - Charlotte Uptown
$2,533,708
IGA Grocery Anchored Center
Details
Property Type Retail
Sub Type Grocery Store, Shopping Center
Square Footage 37,380
Cap Rate 8.00%
NOI $202,697
Occupancy 100%
Tenancy Multi
Rent Bumps Yes
Price per SqFt $67
Year Built 1991
Buildings 1
Acreage 4.170
Ground Lease No
Retail | 8.00% CAP | 37,380 SqFt
Investment highlights
- Opportunity to acquire a fully stabilized grocery-anchored center in Tennessee
- Growing population, new residential developments, and re-development projects
- Price-Less Foods performs well in this area due to the modest household income and no competition nearby
- This Price Less Foods location ranks #2 statewide for IGA stores in terms of customer traffic.
- Price Less Foods has been here since 1990, showing a long-time commitment to the area.
- North Kingsport is located along Highway 93 (VPD of 17,806) across the street from Kingsport Speedway, which has weekly NASCAR races providing the asset with high visibility and additional consumer traffic.
- Galloway Laundry is currently on month-to-month gross rent allowing incoming ownership to convert to a long-term NNN lease.
- Opportunity to lease up a 6,800 SF vacant suite at market rent of ~$7 PSF NNN
- Attractive growth with compound growth of 2.58% across a 10-year period for cash flow
- Nearest grocery competition is Aldi and Target a 10-minute drive south along the main retail corridor of Kingsport.
- Kingsport Speedway is Tennessee’s only NASCAR weekly series track, offering races and practice rounds throughout the week. Typical attendance averages around ~1,500 fans per event, based on NASCAR regional series data
Listing Contacts
Listed by Marcus & Millichap - Washington, D.C., Marcus & Millichap - Charlotte Uptown
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Loan Amount
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Annual Debt Service
$--
$--
Annual Cash Flow
$202,697.00
$16,891.42/mo
Valuation Metrics
0
DSCR
8%
Cap Rate
8%
ROI
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