Listed by Blvd Real Estate Investment Co
$3,300,000
Security Square - Stable Signalized Corner Center w Upside
Details
APN 100A-C-026.00
Property Type Retail, Self Storage
Sub Type Shopping Center, Storefront
Square Footage 22,069
Units 11
Cap Rate 6.50%
NOI $213,714
Occupancy 100%
Tenancy Multi
Lease Type NNN
Pro-Forma Cap Rate 10.70%
Pro-Forma NOI $353,859
Price per SqFt $150
Buildings 1
Acreage 2.000
Parking Spaces 65 spaces
Parking per 1,000 SqFt 2.95
Investment Type Stabilized
Ground Lease No
Infill Hard Corner Strip 6.50% In Place / 10%+ Cap Pro forma
Marketing description
Security Square is 100% occupied, quintessential daily needs strip mall with excellent visibility and accessibility at a strong signalized hard corner along the city's primary thoroughfare. Located in Oak Ridge, which is outside of downtown Knoxville, Tennessee. Oak Ridge is home to United States Department of Energy facilities - a national laboratory and a national security complex - and high-tech/high-wage employers. It is also home to a regional medical center.
The property offers an opportunity for a well located and stable investment with strong long term upside with low rents.
Investment highlights
- Security Square is 100% occupied, giving investors a strong in-place cash flow with very favorable upside.
- True Value-Add Opportunity - Rents are 50%~ below market rents ($9.64 PSF In Place vs. $24.00+ PSF Market) with recent leasing activity at $25 PSF and lease comps show strong evidence for continued rental growth. Majority of tenants do not have options to extend allowing the buyer an opportunity to increase rents.
- Below replacement cost at $150 PSF.
- Excellent visibility and accessibility at a strong signalized hard corner along the city's primary thoroughfare
- Located in Oak Ridge, which is outside of downtown Knoxville, Tennessee. Oak Ridge is home to United States Department of Energy facilities - a national laboratory and a national security complex - and high-tech/high-wage employers. It is also home to a regional medical center.
- Security Square has a healthy variety of diverse local neighborhood serving tenants & businesses
- Landlord friendly/well written triple-net (NNN) leases, whereby the tenant is responsible for paying and/or reimbursing the landlord for the property taxes, insurance, and common area maintenance (CAM).
Listing Contacts
Listed by Blvd Real Estate Investment Co
Valuation Calculator
Login or Sign up to see Valuation Metrics
Sign up for Crexi to see valuation metrics for this property
Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$213,714.00
$17,809.50/mo
Valuation Metrics
0
DSCR
6.48%
Cap Rate
6.48%
ROI
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Additional Information
Name
License
Brokerage
Title
Is there information that looks off?
