Menu
t r a n s l a t e

Aspen Square Retail Center | 8.0% Cap + 10.9% Cap

11110-11120 Kingston Pike
Knoxville, TN 37934
PRICE : $2,375,000
CAP RATE: 8.5%
PROPERTY TYPE: Retail
SITE SIZE: 2.10 Acres
BUILDING SIZE: 20,167 SF
YEAR BUILT: 1987

Highlights

  • One of the most popular/upscale areas in Knoxville
  • Fully-leased neighborhood center in the Knoxville MSA
  • Rents $8/SF below average area rents
  • One of Sherwin-Williams' best performing stores since 1987
  • Internet resistant mix of tenants
  • 70% occupied by same tenants for more than 15 years
  • Priced at $2,375,000 with a blended cap rate of 8.5%
  • Fee Simple parcel with NOI of $156,134- value $1,955,000 at 8% cap rate
  • Ground lease parcel with NOI of $45,620 - value $420,000 at a 10.9% cap rate
  • Corner site with traffic counts of 31,220 VPD
  • New roof under transferable warranty

Description

Bull Realty is please to offer this opportunity to acquire a fully leased Sherwin-Williams anchored retail center in prominent Knoxville submarket. In addition to Sherwin-Williams, the center is supported by many long-term successful internet resistant tenants.

Aspen Square is 20,167 SF on two contiguous parcels totaling 2.1 acres. Approximately half the center is fee simple anchored by Sherwin-Williams and offered at a 8.0% cap rate. The other half of the center is on a ground lease through 2036 offered at a 10.9% cap rate.

The property also provides value-add opportunity. Asking base rents in the area average $21.05 while the average base rent for the subject property is $12.36/SF.

Aspen Square is located in Farragut, one of Knoxville’s most popular middle to upper class suburbs. With fantastic schools, great scenery, outdoor recreational spaces, and one of the area’s best shopping destinations, the location provides strong customer and tenant demand.

Request more information