Fully Leased Retail Strip
For Sale
$2,288,847
737 Dolly Parton Pky, Sevierville, TN 37862
Fully leased strip center with absolute NNN leases and zero landlord responsibilities.
Property Size13,790 SF
Price / SF$165.98
Days on Market154
Property Features for 737 Dolly Parton Pky
General Information
Standard status
Active
Size
13,790 SF
Property subtype
Commercial
Occupancy
100%
Net Operating Income
$194,552
Additional Details
Cap Rate
7.75%
Building Details
Building Size
13,790 SF
Year Built
2005
Tenancy
Multi
Listing Agency:
Matthews
Listed By:
Caroline Crain · License #381637 (TN)
(256) 251-2667
Source:
Matthews
Added: Apr 3
Changed: Sep 3
Last Checked: Sep 2 at 1:09PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Matthews
Investment Insights
Based on property information with market context.
This fully leased retail strip center totals 13,790 SF and is offered with absolute NNN leases, with zero landlord responsibilities. The center is supported by a 5-tenant mix that includes AutoZone and FedEx/Kinko's. A nearly 30-year ground lease term remains.
The property is located on Dolly Parton Parkway in Sevierville, Tennessee. It also includes a prime outparcel to Food City with high traffic exposure.
The property is located on Dolly Parton Parkway in Sevierville, Tennessee. It also includes a prime outparcel to Food City with high traffic exposure.
Key Highlights
- Fully leased 13,790 SF strip center (year built 2005) in Sevierville, TN
- Absolute NNN leases with zero landlord responsibilities
- 7.75% cap rate with $194,552 NOI
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$168,715
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.37%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,374,300
$3.4M
Cap Rate 7%
$2,410,214
$2.4M
Cap Rate 9%
$1,874,611
$1.9M
Market Conditions
NOI Build-Up for 13,790 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$248.2K $18.00/SF
− Vacancy
−$7.2K −$0.52/SF
EGI
$241.0K $17.48/SF
− OpEx
−$72.3K −$5.24/SF
NOI
$168.7K $12.23/SF
Area
Sevier County, TN
Vacancy
2.90%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,374,300
Cap Rate 7%
$2,410,214
Cap Rate 9%
$1,874,611
Alternative Uses
Best Use
Retail
$2.41M
$2.11M – $2.81M
NOI $168,715 @ 7.0% cap · market cap 7.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.82M
$5.09M – $6.78M
NOI $407,081 @ 7.0% cap · market cap 17.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
672
Businesses Nearby
Explore this area
Business Placement
Demographics for 37862, TN
23,236
Population
13,676
Households
1.7
Avg Household Size
43
Median Age
23%
College-Educated
87%
High-School Grad
81.8 sq mi
ZIP Area
284
Density / Sq Mi
$58,110
Median Household Income
$31,490
Median Earnings
$956
Median Rent
$283,800
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Strip mall - Fully leased strip center with absolute NNN leases and zero landlord responsibilities.
Where is this strip mall located?
The property is located at 737 Dolly Parton Pky Sevierville, TN.
What is the asking price?
The asking price for this property is $2,288,847.
What are key features of this property?
This property features: Fully leased 13,790 SF strip center (year built 2005) in Sevierville, TN; Absolute NNN leases with zero landlord responsibilities; 7.75% cap rate with $194,552 NOI
