Shadow-Anchored Retail
For Sale
Contact for pricing
2120 Volunteer Parkway, Bristol, TN 37620
Century Plaza is a fully leased Walmart-shadow shopping center anchored by strong traffic from the adjacent retailer.
Property Size19,055 SF
Price / SF$175.28
Days on Market64
Property Features for 2120 Volunteer Parkway
General Information
Standard status
Active
Size
19,055 SF
Total Parking Spaces
110
Property subtype
Retail
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$250,534
Additional Details
Business Included
Yes
Building Details
Year Built
2006
Tenancy
Multi
Listing Agency:
Cushman & Wakefield - Atlanta, Georgia
Listed By:
Margaret Jones · License #GA 325517
Source:
Crexi
Added: Jun 10
Changed: Aug 8
Last Checked: Jun 20 at 9:51AM
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 Cushman & Wakefield - Atlanta, Georgia
Investment Insights
Based on property information with market context.
Century Plaza is a 19,055 SF, 100% leased retail center presented for sale. The property operates as a Walmart shadow center, with Walmart contributing approximately 1.9M annual visits and drawing from an expanded trade area. In February 2026, the center added Dollar Tree, which now represents 41% of base rent.
Located at 2120 Volunteer Parkway in Bristol, Tennessee, Century Plaza includes multiple in-line tenants in addition to the Walmart shadow anchor dynamic. The ownership also notes value-add opportunities tied to three tenants expiring without options within the next four years, with in-place rents averaging $15.18 PSF.
For buyers and brokers seeking an income-focused retail asset, Century Plaza offers current full occupancy supported by a corporate-backed tenant footprint through Dollar Tree. The scheduled expirations over the next four years create a clear timeline for lease repositioning while maintaining the center’s existing tenant mix in the near term. For additional details, including the offering materials, refer to the deal room and OM associated with the listing.
Located at 2120 Volunteer Parkway in Bristol, Tennessee, Century Plaza includes multiple in-line tenants in addition to the Walmart shadow anchor dynamic. The ownership also notes value-add opportunities tied to three tenants expiring without options within the next four years, with in-place rents averaging $15.18 PSF.
For buyers and brokers seeking an income-focused retail asset, Century Plaza offers current full occupancy supported by a corporate-backed tenant footprint through Dollar Tree. The scheduled expirations over the next four years create a clear timeline for lease repositioning while maintaining the center’s existing tenant mix in the near term. For additional details, including the offering materials, refer to the deal room and OM associated with the listing.
Key Highlights
- 100% leased 19,055 SF Walmart shadow retail center in Bristol, Tennessee
- Year built: 2006
- Walmart generates 1.9M annual visits to support tenant traffic
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
$294,412
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
8.81%
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%
$5,888,240
$5.9M
Cap Rate 7%
$4,205,886
$4.2M
Cap Rate 9%
$3,271,244
$3.3M
Market Conditions
NOI Build-Up for 19,055 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
$439.0K $23.04/SF
− Vacancy
−$18.4K −$0.97/SF
EGI
$420.6K $22.07/SF
− OpEx
−$126.2K −$6.62/SF
NOI
$294.4K $15.45/SF
Area
Sullivan County, TN
Vacancy
4.20%
Lease Rate
$23.04 /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%
$5,888,240
Cap Rate 7%
$4,205,886
Cap Rate 9%
$3,271,244
Alternative Uses
Best Use
Retail
$4.21M
$3.68M – $4.91M
NOI $294,412 @ 7.0% cap · market cap 8.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.14M
$6.24M – $8.33M
NOI $499,503 @ 7.0% cap · market cap 14.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
111
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 37620, TN
38,245
Population
18,119
Households
2.1
Avg Household Size
45
Median Age
26%
College-Educated
90%
High-School Grad
128.2 sq mi
ZIP Area
298
Density / Sq Mi
$54,908
Median Household Income
$36,017
Median Earnings
$809
Median Rent
$175,500
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Century Plaza is a fully leased Walmart-shadow shopping center anchored by strong traffic from the adjacent retailer.
Where is this shopping center located?
The property is located at 2120 Volunteer Parkway Bristol, TN.
What is the asking price?
The asking price for this property is $3,340,000.
What are key features of this property?
This property features: 100% leased 19,055 SF Walmart shadow retail center in Bristol, Tennessee; Year built: 2006; Walmart generates 1.9M annual visits to support tenant traffic
