5312 Washington Pike Knoxville, TN 37918-7001

Property Details for 5312 Washington Pike

Year built

1997

Construction

LIGHT FRAME

Lot size

31.66 lot acres

Property size

83,145 SF

Property type

Outlet malls

APN

059 00802

APU

5900802

Description

This exceptional investment opportunity presents a 86,584 square foot Kohl's department store located at 5312 Washington Pike, Knoxville, Tennessee, 37918. The property sits on a substantial 32.6-acre lot and boasts over 500 parking spaces. The absolute NNN lease with Kohl's, a creditworthy corporate tenant, provides significant security and minimal landlord responsibilities. With a remaining lease term of approximately 8.2 years (expiring January 31, 2033), and a current annual net operating income (NOI) of $606,300, this offering presents a compelling 6.65% cap rate. The lease features 5% rent bumps every five years, ensuring consistent income growth. The lease commenced March 16, 1998, and was recently extended, demonstrating the tenant's long-term commitment to this location. The property's strategic location is approximately 15 minutes from the University of Tennessee and downtown Knoxville, serving a population exceeding 114,000 within a 5-mile radius. Further enhancing the investment potential, a cell tower on the property generates an additional $31,300 annually, with 3% annual increases. The property also benefits from strong co-tenancy, including Target, Marshalls, Ross Dress for Less, an Amazon Fulfillment Center, and other major retailers. A Sephora store is slated to open within the property, further strengthening its appeal. This is a rare opportunity to acquire a high-performing, net-leased retail asset with a strong tenant and significant upside potential. The asking price is $9,117,000, representing a price per square foot of $105.30.

Location Insight

City

Knoxville

County

Knox

State

Tennessee

Longitude

-83.8839

Latitude

36.0354

CBSA code

28940

CBSA name

KNOXVILLE, TN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments