311 Congress Pkwy Athens, TN 37303
- Lifestyle centers
- 21,648 SF
Current Use by Public Records
- Jacob Simmons / Physical Therapist
- Emily Lawson / Occupational Therapist
- Watchdog Surveillance & Spy Gear / Security System Supplier
- King Audiology / Audiologist / Hearing Aid Store
- Jennifer King / Audiologist / Medical Clinic
Property Details for 311 Congress Pkwy
- Property size
- 21,648 SF
- Property type
- Lifestyle centers
- Property subtype
- Power centers
Description
This exceptional 21,648 square foot, two-story property at 311 Congress Parkway North in Athens, Tennessee, presents a compelling investment opportunity. Currently operating as a stabilized multi-tenant retail center with a strong mix of long-term, creditworthy tenants including Benchmark Physical Therapy, Heights Financial, Happy Nails, and King Audiology, the property boasts a current NOI of $140,142 and a 7.38% cap rate. Significant upside potential exists, with a pro-forma NOI projected at $184,429 and a pro-forma cap rate of 9.71%. The property features new flex warehouse spaces situated beneath the retail units along East Avenue, adding to its versatility and income streams. Further enhancing its value is an existing billboard contract with Lamar Advertising, generating additional revenue. Located on a high-traffic corridor with an average daily traffic count of 12,164 vehicles, this property offers excellent visibility and accessibility. The property is classified as Industrial and Retail, with Flex and Shopping Center subtypes, and is offered for sale by owner. This is a modified lease type investment with multiple tenants. The asking price is $1,900,000.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Athens
- County
- McMinn
- State
- Tennessee
- Longitude
- -84.6021
- Latitude
- 35.471
