1055 Waterman Rd Kingsport, TN 37660
- Retail properties
- 5,000 SF
- 0.75 lot acres
Current Use by Public Records
- Retail properties
Property Details for 1055 Waterman Rd
- Year built
- 2002
- Lot size
- 0.75 lot acres
- Property size
- 5,000 SF
- Property type
- Retail properties
Description
This exceptional investment opportunity presents a 5,000 square foot retail property in Kingsport, Tennessee, currently leased to the Armed Forces Recruiting Center under a Net Lease agreement. The property, built in 2002 and renovated the same year, sits on a 0.75-acre lot at 1055 Waterman Rd, Kingsport, TN 37660. The building features one unit with a current occupancy rate of 78%, boasting a strong Net Operating Income (NOI) of $81,496, resulting in a 7.00% cap rate. The lease, guaranteed by the US Army Corps of Engineers, offers a remaining term of 4.2 years, commencing February 1, 2024, and expiring January 31, 2029. The asking price is $1,164,240, translating to $232.85 per square foot. A significant value-add opportunity exists due to 1,100 square feet of vacant space, presenting potential for increased NOI through lease-up. The property benefits from a prime location on Stone Drive, a high-traffic retail corridor in Kingsport, near numerous national retailers including Home Depot, Kroger, and Chick-fil-A. This location is experiencing significant new retail development, further enhancing its long-term prospects. The current tenant's lease is a triple-net (NNN) lease, meaning all expenses are reimbursed by the tenant, minimizing investor risk. This property offers a compelling blend of security, strong cash flow, and significant upside potential.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Kingsport
- County
- Sullivan
- State
- Tennessee
- Longitude
- -82.5328
- Latitude
- 36.5535
