2245 Sandstone Dr Morristown, TN 37814

This exceptional 47,802 square foot shopping center in Morristown, Tennessee, presents a compelling investment opportunity. Built in 2015, the property boasts a 100% occupancy rate with ten tenants, primarily medical and service-oriented businesses. The center benefits from a triple-net (NNN) lease structure, ensuring minimal landlord expenses as tenants cover real estate taxes, insurance, and common area maintenance. Situated on a 6.69-acre lot, Masengill Falls enjoys a prime location near a major thoroughfare (W Andrew Johnson Hwy, 41,192 VPD) and is shadow-anchored by a Food City grocery store and a Dollar Tree. The property's strong tenant roster includes a significant number of long-term occupants, many present since the center's construction. A substantial portion (over 40%) of the tenant base has been in place since 2015, and 77% of the gross leasable area is occupied by medical tenants. The current asking price is $7,960,100, representing a price per square foot of $166.52 and a 7.00% cap rate with a Net Operating Income (NOI) of $557,207. Further enhancing the property's value is its proximity to the planned Masengill Landing residential development, adding 269 new housing units (89 single-family homes, 80 townhomes, and over 100 apartments) and ensuring continued growth in the immediate area. This development will significantly increase foot traffic and enhance the long-term viability of the shopping center. The property's below-market rents offer significant upside potential for future growth. The property's location within a thriving retail corridor, alongside numerous national retailers, further solidifies its investment appeal.