Property Details for 2245 Sandstone Dr

Year built

2015

Lot size

6.69 lot acres

Property size

47,802 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

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.

Location Insight

City

Morristown

County

Hamblen

State

Tennessee

Longitude

-83.3225

Latitude

36.2078