1208 Congress Pkwy Athens, TN 37303
- Commercial land
- 1,276 SF
- 1.60 lot acres
Current Use by Public Records
- Commercial land
Property Details for 1208 Congress Pkwy
- Year built
- 1959
- Lot size
- 1.60 lot acres
- Property size
- 1,276 SF
- Zone code
- B-2
- Property type
- Commercial land
- APN
- 054056 08800
- APU
- 5405608800
Description
This exceptional investment opportunity presents a 6,532 square foot medical office building in Athens, Tennessee, currently leased to Parachute Plasma under a 20-year absolute triple-net (NNN) lease. The property sits on a 1.47-acre lot at 1208 Congress Pkwy S, 37303. Built in 2024, the building boasts a strong 7.50% cap rate and a substantial net operating income (NOI) of $444,375. The lease features attractive 2.00% annual rental increases commencing in year six, providing consistent and growing income. The tenant, Parachute Plasma, is backed by a corporate guarantee, mitigating risk. This is a fee-simple ownership opportunity with significant long-term potential, given Parachute Plasma's ambitious expansion plans, aiming for 65+ locations by the end of 2026 and over 100 by the end of 2028. The asking price is $5,925,000, translating to a price per square foot of $907.07. This property offers a secure, passive income stream with built-in growth potential. The lease ensures no landlord responsibilities, making this an ideal investment for those seeking a low-maintenance, high-return asset. The property's prime location in Athens, Tennessee, further enhances its appeal.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Athens
- County
- Mcminn
- State
- Tennessee
- Longitude
- -84.6221
- Latitude
- 35.4531
- CBSA code
- 11940
- CBSA name
- ATHENS, TN MICROPOLITAN STATISTICAL AREA
