1208 Congress Pkwy Athens, TN 37303
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.
Central Business District B-2 Intensive Business District B-3 Medical District M-1 Professional District P-1 Light Industrial District I-1 Heavy Industrial District I-2 Interstate Interchange Overlay II-1 Historic Overlay District H-1 3.02. ZONING DISTRICT MAP. The location and boundaries of the zoning districts established by this ordinance are bounded and…
Cap rate
Implied · in-place · derived from last sale + estimated NOIValue
AI, CAP & Alternative Use estimations · Realmo proprietary blendProperty tax & assessments
Tax year 2023Comparables
6 recent transactions · within 1.5 miComparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Property description
Physical attributes from public recordsZoning & alternative use
B-2 · Athens, TNCentral Business District B-2 Intensive Business District B-3 Medical District M-1 Professional District P-1 Light Industrial District I-1 Heavy Industrial District I-2 Interstate Interchange Overlay II-1 Historic Overlay District H-1 3.02. ZONING DISTRICT MAP. The location and boundaries of the zoning districts established by this ordinance are bounded and defined as shown on the map entitled Zoning Map of Athens, Tennessee . The zoning map or zoning map amendment shall be dated with the effective date of the ordinance that adopts th e zoning map or zoning map amendment. Certified copies of the adopted zoning map or zoning map amendment shall be maintained in the office of the Director of Community Development, City of Athens, and shall be available for inspection by the public at all reasonable times, as long as this ordinance remains in effect. 3.03. ZONING DISTRICT BOUNDARIES. Unless otherwise indicated on the zoning map or zoning map amendment, the district boundaries are lot lines, center lines of streets of alleys, or the City of Athens municipal limits. When questions arise concerning the exact locations of district boundaries , they shall be determined by the Athens Board of Zoning Appeals. 3.04 SPECIFIC DISTRICT REGULATIONS. The following regulations shall apply in the fourteen zoning districts established in Section 3.01 of this ordinance. 3.04.01. R-E RESIDENTIAL ESTATE DISTRICT. 24 A. District Description: This residential district is intended to be used for selected single-family residential areas having lots with an estate -type character and with the lowest population densities. Additional permitted uses are only those which are basic to a residential area and which will not destroy the estate character of the zone. The map and text define and protect the R -E areas from the encroachment of uses not performing a function necessary to the residential environment. Internal stability, attractiveness, order, and tranqui lity are encouraged by providing for adequate light, air, and landscaped areas for dwellings and related facilities. B. Uses Permitted: In the R-E Residential Estate District, the following uses and their accessory uses are permitted: 1. Single-family detached dwellings, but not including mobile homes. 2. Utility facilities necessary for the provision of public services. 3. Home occupations, as regulated in Section 4.06. C.
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
