5312 Washington Pike, Knoxville, TN 37918-7001
- Outlet malls
- 83,145 SF
- 31.66 lot acres
Current Use by Public Records
- SEPHORA at Kohl's / Cosmetic Store
- Kohl's / Department Store
Property Details for 5312 Washington Pike
- Year built
- 1997
- Construction
- LIGHT FRAME
- Lot size
- 31.66 lot acres
- Property type
- Outlet malls
- Property subtype
- Shopping centers
- APN
- 059 00802
- APU
- 5900802
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Jun 7, 2022 | $8,400,000 | Frc Genesis Ftindsub V LLC | Nnn Knoxville Tn Owner LP | Special Warranty Deed | $70M · Veritex Community Bank |
| Jun 15, 2018 | $5,841,200 | Nnn Knoxville Tn Owner LP | Ko Knoxville Portfolio LP | Grant Deed | $158.4M · Athene USA Corp |
| May 19, 2003 | — | Ko Knoxville Portfolio LP | New York Life Insurance | Grant Deed | $58.4M · New York Life Ins & Anuity Cor |
| Mar 17, 1998 | $8,166,445 | New York Life Insurance Co | — | Grant Deed · related | — |
| Dec 31, 1997 | — | Simpson Properties LLC | Simpson,properti | Quit Claim Deed · related | — |
| Dec 23, 1997 | — | Simpson Properties LLC | Simpson,properti | Quit Claim Deed · related | — |
| Jun 25, 1997 | $1,377,646 | Sw Of Knoxville L L C | — | Grant Deed · related | — |
Description
This exceptional investment opportunity presents a 86,584 square foot Kohl's department store located at 5312 Washington Pike, Knoxville, Tennessee, 37918. The property sits on a substantial 32.6-acre lot and boasts over 500 parking spaces. The absolute NNN lease with Kohl's, a creditworthy corporate tenant, provides significant security and minimal landlord responsibilities. With a remaining lease term of approximately 8.2 years (expiring January 31, 2033), and a current annual net operating income (NOI) of $606,300, this offering presents a compelling 6.65% cap rate. The lease features 5% rent bumps every five years, ensuring consistent income growth. The lease commenced March 16, 1998, and was recently extended, demonstrating the tenant's long-term commitment to this location. The property's strategic location is approximately 15 minutes from the University of Tennessee and downtown Knoxville, serving a population exceeding 114,000 within a 5-mile radius. Further enhancing the investment potential, a cell tower on the property generates an additional $31,300 annually, with 3% annual increases. The property also benefits from strong co-tenancy, including Target, Marshalls, Ross Dress for Less, an Amazon Fulfillment Center, and other major retailers. A Sephora store is slated to open within the property, further strengthening its appeal. This is a rare opportunity to acquire a high-performing, net-leased retail asset with a strong tenant and significant upside potential. The asking price is $9,117,000, representing a price per square foot of $105.30.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $8,195,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $8,148,000
- AI Estimate
- $8,095,000
Market price range: $4.92M - $17.1MMarket price range: $4.92M - $17.1M -
Alternative Use
- Use
- Estimation
- RETAIL STORES
- $11,105,000 Current use
- AUTO REPAIR, GARAGE
- $13,290,000 Change: +20% Conversion: Difficult
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Knoxville
- County
- Knox
- State
- Tennessee
- Longitude
- -83.8839
- Latitude
- 36.0354
- CBSA code
- 28940
- CBSA name
- KNOXVILLE, TN METROPOLITAN STATISTICAL AREA
