1051-1055 Waterman Private Rd, Kingsport, TN 37660
5,000 SF | 100% Leased | Retail Building | Kingsport, TN 37660 | $1,086,624 ($217/SF) | 7.50% Cap Rate
For Sale
Active
- Date Added:
- September 16, 2024
- Days on Market:
- 2 days
Asking Price $1,086,624
- Property Type
-
Retail
- Square Feet
- 5,000 SF
- Price / Square Foot
- $217
Listing Contacts
Russell Taylor
Verified Profile
- Property Info
Property Overview
This is a NNN lease. The tenant has made countless upgrades to this building to meet the ever-changing guidelines of the government for recruiting centers such as electronic entry on all the exterior doors, all windows have power blinds, high security back entry door etc... Other updates include new carpet, paint, water refill station etc... All upgrades and updates such as these are paid for by the tenant through supplement agreements. This tenant is well established and has been at this location since September of 2008. We just executed a 5-year extension that begins 2/01/2024 with a 10% base rent increase. This is a 5,000+/- SqFt building with the recruiting center leasing 3,920 SqFt. The right side of the building has around 1,080 SqFt available for another tenant.
Current base rent is $6,174 and on 2/01/24
Base rent with 5-year extension increases to $6,791.40.
Additional rent pro-rated monthly is $4,063.73 - CAM, insurance, property taxes, janitorial etc. End of year account reconciliation determines is the tenant is owed a credit or debit.
Total base rent 2023 = $74,088
Total base rent 2024 = $81,496.80
Current base rent is $6,174 and on 2/01/24
Base rent with 5-year extension increases to $6,791.40.
Additional rent pro-rated monthly is $4,063.73 - CAM, insurance, property taxes, janitorial etc. End of year account reconciliation determines is the tenant is owed a credit or debit.
Total base rent 2023 = $74,088
Total base rent 2024 = $81,496.80
Property Details
- Class
- B
- Year Built
- 1999
- Stories
- 1
- Property Subtype
- Storefront
- Lot Size (sq. ft)
- 31,363 SF
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