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1051-1055 Waterman Private Rd

5,000 SF 100% Leased Retail Building Kingsport, TN 37660 £918,585 (£184/SF) 7% Net Initial Yield

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Investment Highlights

New renovations include new carpet, water fill station, HVAC system, and updated electronic secuirty system.
Easy access to Lee Hwy with opportunity to lease out a 1,080 SF portion of the property to a second tenant.
Minutes from Interstate 26 and a short distance of only 14 miles to the Tri-Cities Airport (TRI).

Bulletproof windows and steel door access in rear entry.
Current base rent with 5-year extension increased to $6,791.40.

Executive Summary

Investment opportunity for a NNN-leased Armed Forces Recruiting Center building in Kingsport, TN. 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, and high security back entry door. Other updates include new carpet, paint, and water refill station. All upgrades and updates were paid for by the tenant through supplement agreements. This tenant is well established and has been at this location since September of 2008. This is a 5,000 SF building with the Armed Forces Recruiting Center leasing 3,920 SF and the right side of the building has 1,080 SF available for lease. The tenant just executed a 5-year extension that began 2/01/2024 with a 10% base rent increase. Current base rent is $6,174/month and on 2/01/24, the 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 if the tenant is owed a credit or debit. Total base rent for 2023 = $74,088 and 2024 = $81,496.80.

Brochure

Property Facts

Sale Type

Investment NNN

Property Type

Retail

Property Subtype

Storefront

Building Size

5,000 SF

Building Class

Year Built/Renovated

1999/2023

Price

£918,585

Price Per SF

£184

Net Initial Yield

NOI

£64,301

Percent Leased

100%

Tenancy

Multiple

Number of Floors

Building FAR

0.16

Land Acres

0.72 AC

Zoning

B3 - Highway Oriented Business District

Parking

30 Spaces (6 Spaces per 1,000 SF Leased)

Frontage

187 ft on Stone Dr

Amenities

Pylon Sign

Security System

Signage

Public Administration
99,999 SF
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The Armed Forces Career Center offers exciting job opportunities that can take individuals to exotic locations around the world. For those considering a military career, the center provides information on the various military jobs and careers available, as well as details on pay, benefits, and bonuses. No matter the type of work one is interested in, the US Military has a position to match. As a member of the United States military, individuals can earn competitive pay, continue their education, learn new skills, explore the world, and experience adventures they have only heard about.