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Knoxville DCS Office Building

2600 Western Avenue
Knoxville, TN 37921

Deposit:


Status: Active
Living Area: 56,220 Square Ft.
Lot Size: 9.11 acres





   
Description:

Property Details

Price: $6,200,000
Building Size: 56,220 SF
Lot Size: 9.11 AC
Price/SF: $110.28 /SF
Property Type: Office
Property Sub-type: Institutional/Governmental
Property Use Type: Investment
Commission Split: 2%
Cap Rate: 8.40%
Occupancy: 100%
No. Stories: 1
Building Class: B
Tenancy: Single
Year Built: 2009
Status: Active

Property Description

This was a built-to-suit office building for the State of Tennessee (AAA Bond Rating), with a ten (10) year guaranteed lease. Lease term June 2009 - June 2019. The sale also includes a site ready pad w/ completed storm water dention and utilities suitable for another 50,000 s.f. building. This property is located approximately one (1) mile from I-640, and less than two (2) miles from downtown Knoxville and the University of Tennessee campus.

Location Description

The property is located in a mostly industrial area on a arterial road, which runs directly into the University of Tennessee campus.

Highlights

- 100% Occupied State Leased
- AAA Bond Rating - State of Tennessee
- Additional Pad Ready Site...50,000 sf Building
- $522,107.00 NOI - Before Debt Service & Mgmt Fees
- 8.4% CAP RATE
- Expansive Parking w/ overflow

Financial Summary

Actual
Year: 2010
Scheduled Gross Income: $615,000
Operating Expenses: $92,893
Net Operating Income: $522,107

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