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Two (2) Brick Office Buildings connected by covered walkway on level lot. Property is adjacent to Tennessee State Bank, BB&T Bank & SunTrust Bank and near the new Medical Center. Property has a total of 7,636 SF which may be subdivided into six (6) separate units. Building(s) originally built to be subdivided; therefore, HVAC and electrical are already separately zoned for multiple Tenants.
Buildings are currently fully occupied by Wyndham Worldwide and Hanger Medical – both National Credit Tenants on long-term Leases.
Property currently has a cap rate of approximately 8.1% on $1.2 Million Price with a 2% percent annual increase in Base Rents entailed in Lease Terms. - Parking description: Ample - Area description: Take I-40 East to Exit 407 and turn right for TN-66 toward Sevierville/Pigeon Forge/Gatlinburg. Turn right onto TN-66 South (Winfield Dunn Pkwy) to Downtown Sevierville and then turn left onto US 411 (Dolly Parton Pkwy) to Henderson Ave. Property is on the left. - Number of buildings: 2 - Class of space: Class B - Tenancy: Multiple Tenants
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On average, listings lease in the $20's per square foot per year. The Sevierville submarket is seeing a a boost in rates. In the last 3 months, the median rate increased $29 per sqft per year.
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