ASKING PRICE: $8,675,000
CAP RATE: 6.1%
- PRIME RETAIL LOCATION: Located at the signalized intersection of Clinton Hwy. and Merchant Dr. (53.5K+ combined ADT), this property is just off I-275, which gives commuters direct access to downtown Knoxville (approximately 5 miles away).
- ESTABLISHED, RECOGNIZED RETAIL TENANT: Walgreens has approximately 8,200 stores operating in all 50 states, as well as the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. During the first half of 2017, Walgreens saw a net earnings increase of 3.6% to $2.1 billion.
- QUALITY, LONG-TERM NN INVESTMENT OPPORTUNITY: Minimal landlord expenses on quality long-term lease. Over 155,000 people within 5 miles of property.
- LOCATED IN GROWING METROPOLITAN AREA: Knoxville is widely known as the “hidden gem” of Tennessee, and is growing both economically and culturally thanks to its close proximity to major universities (University of Tennesee and Vanderbilt University), the Great Smoky Mountains National Park, and the Oak Ridge National Laboratory.
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