For Sale
$1,495,000

1030 Congress PkwyAthens, TN 37303

Athens, TN: Strong NOI, Long Lease

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a fee-simple, Class A, absolute triple-net (NNN) leased Dollar General store located at 1030 Congress Pkwy N, Athens, TN 37303. The 9,026 square foot building, constructed in 2018, sits on a 2.636-acre lot and boasts a strong financial performance. The current lease, commencing March 18, 2018, and expiring March 31, 2033, has a remaining term of approximately 8.4 years. Five, 5-year renewal options exist, each with a 10% rent increase. The property generates a substantial net operating income (NOI) of $95,025, resulting in a 6.36% cap rate and a price per square foot of $165.63. The tenant, Dollar General, is a publicly traded corporation providing a corporate guarantee. This single-tenant property enjoys 100% occupancy and benefits from its location approximately halfway between Chattanooga and Knoxville, Tennessee. According to Placer.ai, this store ranks #6 out of 19 Dollar General stores within a 15-mile radius, outperforming 64% of Tennessee stores and 61% nationwide. The property offers a passive investment opportunity with significant long-term growth potential due to the strong tenant, favorable lease terms, and prime location. The asking price is $1,495,000.

Highlights

  • Top-performing Dollar General: Ranks #6 out of 19 within a 15-mile radius, exceeding 64% of Tennessee and 61% of national stores.
  • High visibility on US-Highway 11/Lee Highway, north of downtown Athens.
  • 2018-built, 8+ years remaining on a 15-year lease with five 5-year renewal options at 10% increases each.
  • Midway between Chattanooga and Knoxville.
  • Large 2.636-acre parcel.
  • Optional purchase of a second, all-wood Dollar General in Dandridge, TN (see link for details).

Property Details for 1030 Congress Pkwy

Property type
Retail properties, Retail space
Square Feet
9,026 SF
Class
A
Year Built
2018
Buildings
1
Stories
1
Lot Size (sq. ft)
114,824 SF
Units
1

Location Insight

City
Athens
County
McMinn
State
Tennessee
Latitude
35.4821298
Longitude
-84.591626
1030 Congress Pkwy, Athens, Tennessee

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1030 Congress Pkwy
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