For Sale
$5,925,000

1208 Congress PkwyAthens, TN 37303

High-yield NNN medical office, 20-year lease.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a 6,532 square foot medical office building in Athens, Tennessee, currently leased to Parachute Plasma under a 20-year absolute triple-net (NNN) lease. The property sits on a 1.47-acre lot at 1208 Congress Pkwy S, 37303. Built in 2024, the building boasts a strong 7.50% cap rate and a substantial net operating income (NOI) of $444,375. The lease features attractive 2.00% annual rental increases commencing in year six, providing consistent and growing income. The tenant, Parachute Plasma, is backed by a corporate guarantee, mitigating risk. This is a fee-simple ownership opportunity with significant long-term potential, given Parachute Plasma's ambitious expansion plans, aiming for 65+ locations by the end of 2026 and over 100 by the end of 2028. The asking price is $5,925,000, translating to a price per square foot of $907.07. This property offers a secure, passive income stream with built-in growth potential. The lease ensures no landlord responsibilities, making this an ideal investment for those seeking a low-maintenance, high-return asset. The property's prime location in Athens, Tennessee, further enhances its appeal.

Highlights

  • $5,925,000 asking price for a 6,532 SF medical office building.
  • 20-year absolute triple-net (NNN) lease with Parachute Plasma, a corporate guaranteed tenant.
  • 7.50% cap rate with a $444,375 annual net operating income (NOI).
  • 2.00% annual rent increases beginning in year six.
  • Located on a 1.47-acre lot at 1208 Congress Pkwy S, Athens, TN 37303.

Property Details for 1208 Congress Pkwy

Property type
Office properties, Medical offices
Square Feet
6,532 SF
Year Built
2024
Lot Size (sq. ft)
64,033 SF

Location Insight

City
Athens
County
McMinn
State
Tennessee
Latitude
35.4532035
Longitude
-84.6217692
1208 Congress Pkwy, Athens, Tennessee

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
1208 Congress Pkwy
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message