1055 Waterman RdKingsport, TN 37660

Property Details for 1055 Waterman Rd

Year built

2002

Lot size

0.75 AC

Property size (Sq ft)

5,000 SF

Property type

Retail properties

Description

This exceptional investment opportunity presents a 5,000 square foot retail property in Kingsport, Tennessee, currently leased to the Armed Forces Recruiting Center under a Net Lease agreement. The property, built in 2002 and renovated the same year, sits on a 0.75-acre lot at 1055 Waterman Rd, Kingsport, TN 37660. The building features one unit with a current occupancy rate of 78%, boasting a strong Net Operating Income (NOI) of $81,496, resulting in a 7.00% cap rate. The lease, guaranteed by the US Army Corps of Engineers, offers a remaining term of 4.2 years, commencing February 1, 2024, and expiring January 31, 2029. The asking price is $1,164,240, translating to $232.85 per square foot. A significant value-add opportunity exists due to 1,100 square feet of vacant space, presenting potential for increased NOI through lease-up. The property benefits from a prime location on Stone Drive, a high-traffic retail corridor in Kingsport, near numerous national retailers including Home Depot, Kroger, and Chick-fil-A. This location is experiencing significant new retail development, further enhancing its long-term prospects. The current tenant's lease is a triple-net (NNN) lease, meaning all expenses are reimbursed by the tenant, minimizing investor risk. This property offers a compelling blend of security, strong cash flow, and significant upside potential.

Location Insight

City

Kingsport

County

Sullivan

State

Tennessee

Latitude

36.5535

Longitude

-82.5328

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