140 Five Rivers Plaza WayNewport, TN 37821

Property Details for 140 Five Rivers Plaza Way

Year built

1983

Lot size

8.33 AC

Property size (Sq ft)

40,085 SF

Property type

Retail properties

Property subtype

Lifestyle centers

Description

This fee-simple, 40,085 square foot shopping center in Newport, Tennessee presents a compelling investment opportunity. Anchored by a brand-new Dollar Tree/Family Dollar combo store (55% of gross leasable area), this Class B, multi-tenant property boasts a 10% capitalization rate and a strong NOI of $205,724. The center, built in 1983 and renovated in 2023, sits on an 8.33-acre lot and benefits from a 10-year remaining lease term with the anchor tenant. Additional tenants are in place, resulting in 100% occupancy. The property is zoned CMU and located in a thriving retail node, 45 minutes from Knoxville, within the Knoxville MSA. The sale includes an outparcel building. The average rent is $5.82 per square foot, offering potential for future rent increases. This stabilized asset, priced below replacement cost at $51 per square foot, provides a high return on investment with significant upside potential. The property's location in Newport, the county seat of Cocke County, TN, offers convenient access to major roadways and a strong local customer base. Two new leases were executed in the last six months, demonstrating continued leasing momentum. This is a NNN lease property. The APN is 015047I A 03200. The asking price is $2,060,000.

Location Insight

City

Newport

County

Cocke

State

Tennessee

Latitude

35.9734

Longitude

-83.2112

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