2725 State StBristol, TN 37620

Property Details for 2725 State St

Year built

1959

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

65.00 AC

Property size (Sq ft)

2,052 SF

Property type

Office properties

Property subtype

Other office properties

APN

082020B B 01300

APU

082020BB01300

Description

Exceptional investment opportunity: a 2,000 square foot medical retail building in Bristol, Tennessee, currently leased to Savida Health under a Net Lease (NN+) agreement. The property boasts a strong 8.00% cap rate and a compelling $575,000 asking price, translating to $287.50 per square foot. The five-year lease, commencing February 12, 2024, and expiring February 11, 2029, includes a corporate guarantee from Savida Health, a rapidly expanding company with 54+ locations. The lease features a 2% annual rent increase, ensuring consistent cash flow growth. The building, constructed in 1967 and extensively renovated in 2023, sits on a 0.35-acre lot in a high-growth area, directly across from new Class A multifamily and self-storage developments. Its prime State Street location offers excellent visibility and proximity to the Hard Rock Casino & Hotel, as well as numerous national retailers. The property's recent improvements include upgrades to the building and parking lot. The lease includes two, two-year renewal options. This recession-resistant investment presents a rare opportunity to acquire a stable, high-performing asset with significant upside potential. The strong tenant, prime location, and built-in rent increases make this a compelling investment for discerning buyers. The Net Operating Income (NOI) is $46,000.

• CAP approach

  CAP return

  Valuation

  6%

  $396,305

  6.5%

  $365,820

  7%

  $339,690

• Comparable approach

  Method

  Valuation

  Relative Method

  $168,941

  Geo Method

  $168,941

• Alternative Use

  Use

  Valuation

  Residential

  $453,617

  Hospitality

  $415,511

  Educational

  $345,700

  Medical

  $357,589

  Retail

  $537,756

Location Insight

City

Bristol

County

Sullivan

State

Tennessee

Latitude

36.5942

Longitude

-82.216

CBSA code

28700

CBSA name

KINGSPORT-BRISTOL-BRISTOL, TN-VA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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