2321 Volunteer PkwyBristol, TN 37620

Property Details for 2321 Volunteer Pkwy

Year built

1964

Lot size

100.00 AC

Property size (Sq ft)

7,400 SF

Property type

Retail properties

Property subtype

Retail space

APN

082052M A 01000

APU

082052MA01000

Description

This exceptional 7,400 square foot storefront, located at 2321 Volunteer Pkwy in Bristol, Tennessee (zip code 37620), presents a lucrative investment opportunity. The property, built in 1964 and boasting a Class B rating, is situated on a 0.23-acre lot and zoned B-4. Currently vacant, this two-story building offers a wide-open floor plan ideal for retail or office conversion. A significant advantage is the inclusion of a drive-in garage and ample rear parking. The property is offered as a Net Lease (NNN) with a 3-year lease term commencing February 1, 2024, and expiring February 1, 2027. The asking price is $375,000, translating to $50.68 per square foot, and yields a compelling 9.60% cap rate based on a Net Operating Income (NOI) of $36,000. The building's 100% occupancy is effective February 2, 2024. No rent bumps are included in the lease. Two lease options are available. This property is ready for immediate occupancy and presents significant potential for a savvy investor seeking a high-return, versatile commercial space in a desirable location. The property features a single tenancy and no tenant credit rating is available.

• CAP approach

  CAP return

  Valuation

  6%

  $2,099,147

  6.5%

  $1,937,674

  7%

  $1,799,269

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,535,290

  Geo Method

  $1,535,290

• Alternative Use

  Use

  Valuation

  Residential

  $1,634,501

  Hospitality

  $1,497,194

  Educational

  $1,245,648

  Medical

  $1,288,488

  Retail

  $1,937,674

Location Insight

City

Bristol

County

Sullivan

State

Tennessee

Latitude

36.5365

Longitude

-82.2379

CBSA code

28700

CBSA name

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

Property Tax & Assessments

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