1105 Lynn Garden DrKingsport, TN 37665

Property Details for 1105 Lynn Garden Dr

Year built

1946

Lot size

97.00 AC

Property size (Sq ft)

5,579 SF

Property type

Retail properties

Property subtype

Turn key restaurants

APN

082030H D 03100

APU

082030HD03100

Description

This exceptional Kingsport restaurant, located at 1105 Lynn Garden Dr, presents a unique investment opportunity. Built in 1946 and renovated in 1957, this 5,509 square foot, single-story Class B building sits on a 0.37-acre lot with ample parking (60 spaces). Currently vacant, this property boasts a rich history as a continuously operating restaurant for over 77 years, closing in 2022 and reopening late 2023 with a new tenant under a 3-year lease option. The property includes over $40,000 worth of restaurant equipment, ready for immediate use. The building features original counter and large dining areas, catering to a loyal customer base. Zoned B3, this property is ideally situated in the heart of Lynn Garden, a community undergoing revitalization efforts, including streetscaping and potential commercial development. The asking price is $524,999 ($108.73/sq ft), with a NNN lease type. This is a prime opportunity to capitalize on the resurgence of this vibrant community. The property's APN is 082030HD03100. This property is also available as part of a larger portfolio sale including adjacent properties.

• CAP approach

  CAP return

  Valuation

  6%

  $1,582,587

  6.5%

  $1,460,850

  7%

  $1,356,503

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,157,484

  Geo Method

  $1,157,484

• Alternative Use

  Use

  Valuation

  Residential

  $1,232,282

  Hospitality

  $1,128,763

  Educational

  $939,118

  Medical

  $971,415

  Retail

  $1,460,850

Location Insight

City

Kingsport

County

Sullivan

State

Tennessee

Latitude

36.5753

Longitude

-82.5667

CBSA code

28700

CBSA name

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

Property Tax & Assessments

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