11946 Kingston PikeFarragut, TN 37922

Property Details for 11946 Kingston Pike

Year built

1998

Construction

LIGHT FRAME

Lot size

2.18 AC

Property size (Sq ft)

10,188 SF

Property type

Retail properties

Property subtype

Retail space

APN

152CN002

APU

152CN002

Description

This exceptional investment opportunity presents a 10,125 square foot CVS Pharmacy in Knoxville, Tennessee, situated on a 2.2-acre lot. The property boasts a strong financial profile, including a 6.50% cap rate and a net operating income (NOI) of $282,194. The asking price is $4,341,000, translating to a price per square foot of $428.74. Built in 1998, this fee-simple property benefits from a triple-net (NNN) lease with a credit-rated, corporate-guaranteed tenant. The current lease has a remaining term of 10 years, extending to 2034, with three 5-year renewal options, each including a 5% rent increase. The property enjoys 100% occupancy and benefits from excellent visibility and accessibility at a signalized intersection with high traffic counts. Its location near medical facilities, schools, and other complementary businesses further enhances its value. The tenant, CVS Pharmacy, has operated successfully at this location for over 25 years, consistently exceeding $15 million in annual sales in 2023. This presents a passive investment opportunity with minimal landlord responsibilities, making it an attractive addition to any portfolio. The property is located at 11946 Kingston Pike, Knoxville, TN 37922, in Knox County.

• CAP approach

  CAP return

  Valuation

  6%

  $2,628,279

  6.5%

  $2,426,104

  7%

  $2,252,811

• Comparable approach

  Method

  Valuation

  Relative Method

  $5,007,924

  Geo Method

  $5,007,924

• Alternative Use

  Use

  Valuation

  Residential

  $2,046,510

  Hospitality

  $1,874,592

  Educational

  $1,559,638

  Medical

  $1,613,277

  Retail

  $2,426,104

Location Insight

City

Knoxville

County

Knox

State

Tennessee

Latitude

35.8712

Longitude

-84.1809

CBSA code

28940

CBSA name

KNOXVILLE, TN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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